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Digital banking is the future of banking. Little wonder, FinTech startups seem to be challenging traditional banks in delivering seamless banking. However, experts have stated that institutions that provide personalized services will stand out from the rest. The use of Artificial Intelligence will provide superior experiences to their clients. 
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Despite the invention of AI and Machine Learning (ML), several banks and financial houses have not utilized these AI and ML tools. But with the use of AI, financial technology startups can provide speed in their production line; however, it will help in making services more innovative. What does it mean to provide seamless services? This means when financial startup uses technology to offer quick and hassle-free services such offering gateway payment services, data provision, and other financial services. This is all about using technology to eliminate delays and disruptions when offering digital banking services. In this article, we shall see how to create a seamless digital banking service. 

  • Gather Human-Centric Data

FinTech service is all about gathering data that will customer-centric. This is why before building a digital financial product for the market, it is important to know what the market wants.  Data is now communicated in the form of systems and ledgers. Rather than developing or generating your data from transactions, goods, accounts, and balances, asking customer’s what they want and the problems they face is more productive. It is more complex to grasp anything about people’s specific circumstances when data is structured in this manner. 
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The transformation of digital banking is all about gathering people’s suggestions, complaints, and recommendations and using them to develop a product that serves them better. For instance, when it comes to building the User Experience (UX) and User Interface (UI) of your product, you need to understand the people’s behavior and demands. Simple questions such as: “What kind of financial personality do they have?”, “What occurrences in their lives provide them the opportunity to help others?” can help in designing a transformational digital product. 

  • Shift From Products to Experiences

A seamless digital banking transformation requires you to make the customer experience the backbone of your product and entire business process. Simple questions such as “How can we get the product to more people for less money?” or “How can we provide the correct product recommendations to customers at the right time?” can help develop a seamless banking transformation. For example, building a digital product that makes customers happy is what will make your product stand out. 
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How do customers feel when they use your product? Confused? Stressed out? Angry? Unhappy? Or Happy? Do they find the speed of your product swift or it is full of bugs. Is the UX/UI navigable and does it create user satisfaction? Furthermore, there is also a need to create a platform where customers’ issues need to be solved and queries that need to be answered at any given time. The success or failure of these journeys and experiences will begin to become even more significant to your profitability as a bank. The future of digital banking is all about simplicity, customer care, and swift response. It will be all about solving customers’ problems in the best way possible.

  • Stop Selling. Start Guiding

FinTech of the future is all about fixing customers’ pain points. Rather than becoming sales-driven as it is seen in the FinTech space where the rivalry is rife, the big secret to winning big is not about being product-centric, become problem-solving-centric. It is all about being disruptive. It is all about providing actual value to people. Unfortunately, banks and some financial institutions keep selling more and more products. The secret to the FinTech boom is that people want to be heard, understood, and taken care of. The best way to show that you care for them is to guide them in their most difficult financial issues.  Featured Image Source: Brand Spur
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This article was first published on 23rd May 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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