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By · November 15, 2023
5 minute read

Winning the Battle for Digital Customer Experience

k king chess piece next to knocked over silver king chess piece

Today’s banking customers expect more from their financial institutions. Mobile technology and apps have made it easier than ever for anyone to open an account, apply for a loan, or pay bills within minutes – all without having to speak to another person.

With customer needs rapidly evolving and expectations rising, banks and credit unions are left in a precarious position: evolve and innovate or fall behind and suffer the consequences. But legacy technology can hinder or totally block innovation, and the risk and cost involved in replacing these monolithic systems can make things even more challenging for teams. How can banks and credit unions create better experiences for customers and members? We discussed the answer to that very challenging question in a recent webinar. 

Digital Customer Experiences, Redefined 

Digital customer experiences (or “CX” for short), especially in banking, can make or break a customer’s trust in their bank. A regional bank can have over 1,500 customer journeys across business units and product lines. Those journeys represent an opportunity for banks and credit unions to reimagine and personalize their customer experiences. Customers expect not only a better experience from their bank, but they also expect a convenient, personalized experience. 

But streamlining and optimizing these journeys is easier said than done. Legacy technology often stands in the way of any new, innovative ideas and change is slow-going at best. Unfortunately for banks, this means they may be missing out on opportunities such as embedded finance. Yet the longer banks and credit unions wait, the more neobanks and fintech giants will be able to move in. 

Not All Banking CX Is Created Equal 

Prioritizing customer experience is more crucial than ever for banks and credit unions. While creating personalized, digital customer journeys sounds daunting, it can be done even with legacy technology. Fintech – and fintech enablement – bridge the gap between rigid, monolithic technology and nimble, low-code/no-code platforms that leverage a treasure trove of integrations and data sets to create seamless, tailored journeys. 

Fintech enablement allows any bank or credit union to expand their technological capabilities without replacing anything. On top of that, teams can quickly launch or service any product they design, eliminating the need for outsourced tech talent. This truly puts banks in control of customer experience, allowing for more tailored, personalized journeys that reflect what consumers actually want. 

Building Better Customer Journeys 

So how can banks build these journeys? What capabilities do fintech enablement platforms offer for creating an outstanding customer experience? And how do these capabilities help banks and credit unions keep up in the present market? 

Leverage Pre-Built Features, Data, and Generative AI for Faster Launches 

Fintech enablement platforms are designed to make launching and servicing products easy and straightforward. Instead of having to rely on outsourced tech talent or vendors; dealing with endless back-and-forth conversations; and waiting sometimes months at a time for updates, banks can be fully in control of what customer journeys and experiences look like.  

Thanks to pre-built connectors, foundational AI APIs, product definitions, and data sets, anyone can design a user-friendly journey to their exact specifications and needs – quickly. A low-code/no-code approach, coupled with AI and prebuilt journeys also removes the barrier for entry, so anyone can access and build a new product without typing a single line of code. You can futureproof your CX strategy and create a transformative journey, all in the FintechOS platform. 

FintechOS platform image

Take Control of Back Office Servicing 

Manual back-office processes can often cause delays in any customer’s journey, souring an otherwise good experience. But fintech enablement can change that with workflow automation. 

In the FintechOS platform, for example, users can create new products with prebuilt servicing capabilities for loans, mortgages, BNPL, and more. These prebuilt capabilities eliminate otherwise old manual processes and back-office systems, with customization available for forms, model extensions, and workflows. And the composability of a fintech enablement platform also gives banks to deploy only what they need, when they need it. 

FintechOS platform image

 Supplement Your Core 

In the past, legacy technology and scattered data would completely hinder any new innovations or product launches for banks and credit unions. The only solution was the risky and cost-prohibitive “rip and replace” methodology, taking years at a time. But fintech enablement platforms have changed that. 

Instead of ripping out and replacing old systems, banks can extend their core to launch new products, reimagine old ones, and continuously service them. Through an integration-rich environment and API-first architecture, banks can unify their data and leverage it to create more personalized offerings for their customers. Unlocking these data sets is just the start, however.  

Accelerators within fintech enablement platforms allow teams to build journeys using industry data models and connectors that cover a wide range of use cases. Banks can create and launch new products their customers will love using their existing technology, without the risk of replacing anything. 

FintechOS platform image

Create Better Digital Journeys Without Replacing Anything 

Consumer expectations have shifted, and it’s up to banks to keep up with them. New technologies like Generative AI and products like embedded finance present an opportunity for banks to create more personalized, tailored customer experiences that offer consumers exactly what they expect and want. 

But when it comes to designing these customer journeys, legacy technology can get in the way. Banks then must choose between completely shutting down all innovation to replace their core systems in one fell swoop or rely on external teams and vendors at the expense of having much less control over their own products. 

Fintech enablement is able to change that, extending a bank’s core and capabilities. Anyone can design a truly user-friendly experience, putting banks back in control of their product management. Fintech enablement, as its name implies, enables banks to keep up with the rapidly evolving expectations of their customers and consumers at large. 

Want to see a more in-depth exploration of this topic? You can watch our webinar covering customer experience creation on-demand! 

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