1. Peer-to-Peer Payment Apps

Nobody carries cash around anymore, but we all still run into those awkward moments where we need to split a bill or spot our friend a five. Peer-to-peer payment apps solve those problems and are a major convenience for your clients. They can also be very useful for small business customers. The pandemic made cash exchanges even more problematic, and led to a surge in the use of apps like Venmo.

Our platform can integrate with your existing digital banking infrastructure to help you launch or improve your own peer-to-peer product. We prioritize security and allow you to customize how strict your protocols will be. Two-factor authentication is supported and recommended.

2. Virtual Financial Advisors

Any financial product that keeps your phonelines free and helps your customers get what they want quickly will have a major impact. Artificial intelligence can be integrated into nearly any system today, even dated ones. Clients' brokerage accounts or savings accounts can then be connected to the AI to provide real-time investment support.

Best of all, tools like these can encourage your existing clients to sign up for new products and services. You could send notifications or recommendations to a client with sizable cash savings to encourage them to open an investment account, for instance. We help you dial in the exact parameters to ensure the right people are targeted with the right products.

3. AI-Assisted Customer Support

AI can also aid your customer support on both ends. Automated support can help your customers find the information they need without recurring to your support team. Conversely, if they do need to call or visit an office, AI can help you retrieve the information you need to help the customer.

We aim to digitize all of your financial products with the goal of simplifying tasks for both you and your customers. With digital application forms and e-sign capability, you can walk new customers through the onboarding process without ever having a human involved. Simple tasks shouldn't require a visit to the local branch.

4. Machine Learning

Machine learning applications can parse unimaginable amounts of data to identify trends and patterns in your business. From there, you can derive valuable insights about how your customers interact with your company. It's an essential tool in today's business environment, which is drowning in more data than most companies know what to do with. With these tools, you can predict customer behavior and increase revenue by targeting your offers.

Machine learning takes a load off of your staff's shoulders. You can skip manually reviewing applications and put your faith in the data to decide what's best for your business. Consider a few cases where this technology can be beneficial.

Loan Approvals

You have all the data you need to preapprove or certify approval of loans. The key is analyzing that data in order to give a customer the green light. Rather than bringing in a customer for a thorough review with paperwork, save time with machine learning. AI can compare loans where customers defaulted to successful ones to best decide who should be approved.

You can apply this same technology to mortgages, credit cards, and any other loan application your bank has to offer. If a customer starts an application but leaves it unfinished, we can even configure your system to push follow up notifications to help nudge them forward.

Product Offerings

Targeting your customers with your best offerings leads to higher conversion rates. If data shows that your customer has made several transactions from overseas, offer them your travel rewards card. A committed saver might benefit from a money market account or a COD. Rather than relying on employees to make the call, you let the AI do the work.

5. Giving Accounts

Giving accounts give your customers a convenient way to support their favorite charities without the hassle of keeping track of donations for tax purposes. You can partner with local charities and promote donations your company prioritizes, or connect with as many as possible to give your customers options. Each individual giving account keeps track of the total donation amount in much the way a savings account logs accrued value.

Since your customers receive a single report at the end of the year instead of an assortment of receipts, reaping the tax rewards of donations becomes extremely easy. This encourages more charitable activity and improves customer retention.

6. FinTech With Social Media

A touch of social media in the middle of your financial products is a surefire way to increase engagement and promote your brand through meaningful interactions. With Community Boards and Stories, you can highlight your outreach and encourage customers to join your efforts. It's easy to link to your website or share your posts to other social media accounts.

In addition to the positive effect this has on customers, stories and collections help to reshape the way people perceive your business. Banks have to battle with the stereotype of being uptight, buttoned-up, traditional enterprises. If you're rebranding, this feature is essential.

7. Better Business Features

As a business, your finances ought to be managed with the same tools your customers use. Unifying services simplifies your business and makes everything run more smoothly. Instead of separate payroll or HR management programs, consider the enterprise-grade platform that Cotribute offers. You'll get quarterly reviews and real-time account balance syncing to ensure that your data is always up to date.

In addition, you'll have access to ADP, a 2021 Customers' Choice human capital management platform that operates in the cloud. You can manage payroll and employee benefits directly through a single login. FinTech offers flexibility that benefits your business.

The Next Step in Financial Services

Financial service providers are at a critical juncture. The market has changed dramatically in a relatively short time. How you respond will shape the future of your company. If you want to take your company further, you need the latest technology to keep your customers satisfied and position your business for the long term.

We want to help you thrive in the digital era. If your digital strategy is lagging behind your competitors, or you're looking to get an edge on the competition, then it's time to take that first step forward. Contact Cotribute to schedule a demo of our platform to see how it can transform your financial products into digital assets for years to come.