In less than a year, from “digital second” to “digital first,” people’s lives changed everywhere. Pressed by physical constraints, internet activity skyrocketed, and digital financial services became mainstream. For having safe, fast, and easy access to money via the internet, customers began switching to other banks.
According to Mastercard’s survey, 62% of European respondents would be interested in switching from traditional banking to online channels. Over 50% of the world’s population uses more financial apps now than pre-pandemic and is more favorable towards digital banking in general.
First impressions of customer experience do much to dictate customers’ choices when seeking alternatives to brick-and-mortar banking. A customer who has a long, painful process opening an account-things that may be great in-branch or even on paper with regard to attractive fee structures-mean nine out of ten customers today drop their applications for loans, credit cards, and checking accounts.
According to a survey by Temenos 89% of people have already abandoned current account applications, 93% have abandoned credit card applications and 85% have abandoned loan applications.
Digital Banking Services That Cater to Next-Gen Customer Experience
Banking has come a long way. From providing colonists with means of exchange to today, it’s all about convenience, speed, and security. With customers expecting faster services and smoother experiences, it becomes imperative for banks to upgrade their digital game.
Following are the key digital banking features that will help you provide a next-level experience your customers will love.
1. Easy Sign-Up
Nobody likes a complex registration process. A digital self-onboarding process allows customers to register for a bank service on their own with the device they have.
2. Open an Account in Minutes
Waiting in line to open a bank account? That’s old news. Let customers open an account online in under 5 minutes. By making the process smooth and fully digital, you can save their time and win their trust.
3. Quick and Simple Loan Applications
Almost every person needs loans, and he/she needs it fast. It’s necessary to make it easy for them to apply for a loan online with just a few clicks. Features like eSignatures and instant approvals should be added so they can get the money they need without the wait in the time of emergency.
4. Send Money Instantly
Sending money to friends and family should be as easy as sending a text message to them. Using payment methods like peer-to-peer (P2P) customers can transfer money in seconds from anywhere anytime. Safety should be assured with features like fingerprint and PIN verification.
5. Bulk Payments features for Businesses
For businesses, managing payments is a headache. Simplify their lives by offering bulk payment features. Whether it’s paying employees or settling with vendors, let them transfer money to multiple people at once—quickly and securely.
6. Automatic Bill Payments
Paying bills every month is a chore. Why not let customers set it and forget it? With automated bill payment systems, they can connect their accounts to service providers and never miss a payment date. It’s just a small change that makes a huge difference in their day-to-day habits.
7. Manage Cards with Ease
Your customers should feel in control of their cards. Let them lock and unlock cards instantly, set spending limits, or request new cards—all from their app. These little conveniences go a long way in keeping customers happy and secure.
8. Tap to Pay
Mobile contactless payments are the future. After the Covid 19 outbreak it accelerated even further. With just a simple tap customers can pay at any store without handling cash or card. Secure technology like NFC(Near Field Communication) and QR scan codes allow you to make spending experience fast, safe and secure.
9. Strong Security
Digital banking isn’t just about comfort; it’s also about trust and their belief of feeling safe with digital banks. Always protect your customers with the latest features like fingerprint login, OTPs (One-Time Passwords), and fraud detection systems. When customers feel safe, they’ll always be around.
10. Real-Time Alerts
Customers like to stay alert on top of their finances. Sending instant notifications for transactions, withdrawals, and balance updates make them feel more safe and alert. Notifications not only give customers account information when they need it, but also guards against fraud and theft.
11. Digital Insurance Services
Why stop at banking? Offer digital insurance services where customers can buy policies and manage claims right from your app. It’s a value-added service that shows you care about their financial security.
12. Budgeting Tools
When choosing a bank, customers would certainly lean towards the bank who cares about them and gives useful tools. Help your customers to save money and manage their spending habits with easy to use budgeting tools with features like tracker, saving goals, monthly summarizes, transactions categories
13. Loyalty Programs.
Who doesn’t love rewards for loyalty? Customers love and seek Offers, cashback, points, or exclusive deals to save money. Customers appreciate the extra perks and keep coming back for more savings and offers.
14. Advance Customize Settings
Customers should be given the freedom to personalize their banking experience. From setting spending alerts to choosing what they want to see on their app dashboard, small customizations and freedom of changing can make banking feel more personal and user-friendly.
15. Smart Chatbots
Sometimes, customers have questions at odd hours due to emergencies. A smart chatbot can answer their queries, guide them through needed services, or connect them to support staff if needed. Having a chatbot is like having a personal financial assistant who guides and helps customers.
Lambda Payments: A Gateway to the Future
In the dynamic domain of digital banking, Lambda Payments is a gateway to the future that redefines how users and businesses interact with banks. It uses AI and machine learning with data analytics to provide personalized, slick, and frictionless end-user experiences modeled according to the preference parameters set by each customer themselves.
Lambda Payments allows customers to monitor their finances in real-time, automate financial planning, and integrate services seamlessly, thus enabling them to make qualified decisions about their money. This level of personalization and responsiveness has made Lambda Payments a trusted guide through the maze of digital banking.
With Lambda Payments leading the digital transformation, financial institutions can stay ahead of the curve, enhance customer experiences, improve operational efficiency, and drive long-term growth. Let Lambda Payments lead the way into the future of digital banking.
