Digital Experience Software for Financial Institution
The financial services industry has always faced generational challenges: gangs robbed banks throughout the American Wild West in the 1800s, women struggled to enter this male-dominated industry in the 1900s, now we have digital banking with all its perks and drawbacks. Learn how you can take advantage of a digital experience software that can help place your company ahead of competitors
There are several challenges that banks, insurance companies, credit unions, and wealth management companies nowadays face; however, we’d like to highlight and offer solutions to three of them, particularly.
1. Regulatory compliance.
According to Wikipedia, “Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.” Thanks to the 2008 financial crisis, these laws, policies, and regulations have been largely modified, and this ever-changing regulatory environment creates a constant challenge for financial institutions, all over the world. That is why a digital experience software can come in handy, and help your company to not only survive but to thrive in the era of digital finance. As our case study explains it in depth, one of our clients, NN insurance company, seceded from its banking and insurance parent company in 2014; therefore not only a complete rebranding was necessary, but the company decided to focus on a new area as well: online insurance. Needless to say, this change came with a variety of regulations and challenges, and accordingly, the company chose Liferay as an agile partner. We not only helped NN to be compliant; we also developed a comprehensive e-commerce platform and a complex pricing algorithm.
2. Filling the digital gap in marketing.
As we pointed it out in one of our previous articles (Do financial institutions really have to digitally innovate?), 46% of all consumers use only digital channels for their banking and, according to PwC’s recent survey, “online dominant consumers are becoming mobile dominant consumers - and everyone else is shifting that way, too”. This clearly means that to be successful in the era of digital banking, you need more than having a mobile app: you need to digitize your entire brand from advertising campaigns through personalized offers to customer service. When one of our clients, Raiffeisen Bank, approached us with the need for a global solution to handle web content management, integration, SEO and content approval, we were happy to help the company implement the Liferay software that not only satisfies all digital needs, it is also flexible and user-friendly.
3. Customer experience and retention.
You might remember our article about customer loyalty from a while back (The Slippery Slopes of Customer Loyalty in the Digital Era) where we discussed that it takes approximately seven times more to gain a new customer than it does to retain one. This is especially true for the financial services sector where the competition has never been fiercer. Personalized offers, top-notch customer service and automated, easy, online solutions for everything – the keys to client experiences, hence customer retention. K&H Bank, a client of ours, following the trends of digital banking, decided to implement functions that satisfy their clients’ everyday needs during online banking. We helped the company to develop a platform that offers personalized experiences on every device, for example, fuss-free online bank account opening, along with interactive solutions. Another feature on the plus side is that the system is easy to use not only for customers but for the bank’s employees as well.
As you can see, financial institutions with an array of different practices can take advantage of a digital experience software that offers solutions to a variety of needs. If you’re thinking of making the switch, we highly recommend asking Webtown to show how a real digital banking site works, to learn about the tailored solutions we have to fulfill every digital need.