We all know that visits at the bank can feel different: sometimes smooth, other times – exhausting. We often have to wait in a long line, listening to the voice saying “all of our representatives are busy, please wait”. Sometimes we have to deal with tones of papers and signatures while bank employees treat us like we’re one out of thousand, and yet, not so important. More and more people look for alternatives as they don’t want to have negative, time consuming experience. Actually, today people don’t even have time for these kind of bank visits in the first place.
As consumers’ expectations are increasing every day, businesses are doing their best to adjust. No exception applies to the banks, as clients demand custom solutions, different conditions, more personal attention, and security guarantees. As a result, digital banking era started and became one of the fastest growing industries in the world.
Digital onboarding leaves time to focus on client
Firstly, online banks offer digital onboarding which automatically saves time. In this case time saving does not only mean being faster and efficient, it results in a win win situation, as bank workers are able to give more personal attention to the clients, spending less on onboarding procedures. According to Celent, after introducing digital onboarding, relationship managers report improved job satisfaction because they focus more on clients by gaining 10% to 15% extra capacity. While digitalization of onboarding results in mutual victory, traditional banks usually cannot offer much personal attention to every consumer leading to a dissatisfying situation for both: clients and employees.
Taking every case individually
A huge advantage of a digital bank from a client’s perspective is individual attention. While usually mainstream bank categorize its clients with almost no exceptions, online bank gives significantly more attention to every customer they onboard. Also, traditional banks don’t bother to onboard any higher risk companies, while digital banks take time to evaluate the risk and, in some cases, accept the client with exceptional conditions. Why is that?
Considering the fact that most online banks have a smaller, but more concentrated & specialized team of professionals, they are able to look at different cases through the eyes of business, compliance & legal at the same time. By taking time to evaluate the consumer and its needs, online banks are capable of finding customized solutions, which is an extremely useful aspect from any client’s perspective.
As feeling safe & secure while keeping your own money at a bank is crucial, in most cases digital banks offer security options designed with latest technologies & innovation. Multiple layer IT security solutions, strong authentication, risk – based access & and risk management – these are only a few from a wide list of security measures provided by digital banks. Fintech companies put a lot of effort to maintain strong customer loyalty and meet their changing expectations thus offering the right security with a long-term approach.
Smooth user experience is the key
For banks, being easy, reliable and fast are the main aspects of long lasting business relationship today. Positive user experience is what makes the client stay. The best digital banks not only offer digital onboarding and smart security features, they also give a chance to perform most of everyday business activities via mobile app. Online banks have resources to implement features that make banking simple & easy. The era of bureaucracy is slowly going to an end and banking is experiencing a whole new level of customer focused attitude combined with innovation.