We are aware that integrating a contemporary core banking system can require significant time, resources, and labor. Compared to legacy systems, digital channels require more knowledge and understanding than you might possess.

 However, similar to the process of implementing other business changes, recognizing obstacles can help make transitions and transformations more seamless. How therefore can a conventional corporation deliver 21st-century banking? Simple, with assistance.

 The “managed services” provided by technology and fintech companies enable financial institutions and enterprises to enhance their offerings, resulting in remarkable growth and profitability. This growth is achieved when partners like Phoenix International become the in-house core banking team – continuously improving the institutions’ banking technology stack. With this support, financial institutions can develop products and services catering to the specific demands of niches, including the unbanked and underbanked.  A guide has been created to assist you in determining your customers’ banking needs.

Customer banking requirements assessment guide

As your technology partner, Phoenix International is invested in collaborating with financial institutions in emerging markets to achieve financial inclusion and fintech adoption. We can simplify and lower the cost of adopting and maintaining customer-desired banking upgrades because we understand your cultural, regulatory, and compliance issues. To support your financial institution, a guide has been created to assist you in determining your customers’ banking needs.

Practice Social listening

Understanding what makes your customers happy is the first step in creating a transformative experience that builds trust and loyalty. Direct feedback from similar customers or your own can help you grasp this. Opinion on many products and services, including financial services, is updated online. The data can also be used to assess customers’ tastes.

Examine your customer demographics.

It is well accepted that convenient digital services with a human touch and emotional connection accelerate online service adoption. To find out who your typical customer is, you must ask the following questions:

1. Given current trends, how would your customers rate your service?
2. Who are your most influential customers and how do they access your services?
3. How easily do your product and services fit into customer’s routines?
4. Can customers use your products spontaneously?

Invest in a core banking technology partnership!

Your findings may suggest that your system and goods, despite being vital, may require an upgrade to facilitate growth and longevity. Once you have assessed your customer’s needs, you will need a managed core banking service provider like Phoenix International to meet those needs. Incorporating a technological partner will lessen the likelihood of errors and unwelcomed delays in making changes, as speed to market is a prominent concern among organizations. Your core banking service provider must also value customer-friendly products as digital customers will use your products 24/7 in various locations. Phoenix International considers key factors including your company’s goals, scalability, and data security.

Effective financial products and services reduce administrative and organizational issues. Phoenix can help you understand all phases, identify essential resources, and a product management guide to reduce frequent and extended disruptions. If you choose the right partner, you’ll find a wealth of resources and new ideas that were previously thought to be out of reach, especially for smaller financial businesses. These include:

1. Managed services for all modules, such as Banking as a Service (BaaS), digital loan origination, remittance integration, and debt collection. This prevents misunderstandings, and always provides an open line of communication
2. Products and services tailored to the needs of your organization.
3. Pre-implementation support: since security is a key priority, you will be provided with protection-related information prior to deployment. We provide you with the essential tools, resources, and training to understand the technology and ensure your safety.
4. Training is offered for all key personnel to ensure a smooth and timely implementation. Our team possesses diverse commercial, IT, and software development expertise.

Investing in innovation is not intended to be a ‘quick fix,’ but rather a sustainable and transformative component of your business’ success. Having a technology partner like Phoenix International enables you to understand the potential impact of these changes and how to implement them effectively.

Now that your business has a guide for digital banking transformation, partner with Phoenix International and allow us to do the heavy lifting so that you can focus on your business’ core competencies. To learn how, visit phoenixinternational.io. today.