Key Areas of Customer Experience Your Retail Banking Solution Should Focus On

Has your bank undergone digital transformation? Consumer banks are now reinventing themselves for the digital age, adopting fully digital core banking solutions to maintain competitiveness in the face of industry-wide mergers and consolidation as well as challenges from novel payment platforms, card providers, and alternative finance companies.


But while the complete digitalization of consumer banks is a foregone conclusion, digital transformation alone will not be enough to ensure that all retail banks become competitive. Financial institutions will also have to understand how they can use their technology acquisitions to deliver a seamless and personalized customer experience.

Here are some key areas of customer experience retail banks will have to master:

True Omnichannel Service

Finance technology providers can now provide retail banks with potent capabilities for addressing every point of the customer journey, right out of the box. However, not all banking solutions provide a real omnichannel experience where a customer can move from a web app to a mobile app to social media or even switch branches without barriers in their service.

To be truly competitive, retail banks need to adopt a core banking solution that offers customers seamless transitions between any channel they choose. Once data on legacy systems is migrated to the new core banking platform, banks can more effectively streamline and automate data processing, creating the groundwork for an omnichannel service and elevating the experience for both customers and employees.

Apart from short-term user experience benefits for system users, moving to a truly omnichannel service model also gives banks a clear up-to-the-minute idea of each client’s habits and preferences. This ultimately makes it possible to provide continuous improvements and create personalized products for clients based on their history.

User Side Personalization

Today, Gen-X, millennial, and Gen-Zcustomers are leaving behind traditional banking experiences for the seamless contactless banking offered by fintechs, neobanks, and digitally transformed retail banks. This is because retail finance customers are now, more than ever, demanding higher levels of personalization, particularly in areas of personal finance.

In 2017, about a third of retail bank customers who abandoned their bank did so because of a perceived lack of personalization options or barriers to facilitating tailored experiences. With many more customers having adopted more digital, socially distanced lives in the wake of the COVID-19 pandemic, there is even less of a reason for banks to ignore the demand—and cost-saving potential—of letting customers do things their own way.

Better Chatbots

Using chatbots not only helps improve the experience for customers but for bank employees as well. Properly set up chatbots can leave human customer service representatives to focus on more complex cases as well as tasks that create value, driving up job satisfaction and positively affecting future customer interactions.

Chatbots are already somewhat impressive, but modern core banking solutions are taking them to the next level. Next-generation chatbots are set to save US banks up to USD 7.3 billion in 2023, representing a 3,400% increase in operational savings from 2019. These savings are likely to increase even more as retail banks become more adept at understanding where and how chatbots can be implemented.

Open Banking

An open application programming interface (API) is now necessary for businesses seeking to build app ecosystems that encourage the frequent use of their platforms. Many core banking solutions available to consumer banks allow for open APIs, letting retail banks, ecommerce sites, payment platforms, and fintechs work together to create seamless experiences for retail customers.

In the banking industry, “open banking” or the move toward open APIs has been credited with improving customer experiences, opening up new revenue streams, and reaching underserved customers. They also allow participants to securely share data that would otherwise be unavailable, driving innovation in retail banking and permitting banks an even wider, more nuanced view of their market.

Friction-Free Processes through Automation

Current-generation core banking solutions leverage cloud computing, advanced artificial intelligence, and machine learning technologies to facilitate and preempt the needs of users. Using these technologies not only helps customers and other system users get through processes quicker, but it also helps them get through these more securely as well.

For instance, some retail banks are already using new core banking solutions to drastically reduce loan application waiting times, facilitating loans in minutes rather than days. Marketing, compliance, customer service, and anti-money laundering functions are now being automated with these new platforms, creating a smooth experience from the perspective of a retail bank’s customers.

Retail banks need to be keenly aware of the specific aspects of the customer experience that they can influence with current-generation core banking solutions. This is especially because not all solutions on the market are necessarily a good fit for all banks.

Knowing key areas that the bank needs to go on can greatly simplify the bank’s platform selection process, allowing them to choose a solution that meets all of their requirements with minimal or no customization needed. This will not only bring down the costs associated with digital transformation but will also help the bank’s transition to a more customer-centric business model be as trouble-free as possible.

How to Build Business Credit Quickly

If you’re a small business owner or entrepreneur looking to start, expand, or fund your operations, having good business credit can be essential for success. Building business credit takes time and requires strategic planning, but it doesn’t have to take forever. With the right approach and dedication to carefully preparing your finances, you can build up excellent business credit within a much shorter timeframe than many assume. In this blog post, we will outline practical steps to quickly establish robust and reliable business credit so you can unlock new opportunities.

Image Source: Pixabay
Image Source: Pixabay

1.    Consider Net-30 Accounts

Net-30 accounts are a type of payment account that offers great flexibility in establishing business credit. With this type of account, you can extend terms beyond what most suppliers or vendors offer, which helps to save money and maximize your cash flow. Plus, by paying off your debt within the 30-day window, you’ll be building up your business’s credit score.

They don’t have to be difficult to obtain either. Net-30 accounts are not hard to open and can be done directly through the supplier or vendor, making them a great way to quickly establish business credit. When looking for net 30 tradelines, look for reputable vendors and read reviews online before committing. The best vendors will help you build credit quickly and will be willing to work with you long-term.

2.    Look for Credit Lines

Credit lines are a great way to quickly access funds without taking on too much debt upfront. These types of accounts usually require an application process. Still, the process is usually quick and painless, making them an excellent option for small business owners looking to establish credit quickly.

Not all lenders will offer credit lines, so ensure you’re doing your research and only working with companies with a good reputation in the industry. Also, be aware of any fees associated with opening a credit line and make sure it makes sense financially before committing to it.

3.    Register Your Business

To get business credit, you must first ensure that your business is properly registered. This includes ensuring it is registered with the relevant governing body in your state or country and has been issued an Employer Identification Number (EIN). Having all this paperwork in order will make it much easier to open accounts with vendors and suppliers looking to extend credit.

Registering your business can take a few weeks, so planning and getting everything in order as soon as possible is essential.

4.    Open Business Credit Cards

Business credit cards can be a great way to quickly access funds for operations or capital investments. They also provide an easy way to build business credit, as you can track your spending and make payments in full each month, which will help boost your credit score over time.

When choosing a business credit card, look for one that offers rewards or cash back for purchases, as this can help you save money in the long run. Be aware of any hidden fees associated with the account and read the terms and conditions before signing up.

5.    Monitor Your Credit Reports

Once you have established credit, it’s important to monitor your business’s credit reports regularly. This will help you stay on top of your finances and be aware of potential problems. If you spot something suspicious, contact the relevant credit bureau immediately and take action to rectify the issue. By keeping an eye on your business’s financial health, you can quickly address any issues that arise and ensure that you build a strong credit history.

Building business credit takes time and requires knowledge of how credit systems work. However, by following these tips, you can quickly start building your business credit today. With patience and dedication, you can soon access exciting new opportunities that will help take your business to the next level.