Home Banking Creating a Unified Banking Experience for the Banking Industry

Creating a Unified Banking Experience for the Banking Industry

by Ryan North
Unified Banking Experience

Currently, it’s said to be a phase of transformation for the banking industry. Specifically, the officials or professionals dealing with the customers are going to witness or be actively part of this process. In a very short period, even the banks at the remotest part of the nation are going to be powered by advanced digital technology. They are most probably going to be provided with the most advanced devices.

Unified Banking Experience

These devices are going to be enriched with the sleekest and most superior user interface. With advanced drag and drop facility, and even voice commands, the mode of functionality is going to be much simpler for professionals. The effort is on making the digital platform as user-friendly as possible.

Anyway, the banks are still using the old software. The problem with the old software is that they’re not user-friendly, which makes customers suffer. It indeed is making the financial institutions slow, and the officials working there find it difficult too. However, the Unified Banking Experience is certainly going to change the entire scenario positively.

Addressing the Long Due Issues

Unified Banking Experience, specifically the Unified Front-End solution, has started to overcome the existing issues of lagging, complexities and more in a much more effective fashion. The prime concept behind the solution is to combine the UIs of the whole range of banking operations into a single application. It means that the Unified Front-End Solutions possess just a single log-in menu, as well as a single menu for navigation.

It takes the standard of banking and financial services to a new high and makes things thoroughly interactive and user-friendly. One should not worry about the integrated interface though; the Unified Front-End Solution is pretty secure as well. Its front end is simply an access platform, through which the back-end connections occur. The interesting part about the incredible core banking system is that the entire banking unit can function in concurrence through the model.

Providing a System for the Employees to Get Easily Accustomed to

Unified Banking Experience is undoubtedly much upgraded. The idea is to provide a similar platform or technology that the employees are used to in their regular lives through devices like smartphones or tablets. This is certainly one of the finest ways to enhance productivity and to automate business processes. From the user point of view, the system makes them much more satisfied through quicker functioning.

Unified Banking Experience is not just about enhancing the process or hastening it, though. It significantly reduces the expenses of financial institutions. This is so as unified banking trims down the expenses involved with the operation of various banking functionalities or operations.

Unified banking experience - easily accustomed to

At the same time, cost-saving occurs by increasing the speed or efficacy of the entire process. Unified Banking reduces the cost involved with authentication and transaction as well. For example, these days validation tasks can be done through the PIN and password over the phone.

In comparison to the traditional way of verifying the signature and the process of verifying the transaction, the ways mentioned above for verification are indeed cost-effective. The biometric mode of authentication is much safer, simpler, and swifter, as well. Keeping the era of the digital economy in mind, the systems of such are relevant.

Making Things Completely Flawless

Through advanced financial management software, the level of flaws committed by the officials or employees has significantly dropped. These mistakes indirectly increase the operational costs of financial institutions. On the other hand, the Unified banking model comes with its native unit to handle the changes in operation rules, which are the primary reasons behind the mistakes committed by the employees. Advanced banking software applications thus reduce the time consumption for each customer by an employee, which results in greater productivity.

Unified Banking software reduces Flawless in operation

It is important here to note how the unified front-end banking software links with the back-end unit. Operating in coordination with customer relationship management turns the entire process swifter. Naturally, the issues with bank CRM software leading to flaws and waste of time in this regard have significantly lowered through the UFE. It connects with the data warehouse platforms of the bank, as well.

Functioning in concurrence with the entire back-end system, banks manage to execute challenging business regulations, even when the transactions go on. The high-end banking software solution can deliver notification instantly to the customer during sensitive occasions like ID getting expired or leaving compulsory fields. This cuts down the rate of flaws to a great extent.

Advantageous from Business Perspectives

One of the biggest advantages of a unified banking system is that it can more efficiently sell banking products. This becomes possible as the employees get more time to spend with the customers. Employees get more time to explain and comprehend the benefits of different banking solutions as the time they had to expend for different processes cuts down. Through a proper connection with the back-end and the advanced banking CRM solution, data access and safety can get much more assured.

Business Perspectives

It is quite evident that Unified Banking Experience has tremendously improved the customer experience in banking. Through integrated machine learning systems, unified banking can predict the most probable action that the employee should provide or recommend to the customer. This makes the employees, as well as customers, discover greater varieties of products and services of the concerned bank. Needless to say that this has helped many banks in achieving targets across those domains they once were failing too.

Customer-friendly Facilitating Easy Training

New banking experience courtesy UFEs is more accomplishing than earlier. At the same time making things simpler for the employees and customers, has optimized the training process as well, being highly intuitive. Having a built-in banking CRM solution, the unified front-end solution enables the banks to deliver more user-friendly and customer-friendly solutions.

The issues of cancellation and missing cards are obvious there no matter how good the banking experience gets. Fulfilling these requests used to be time-consuming due to the lengthy processes. However, changing the financial ecosystem through unified banking has indeed improved the scenario.

The simplicity of the interface enables the employees to cancel the card as soon as possible. It used to involve various applications for the same job earlier. With unified banking experience, employees are much more efficient about these tasks as it takes only one log-in for them.

In comparison, it used to take a minimum of thirty minutes for the same task. The whole intention of developing a UFE like the system is to deliver a more personalized banking experience. The transformation of banks to become product-oriented has increased their customer base as well.

Not a Tough Technology to Adopt

Adapting with the unified banking system is not a time-consuming process; neither is it sophisticated. It’s more of a one-time job. The entire job of adapting with an intelligent banking experience like this doesn’t even need a huge resource or a huge number of developers. For a standard software company or service provider, it is not a big deal.

Most importantly, it assures one about a much safer and enhanced experience. From development perspectives, UFEs may be sophisticated. But, as far as their execution is concerned, it’s very user-friendly. Fulfilling core banking functionalities with ease of this level is simply incredible. Not just core banking, it can sum-up all other dimensions as well, starting from loans and issuing credit cards, to various kinds of investments.

Earlier, financial institutions like banks used to deal with hundreds of applications and display in thousands for similar tasks, which the unified banking experience has simplified to a great extent. Summing up the entire segment and providing a single interface for access has simplified things in a great way. Specifically, integrating back-end units and CRMs has streamlined the process in a great way.  

Addressing the Time-Consuming Small Mistakes

Unified banking experience is incredible as it has simplified the front-end like never before. At the same time, it addresses the compliance aspects with more effectiveness in comparison to the traditional modules. The little mistakes like missing the acknowledgment section leading to re-do the entire process can be completely avoided. It notifies and makes the customers alert at each step of the process.

Needless to say, employees are in a better position through a simpler system. Ultimately, Unified banking can be claimed to have enhanced the usability of the system for both the customers and employees. The entire functionality thus becomes streamlined and quick.  

A Perfectly Integrated Solution

A Unified front-end solution brings the whole functionality to one interface.  Starting from selling a banking or financial product to provide requisite services and solving the queries, everything can be handled from the same interface. It makes things easy for the top officials or managers as well, enabling them to check entire functionality from the single unit.

Perfectly Integrated Solution

Things get even more enriched from safety perspectives as the back-end units are connected with the prime interface. The time-consuming aspects like addressing the fields involving double checks can be greatly simplified through unified banking experience. Finally, the unified banking system fulfills the needs of customer-centric solutions that were very much needed in an ear of fast digitization.      

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