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Essential resources for banking executives:Enter ‘Banking Reinvented’
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Unlocking maximum value for retail banks and their customers

Customers have higher expectations than ever and digital challengers are closing in. Here’s how you compete.

by Rachael Lord

Introduction

Be honest, now — can you truly say your bank has a laser focus on the needs of its customers? Digital disruptors sure do, and they’re everywhere, with more entering the market every day. In this competitive environment, broken journeys come at a steep price, as customers flock to your competitors who are often better poised to deliver the cutting-edge experiences they demand.

In my keynote at Backbase ENGAGE, I explored the Big Shift from traditional to Engagement Banking and how a platform model can help your retail bank break free from the constraints of the past.

Across three demos, I showed how the Backbase Engagement Banking Platform helps you overcome everything from post-onboarding woes to frustrating transaction disputes and loan application drop off. Of course, no solution will fix all your problems. Anyone that says that is either lying or trying to sell you something.

But what I can promise you is that a single-platform model will help you build journeys that are tailored to your customers’ real-life needs. Our white-label platform covers your day-to-day needs — the plumbing, so to speak — so you can focus on crafting differentiating experiences. Once you’ve got all the right foundational “ingredients” in place, you’ll be able to turn your pain points into value-generating opportunities, and you’d be shocked at the impact this can have.

The power of a single platform

Take post-onboarding, for example. Data shows that half of all new banking accounts don’t survive past 90 days, and that absolutely has to change if you want to compete against your tech-savvy challengers. Rather than waiting for a physical card, our platform gets your customers up and running immediately, allowing them to create a virtual card, instantly fund their account, and start using the products that are most valuable to them. That will go a long way towards establishing loyalty and good will, ensuring these customers stay with your bank for years to come.

Now think about transaction disputes. Did you know that 45% of these disputes, on average, are simple misunderstandings? That makes it even more frustrating for customers when they’re forced to come into a branch or contact the bank for resolution. But with our Engagement Banking Platform, they’ll be able to more clearly recognize their transactions, including time, date, and even geolocation. And in the event that they still need to dispute something, they’ll be able to easily send a digital report, check in on its status, and chat with your service teams directly within the app, as needed.

Lastly, consider loan application dropoff, which stands now at a shocking 85%. And who can blame these customers for jumping ship when they have to deal with tedious data entry, as well as slow processing and disbursement times, turning the whole affair into a tiresome slog. Thankfully, our platform makes it possible for you to craft personalized application journeys, including pre-filled digital forms, targeted recommendations, and pre-qualified loan offers. All your customers have to do is review the information and click a button. It’s that easy.

These are, of course, just a few examples of the things you can do with an Engagement Banking platform. If your bank has different pain points and priorities, you can rest assured that our composable platform fabric — and over 400 capabilities — have you covered.