A survey by PwC has found that 89% of customers use more than one channel to interact with their bank and that 53% use three or more channels.
Wow, that’s a lot of channels!
It just goes to show how much customers value convenience and flexibility in their banking experience.
With so many different ways to interact with their bank, customers expect to have a seamless and consistent experience across all touchpoints. And that’s exactly what an omnichannel digital banking can deliver.
It offers customers the ability to choose the channels they prefer, whether it’s through mobile, online, in-person, or over the phone, while still having access to the same information and services.
By meeting the demands of customers, banks can increase customer satisfaction and build trust in their brand.
What Is Omnichannel In Banking?
Omnichannel banking is all about giving customers the freedom to bank however they want, whenever they want.
It’s like a one-stop shop for all your banking needs, where you can switch between different channels without any hassle.
The idea behind omnichannel banking is to make your life easier.
Imagine starting a transaction on your phone and being able to finish it at a bank branch without having to start from scratch. That’s the kind of seamless experience that omnichannel banking offers.
With this approach, banks can create a consistent experience across all channels, giving customers the ability to start a transaction on their phone and finish it in-person without having to start from scratch.
By having access to a complete picture of customer interactions, banks can tailor the experience to each individual and make banking more efficient.
The next big thing in banking is all about the digital future, and omnichannel banking is leading the way.
6 Benefits of Omnichannel Banking
The benefits of omnichannel banking are numerous, both for customers and banks. Here are a few of the key benefits:
- No more headaches;
Banking should be easy, and that’s exactly what omnichannel banking delivers. You can access the same information and services across all channels, making banking more flexible and convenient.
- Happy customers;
A seamless and consistent experience across all channels means happy customers. They’ll feel understood and appreciated, leading to increased customer service and trust in the brand.
- Personal touch;
Banks can get to know their customers better by gathering data from all their interactions. This allows them to tailor the experience to each individual, making banking more personalized and engaging.
- Sticking around;
By reducing frustration and providing a customer experience, users are more likely to stay loyal to their bank. It’s a win-win!
- Efficient banking;
Omnichannel banking platforms streamline the banking process, reducing manual processes and making everything more efficient.
- Safe and secure;
With advanced security measures like two-factor authentication and encryption, customers can feel confident that their information is safe and secure.
How To Build The Omnichannel Digital Banking Platform?
We have reached the point of the major question – how to develop this solution?
Let’s dive into how we brought an omnichannel banking solution to life for one of our clients.
So this client of ours was a big player in the banking software business, serving over 100 banks across 60 countries.
They wanted a killer financial product that could offer a ton of unique banking features and increase their profits, all while keeping costs low. And of course, they wanted a custom look and feel for each bank using the app.
Their old app was slow and outdated. It was built with an old tech stack, and its user interface was outdated too.
So we got to work, figuring out the best tech to use, and giving their app a major overhaul.
- We built a few proofs of concept.
Our engineers created several proofs of concept (📎 learn more about PoC here ) for the project and decided on the optimal solution.
- Refactored the old code.
We migrated the old code from AngularJS to Ionic before adopting a new approach and developing features from scratch.
- Created some seriously cool banking features. The app could now send money between phones, work offline, and even help users accept and pay back loans.
- And, with our custom interface, each bank could make the app their own, with their own logos and designs.
- But wait, there’s more! The app was now optimized for multiple platforms, so customers could use it on their iOS or Android devices, or through their mobile browser.
How Do We Approach The Development?
Always do your due diligence before diving into development or design.
That’s why we conducted research to find the best approach, created a couple of proofs of concept, and estimate the time and budget.
Our team even hit the ground running by joining the client on-site for a project discovery phase.
During this stage, we validated all the technical, financial, and legal aspects to optimize the budget and delivery time while minimizing risks.
By the end of the research phase, we were able to make a data-driven decision to use Ionic development.
For those who don’t know, Ionic is an open-source software development kit (SDK) for building hybrid mobile apps that work on both Android and iOS.
The latest version, Ionic 4, is even more versatile as it’s not reliant on the Angular framework.
Thanks to the research phase, we had the whole architecture of the app figured out. All the tech stack was set in stone, making the development process smoother.
Development & Testing Process
Finding an effective strategy to protect your assets is vital for software products.
Therefore, POC should be included in the business plan to help entrepreneurs avoid wasting all their capital on solutions the market will find useless.
