Written by Natalia Kawana
As our interactions become more and more digital, it’s very rare to see somebody who would gladly go to a bank in person to make a transfer, a deposit or process a simple payment. In our current society, virtually every existing bank offers digital services by using an e-banking platform, and those who don’t – or even those who do, but offer poor digital services – risk losing many customers. We can confidently say that every bank who wants to thrive in the digital era needs to offer e-banking services to their customers.
When implementing an e-banking solution, there are many things for banks to consider.
As they deal with capital and private assets, security is one of their top priority concerns. So banks often develop their own e-banking solutions internally, as to keep control over any activity related to the solutions and over their security. The problem with this is that developing and maintaining in-house software is costly and time-consuming: there needs to be a dedicated team, who needs to be recruited, onboarded… then it takes time for them to start working as a consolidated team and to develop a high quality product. Sometimes, due to time or other constraints, it is not possible to build a great ebanking platform. Banks often end up launching the service with not-so-great user interfaces, which are not optimal and intuitive for the user.
When banks adopt an existing, third-party e-banking solution, there are other advantages and concerns to consider. They don’t need to maintain an internal team dedicated to that and can implement a digital solution more quickly, optimizing costs. On the other hand, they will depend on a third-party to guarantee security and maintenance, and also be subject to their availability, which can be a risky alternative. To add to this, banks cannot take for granted that they will be able to customize the platform as they wish when adopting an external solution.
In both scenarios, we have the end users – bank customers – who may be forced, from one day to the other, to carry out tasks online, as banks want to have a return on their investment to become digital and want to save time and costs when providing services. In the pool of e-banking users, we can find many different profiles: from digital enthusiasts to people who are not used to software and the internet. All of them now have to figure out how to carry out operations on a digital environment. And then another need arises: the need for support channels for these users – requiring further effort and investment from banks. They can handle this by providing chat, telephone or email support, all costly to implement and maintain and many times not very practical for the users.
Newired and e-banking solutions
The good news is that we now have digital adoption solutions or platforms, which can turn e-banking platforms into a more friendly environment, easily and with lower maintenance effort, and at the same time, help users right where they need: in the platform itself.
Newired Journeys can guide users when they need to carry out online operations, such as setting up their profile details, changing addresses, carrying out bank transfers, sending payments… while Newired Tips can contain more information on the elements displayed on the e-banking. With a Newired guidance layer in place, bank customers will be more independent and need less support, helping banks reduce costs even further.
Moreover, Newired, knowing the crucial high security requirement by banks, offers the hosting option on-premise. With this option, we address the disadvantages of adopting both an in-house and a third-party software. We help banks reduce costs related to having a dedicated e-banking team at the bank itself, as well as costs related to supporting customers using the platform. At the same time, we address the security challenges presented by adopting a third-party software, as banks will have full control of the information input for Newired’s overlay creation and its hosting.
See some example of Journeys on an e-banking platform: EBanq
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