Let us take a trip down memory lane. Do you remember what the traditional banking experience was like? Bankbooks or passbooks were the primary means of logging transactions, wait times were longer, and most transactions required interacting with solely a teller or other finance professional. Fast forward to 2022, the experience has been completely revamped, with more transactions conducted remotely, and at a rapid pace.
More financial institutions are incorporating modern technology to reach and attract customers by partnering with Fintech and other technology companies to provide managed services. This gives the business more time to concentrate on other crucial tasks. At the forefront of these innovations is automation and digital tools, which gives the customer more power, makes processes seamless, and businesses can monitor internal activities and customer interactions.
This transformation occurs at a time when there are significant generational shifts, with Millennials and Generation-Z’s interests, expectations, values, and preferences affecting business methods and service delivery. As the world strives for global financial inclusion, we have recognized that emerging markets require access to digital services and real-time information. Re-inventing your finance business now includes automation, a personalised customer experience and partnerships with technology companies to implement and manage digital banking services. Here are three steps your business needs to take to re-invent your finance business.
Automating every process
The inclusion of automated services provides the opportunity for businesses to focus on other core areas, while securing your business and industry growth goals. That is what technology accomplishes, it unlocks a world where the work is efficiently done for you. The Phoenix International platform provides an in-depth system where business and customer information can be stored and updated speedily, without physical interaction. The customer can then conveniently submit applications for loans, credit cards or view their personal and account information with ease. An automated process saves time and reduces costs and addresses pain-points of long wait times.
A Personalised Customer Experience
Customization and personalization are keywords that continue to dominate the industry, why? It simply means that the company is willing to listen to and respond to the needs of the customer. According to Emmanuel Daniel in his book, The Great Transition, “Personalization isn’t about banks designing personalized banking products. It’s about being a core part of a customer’s personalized banking experience” Customers will engage with a finance business once their products and services can effortlessly fit into their daily lives and solve their problems. With our mobile wallet, leaving your physical wallet at home is not a major issue, as all your banking details are stored safely on the device and can be accessed when needed.
The traditional depersonalised approach will not provide the desired outcome. Intrinsically, the experience should be tailored to the customer’s unique and identifiable needs. Our core banking platform does exactly that, with the continued investments in innovation that will allow the platform to evolve, adapt and remain responsive to the needs of you and your customers.
Partnerships matter
Profound is the statement that no man is an island. Most great ideas were successfully implemented because of meaningful partnerships. Banks and Credit Unions are recognizing that collaborating with modern technology businesses such as Fintech firms can leverage their offerings and help them access new customers, while maintaining a relationship with long-standing ones. For example, our recent partnership with LoanCirrus allows us to offer a fully automated end-to-end loan processing service that provides the option of accessing loans from any location and at any time. These partnerships are setting the standard for improved customer experience and driving digital banking for an elevated and mutually beneficial relationship.
Phoenix International gives you the opportunity to rise above the competition, digitally transform your business and deliver superior customer service, at an affordable price with first-class support.
Futureproofing your success has never been simpler. Visit us at phoenixinternational.io for more information.