Proof of concept will provide an understanding of how to fulfil target users’ expectations. Also, it is a perfect tool to attract additional investors to secure your funds.
At this stage, we followed best practices to ensure the app’s top-notch quality:
- Coding standards (linter);
Our dev team uses coding standards and best practices and even employs a linter tool to analyze the source code and catch any errors, bugs, or funky code.
- Automated and manual testing;
We use both manual testing, done step by step, and automated testing, done with frameworks and tools. The goal is to find any bugs or issues in the software.
A Git workflow design that streamlines the management of larger projects by defining a branching model around the release.
- CI/CD (Continuous Integration & Continuous Delivery);
This is a method of automating the development stages, from integration and testing to delivery and deployment.
Ensuring Security & Quality in Fintech Development
When it comes to developing a fintech app, security is key.
But that’s not all.
You also want to make sure the app is scalable, cost-effective, and secure. To make that happen, our team followed some best practices, like:
- Code reviews;
To ensure the code was of high quality, we had 2 peer reviewers check it out. The code was examined by the author and 2 others to evaluate functionality and quality.
- Identifying technical debt;
Technical debt refers to the resources (time, money) needed to rebuild software that’s already been built.
- Quarterly penetration testing;
This is a simulated cyber attack to test the system’s vulnerabilities. By finding the weak points, we can make improvements and boost overall security.
- Authentication (expiration, security);
When dealing with sensitive information, there are authentication protocols to ensure unauthorized people can’t log in. The security authentication confirms the user’s identity. After a certain period of time, the authentication will expire and log the user out.
The Key Features
Those are the key features of an omnichannel digital banking platform that are sure to make your banking experience a whole lot smoother. Check them out:
You can give the app your own personal touch by customizing it with your own design and logo.
No need to settle for a boring, generic look.
Use CSS variables to change up the colors, fonts, borders, and other design elements to make it your own. And if you don’t need certain features, just disable them in the config file.
Innovative Banking Features
We added some sweet features that’ll make banking services better. Transfer money between phones, view your bank account offline, apply for a loan, and more – all from the app. No more running to the bank or waiting on hold for hours.
Other Cool Stuff
- AR-powered real-time directions to the nearest bank branch.
- Keep track of your spending with analytics and charts.
- Set up recurring transactions or schedule future ones.
- Use Touch ID for a secure and speedy login.
- Quick and easy document uploads.
Security Compliance Concerns
To keep things secure and protect our users’ data, we’ve been doing regular penetration testing on the banking app every quarter.
Our codebase is constantly reviewed by security experts to make sure it meets all the security standards and regulations. Plus, the app’s completely GDPR compliant and follows all the banking industry standards.
We’ve also got some fancy tech in place to keep the app safe from hacking and malware.
The code’s been obfuscated to keep anyone from reverse engineering it.
And, with features like SSL pinning, fingerprint verification, and 2-step authentication, we’re making sure the app stays secure both on our end and for our users.
The Bottom Line
Omnichannel corporate banking is all about convenience and flexibility for customers and efficiency for banks.
Omnichannel banking is the future of banking. It offers convenience, flexibility, and efficiency for both customers and banks.
By offering a seamless, consistent digital customer experience across all channels, banks can not only increase customer satisfaction and build trust, but also gather valuable data about their customers.
With advanced security measures in place, customers can feel confident that their information is secure when using the digital banking platform. Our client’s top-notch omnichannel platform is a prime example of the power of digital corporate banking.
We upgraded their core banking system and added new features like money transfers between phones and offline capabilities, all while giving each bank the ability to customize the app with its own logos and designs.
The end result was a killer app that’s available on multiple platforms and meets the needs of both customers and banks. It’s the perfect solution for a smooth and efficient customer journey.
By offering a seamless and consistent experience across all touchpoints, banks can increase customer satisfaction, build trust, and gather valuable data about their customers. With advanced security measures in place, customers can feel confident that their information is safe and secure.
The proof is in the pudding: we brought a top-notch omnichannel platform to life for one of our clients.
We upgraded their outdated tech and created some seriously cool features, like money transfers between phones and offline capabilities.
Each bank using the app could customize it with their own logos and designs.
The end result?
A killer app that’s available on multiple platforms and meets the needs of both customers and banks.