Digital Lending Transformation – A Must for Survival
Why should banks or financial institutions focus on digital lending? Today, consumers have become more demanding of digital experiences. The
July 7, 2022
Appzillon allows your bank’s consumers to have a uniform and seamless banking experience regardless of the channel they use – website, mobile app, branch, call center etc. It is a low code omnichannel banking platform with a suite of digital banking solutions.
Appzillon banking platform has powered Omnichannel transformations of over 100 banks. Appzillon’s digital banking solutions equipped with the latest financial technologies provides Low-code approach to deliver apps across different operating systems designed for mobile, tablet, and desktops, enabling your clients to experience a frictionless banking experience across devices/ channels.
Traditionally, banks have been more focused towards transactions than engagement with their customers, and they are often challenged by their own legacy siloed product lines. In other words, customer experience has always been an afterthought of every process and system.
Banks are now shifting away from silos — which limits innovation speed and customer satisfaction — to a digital-first and omnichannel banking approach. Now every customer expects the financial services to be as close and delightful as a typical e-commerce experience or like other consumer industries. Especially after Neo banks transforming the banking industry with digitization at its core, the customers now have a certain level of expectation.
Customers are highly fragmented between online and offline channels. According to an i-exceed survey, around 60% of clients preferred digital channels to manned channels (physical branches/telephone), although customers are often hesitant to adopt digital channels for complex services such as mortgages or major investments. In order to serve new age customers an omnichannel approach is a must.
Omnichannel banking is sometimes misunderstood with Multichannel banking. It is much more than providing banking services to customers irrespective of the channel they use. It requires consistent customer experience, for example a customer should be able to complete half of the onboarding process on mobile and complete the other half on laptop. Each device/channel should work in a unified manner providing the same services.
Customer experience as a founding pillar of the application
Allowing a consistent banking experience irrespective of the channel
Real-time data synchronization between channels
Understanding client’s requirements through data analytics
Utilization of big data for enhancing customer experience and to better know the customer
Why should banks or financial institutions focus on digital lending? Today, consumers have become more demanding of digital experiences. The
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