Why Is Customer Onboarding Important?

Digital transformation in banking is adopting new technology solutions by the financial services industry. The financial services industry leverages banking solutions to offer services via digital channels. This digital strategy is the shift from traditional banking to online or digital banking solutions via the internet.

Financial institutions leverage digital transformation and banking solutions to apply multiple backend changes to simplify operations and service delivery to the end-user. This increases productivity and gives banking institutions a competitive edge in today's highly competitive business world. Organizations need digital banking solutions to stay ahead of the crowd amidst the competition within the industry.

Digital transformation coupled with effective banking solutions allows financial institutions to leverage data analytics and make data-driven decisions. Data and analytics help banks gather customer information such as names, location, and age. This enables the institutions to market their products or services tailored for each consumer.

With digital transformation, institutions can now leverage banking solutions in biometric authentication. Banking institutions can identify a customer's face, retina, voice, and fingerprints, among other crucial elements. This helps banking institutions simplify their transactions, customer access to apps, customer queue management, and onboarding of new customers.

What Is Digital Banking and How Does It Work?

Digital banking is the automation of traditional and web-based processes that enable financial institutions to offer services via the internet. No paperwork is involved, and customers can access products and services online.

The services may include APIs, allowing customers to manage their portfolios and perform multiple transactions in their comfort. Customers can access their financial data through mobile phones, tablets, and desktops as long as they have an internet connection.

How Digital Banking Works

Through digital banking, financial institutions can digitally onboard banking clients and manage other multiple operations online. It involves a little human interaction but improved business models and a user-friendly interface that enables customers to perform transactions seamlessly. Many processes are automated, leading to increased efficiency and accuracy.

Many financial institutions use digital banking software from banking platform providers to perform various services, leading to improved productivity. The institutions can reach new customers and help them create new accounts regardless of where they are. Users can download banking apps on their devices, access their bank accounts, and perform transactions from anywhere.

What is a Digital Banking Solution?

Digital banking solutions are tailor-made core banking solutions that offer customer convenience, address the end-user's requirements, and provide a comprehensive banking solution to the customer. Digital banking solutions vary depending on the customer's needs and expectations and the banks' services. 

When it comes to choosing a digital banking solution, it is important to select a partner who you can trust to provide a seamless digital banking customer experience. This increases customer engagement and loyalty and drives efficiencies, leading to robust and long-term customer relationships. 

Below is a list of some successful examples of digital banking solutions. 

• Internet or web-based banking
• Mobile banking 
• On-premises banking 
• Core banking 

Digital banking uses centralized processes to run efficient online transactions and a centralized API. This offers an effective financial management strategy for financial institutions, enabling them to offer quality service to their customers. However, with multiple banking platform providers today, it is imperative to do due diligence and choose a provider that will offer an exceptional customer journey, enabling banks to accelerate and enjoy seamless operations. The primary goal is to ensure every customer enjoys convenience and reliable services.

Benefits of Using a Top Digital Banking Solution

Financial institutions can leverage digital banking to offer exceptional customer experiences, leading to business growth in the long run. Below are benefits to working with a top digital banking platform.  

Attract and Onboard New Digital Banking Customers 

Customers value convenience and reliability. With a top digital banking solution, you can offer an exceptional customer experience, attracting more customers to your financial institutions. This minimizes marketing costs and saves you money in the long term. 

Increased Customer Engagement 

Meeting customer expectations is key to increased customer engagement. An efficient and user-friendly digital engagement platform enables customers to complete multiple transactions in real-time. This allows customers to use multiple banking services, increasing customer satisfaction. Financial institutions leverage digital banking to generate more profits due to increased engagement and fulfilled customer expectations.

Ease of Transactions

Many customers can perform multiple transactions without asking for support. This can be more effective with a user-friendly digital banking platform. New and existing customers can use the platform to perform transactions and get what they need anytime, anywhere. 

Regulatory Compliance

Meeting regulatory requirements is a necessity in the financial services industry. Often, banks provide various documents such as customer details, transaction history, and other essential information. Sometimes, the regulator needs the information urgently, so the financial institution should have the data ready for presentation whenever required. With a digital banking solution, you can quickly download and submit the necessary data. 

Secured Banking Data

In today's digital world, customers are increasingly concerned about the safety of their data. With so many news stories of online scams and data breaches, it's no wonder that people are reluctant to share their personal information. With a secure digital banking platform, you can secure your customer's data, building trust and loyalty with your customers and boosting customer experience in the long run. 

Provides Great Convenience and Efficiency

With digital banking solutions, customers can access their accounts anytime, anywhere. They can make any transaction without needing to go to the bank physically. Using reliable and effective digital banking solutions improves efficiency for the customer.

Commercial Onboarding

Commercial onboarding functions similarly to typical customer onboarding, but it includes additional steps that make setting up and using commercial level bank accounts easier for other companies. This type of onboarding is designed to meet the needs of companies that handle a much higher quantity of money than individuals and may also need to manage payments or other financial needs for each of their respective customers. It should also address the additional legal responsibilities that go into managing a commercial bank account. 

Digital Banking Platform for Financial Institutions

Digital banking platforms have become increasingly important for financial institutions in recent years. With customers demanding more convenient and efficient ways to bank, many banks and credit unions have turned to digital solutions to meet these needs.

Cotribute is a digital solution that offers a number of benefits for both banks and credit unions. The platform helps financial institutions improve efficiency and convenience for their customers by providing a central point for transactions and customer management. Cotribute's security features also help build customer trust and loyalty by keeping their data safe.

Proven Outcomes 

Cotribute's modular platform enables companies to create engaging digital experiences with reduced risk, cost, and lead time. The platform consists of pre-built modules that can be easily assembled to create various digital experiences:

• Consumer account opening
• Consumer loan origination
• Analytics and business intelligence
• Marketing automation and cross selling
• SEG onboarding
• Member & community engagement
• Commercial account opening
• Commercial loan origination
• Core banking & enterprise KYC connectivity 

Modern Cloud-Based Technology that Integrates With Your Existing Solutions

Cotribute offers seamless integration of your existing and the new system, enabling you to continue operations without interruptions.

Rapid 30-Day Implementations

Cotribute offers a rapid 30-day implementation program where you can get guidance through the process. Your team will get adequate training to stay updated with the software. 

Invest in Quality Digital Banking Solutions Today 

Digital banking solutions are undoubtedly transforming the financial sector and helping banks and credit unions offer exceptional customers convenience and efficiency. By automating critical processes and leveraging the latest advances in mobile and online technologies, digital banking platforms are helping financial organizations of all sizes offer an exceptional customer experience. In addition, digital banking platforms are highly scalable and can be easily customized to meet the unique needs of each financial institution. If you’re looking for a reliable, adaptable, and secure digital banking platform, schedule a demo today.