Globally Retail Banking Business is going through an interesting phase. Facing fierce competition from FinTech and non-banking players, and ever-evolving technology combined with rising customer expectations are keeping bankers on their toes. This situation is forcing CIOs and CTOs to re-look at their strategies to be a future ready organization. Over the last decade, many banks have upgraded their core banking systems and looked at alternate banking channels like ATM, Internet Banking and Mobile Banking to woo customers. Most banks have on-boarded these various technologies at different points of time and from different vendors, the result is inconsistent user experience, higher cost of technology and failing to achieve their main objectives i.e. a) reducing Cost of Operations through alternate channels and b) customer engagement.
It is high time that banks took a fresh look at their Channel Offerings. Today "Channels are no longer alternate ways of banking – they ARE the ways of banking"! It thus makes consistent user experience across channels an imperative step in providing effective banking to the customer.
Our Retail Banking Solution built on ‘SolutionNET - Channels Re-imagined’ platform provides a brand new way of channel banking. The solution consists of two layers, base platform and delivery layer. The base platform consists of core services like security, audit, reporting, access control, hierarchies, controls, limits etc. This platform also integrates with a variety of back office / middle office systems. Delivery layer includes various channels such as internet, mobile, wearable, social media etc. The base platform exposes APIs (mostly using web services) to be consumed by the delivery channels to deliver various services. The bank can use the same base platform to also integrate with social media and e-commerce arms and apply ‘follow your customer’ tactics.
Retail Banking Solution includes multiple products like Retail Internet Banking (RIB), Mobile Banking (Tablet and Mobile Apps / Mobile Thick Client (MTC) on Android, iOS and Windows smart phones) and Wearable Banking that enable banks to offer more to their customers. Apart from consistent user experience, simplicity and pervasiveness, the solution will also enable the bank to augment service offerings. Now, leverage on consumer preferences by obtaining first-hand information on their likes from third party sites such as social networking websites in a secured manner.
Retail Banking Solution will not only offer simplified transactions, but also enables you to deepen customer engagement with Personal Financial Management & DateLine. These tools will not only allow the customers to organize and perform their important financial and non-financial activities, but also set and track specific financial goals and check their real net worth, online real time. Now the Bank can enhance the service-offerings to suit the customer specific needs.