In a highly competitive industry, financial institutions are increasingly investing in technology to improve their customer experience and increase operational efficiency. Also, there is a requirement to make banking transactions highly personal and interactive. While customers prefer digital banking for simple transactions, most of them like to interact with a human for complicated financial products, such as a home loan. Therefore, banks cannot rely on digital entirely and do away with the human touch. However, they can use technology such as AR to set up virtual branches or use face-to-face video chatting and co-browsing to make digital banking much more human and interactive.
Who we are Change is the only constant, and banking institutions that wish to succeed in today’s competitive landscape must adopt emerging technologies to make banking much more secure, personalized, and cost-effective for everyone. SWISSCRIPS, a leading banks to boost their profits and customer base and will undoubtedly help you create a seamless digital banking experience. The money wellness revolution is here At SWISSCRIPS, we’ve spent 30 years committing to our customers wellbeing. Always have, always will. We put humanity at the heart of everything we do – because we understand that when someone’s got your back, it makes it possible to be confident in the decisions you make about your money.
We’re always here for you. Always Money. It's emotional. So, it seems only right that when you want to talk to us about your financial wellbeing, you speak directly to a fellow human on the live support. Whether you give us a ring or get in touch online, we're always here, 24 hours a day. 7 days a week. We have never closed, not even for a minute, so you can be sure that there's always some.
Leading by example Money really matters. It’s important to you. And it’s always been important to us. From day one we disrupted what banking looked like, bringing you a revolutionary branchless bank experience so you could bank from home anytime you wanted, 24 hours a day. We have continued to innovate ever since. In 2020, our aim is to challenge how people feel about their finances and show why having a bank that puts its customers and their wellbeing at the heart of everything it does can make a positive change to the nation's attitudes and beliefs around money.
Money wellness Every day for 30 years, we've been on hand for our customers, and in return, they’ve shared their love for us. Thanks to their nominations, we’ve won more awards for our services than any other Digital bank. In 2019, we’ve been named No.1 for customer experience by Kantar and No.1 for customer satisfaction by Which? And we’re once again topping the CMA charts for overall service quality.
How can we help you? Current account, savings, cards, mortgages, loans, insurance... We offer the things that most banks offer. We just try to offer them a different way. We're constantly reviewing our products and looking for ways to fully and flexibly support our customer's lives. The banking industry has changed dramatically over the years. While customers regularly walked into a branch to withdraw money, transfer funds, or seek information about products about 50 years ago, today, a majority of customers prefer to conduct basic financial transactions online, leading to the popularity of digital banking.
The Modern Customer Demands an Omnichannel Digital Experience In 2017, PwC indicated the rise of the digital-only banking customer in its Digital Banking Consumer Survey(1). The report specifically pointed to a new breed of customers that is labeled as “Omni-digital” or those who increasingly preferred digital modes to conduct their banking, mostly avoiding physical channels of banking.
What Is Digital Banking? According to the FFIEC(2), e-banking is defined as the “automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels.”
The Growing Importance of Digital Banking The arrival of the Internet is synonymous with the rise in digital banking, fuelled by the advent of ATMs and debit cards in the 1960s. Today, thanks to the Internet and higher penetration of mobile devices, banks have been able to introduce multiple channels of engagement for their customers. Digital banking offers convenience for both the banks and its customers. While customers can save time and hassle through convenient banking transactions that can be conducted on-the-go, banks save money on physical infrastructure and hiring costs by moving a part of their transactions online. While in-branch banking continues to remain vital, the benefits of digital banking cannot be denied, which is probably why Albaraka, a leading bank, recently decided to slash its branch network by almost a fifth(3).
Digital Banking vs. Online and Traditional Banking
Everybody understands traditional banks – or the original banks that offered checking accounts. They were the first to provide financial services, such as money deposits, loans, money transfers, bill payments, and so on. However, banking was location-bound, and a visit to your nearest branch was necessary for every single transaction.
With the advent of the Internet, financial institutions were able to overcome the location barrier to some extent by creating an active internet presence. Today, most banks with physical branches also offer online banking or internet banking that enables customers to access their account information online, and also make transfers or set up automatic payments.
A digital bank takes the transition to the Internet a step ahead by eliminating the need for physical branches completely.
“Digital banking is the application of technology to every banking activity, process and program thereby making the customer’s experience simple, easy and convenient and in
the process eliminating the need to be at a physical location.”
Simply put, a customer’s relationship with a digital bank starts and stays online at all times, without the need to visit any physical branch of the bank.
Benefits of Digital Banking
Banks around the world are realizing how digital technology investments can benefit their customer acquisition strategies and also improve customer satisfaction while reducing overall costs for both the banks and the customers.
Below we have listed some benefits of digital banking that cannot be ignored by anyone:
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