Online Banking and the Customer Experience: 6 Top Features

Oct 29, 2021 | 0 comments

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The global economy is becoming increasingly cashless and online banking is on the rise. What’s more, consumers expect highly personalized solutions with flawless user experience. This means digital technologies are now in the spotlight.

Moreover, the global pandemic has spurred their adoption. Therefore, banks that want to stay competitive must provide quick, secure, and convenient access to online banking.

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The demand for digital retail banking solutions is growing. Consumers are looking for convenient alternatives to conventional services. If your company is considering launching such a platform, stay abreast of the latest developments in the industry. Here are the top five features to integrate in an online banking service.

1. Fast and Convenient Account Opening

Let your customers open an online bank account from any location and at any time. For example, implement self-onboarding processes that simplify access and make customers’ lives easier. These include gathering and verification of personal data, validation of documents, and due diligence to guarantee compliance with laws and regulations. Additionally, remote ID verification services and Optical Character Recognition (OCR) automate verification. Therefore, the entire process often takes less than five minutes.

2. P2P Payments and Online Banking

Payments between accounts let individuals transfer money instantly in a few taps. In other words, they can make transfers to friends or family members using just one internet-connected device. What’s more, your customers will not have to wait for days or hours. A P2P feature will also let you keep them within your ecosystem.

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3. Intuitive Applications for Online Banking Services

To ensure high conversion rates for your financial products, allow online applications for banking services in a few taps or clicks. Make the process effortless, so customers can open an account or get a credit card in minutes. Moreover, if these processes are part of the core system, users will not have to enter their data again.

4. Digital Card Management

Give every online banking customer an opportunity to set up their own spending limits and block cards instantly within the app or platform. Let them activate and deactivate near field communication (NFC), check their in-depth history, and personalize their settings. Comprehensive control is also invaluable for the detection of suspicious activity.

5. Reliable Security

Online banking platforms store a massive amount of data. Therefore, they require multi-layer protection. To this end, keep your customers’ information secure with innovative technologies. Next generation systems must comply with regulatory data requirements. They must also embrace best practices such as biometric authentications, card tokenization, location-based security, and so on.

6. Up-to-Date Notifications

Notify your online banking customers about any changes to their accounts instantly. For example, provide information about new transactions, warnings about low balance, and overdraft. In-app notifications and alerts will help them stay on top of their finances.

Choose a White Label Online Banking Platform

To stay competitive, banks need cutting-edge applications and platforms that ensure instant access around the clock every day of the year. But designing an online banking system from scratch is not necessary. To save time and resources, you may opt for a white-label solution. In other words, choose a ready-made platform that will be customized to your needs.

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