A new set of omni-channel customers are emerging in the wake of the ongoing COVID-19 Situation. According to PWC research, 46% of the global banking customer base is becoming omni-channel customers, prompting the banks and other financial institutions to adopt digital-first strategies to cater to this growing segment. A recent global survey by CGN Research & Advisory Group estimated that 68% of banking customers will convert to omni-digital consumers by the end of this year.
This is a wake-up call for the banks and the financial institutions, and they need to not just offer digital banking services but also ensure a frictionless, and secure customer journey on the channel of their preference.
Banks must aim for out-of-the-box strategies and digital engagement platform and solution to provide banking ease to their customers, while streamlining the various operations for them.
Key Attributes to consider in a Digital Banking Platform!
To climb the challenging yet competitive curve, banks should deploy a solution or a platform that is scalable and allows the final product to be leveraged across different channels thus promoting software reuse. Banks can address various scalability challenges by incorporating a solution that encompasses microservices.
Banks need to deliver easy service accessibility following a fail-proof approach. They must seek options that promise both on-premise and cloud deployments. Together they provide good robustness options for the platform. In addition, a good digital platform promises delivery of optimally designed business services using microservices technology to provide maximum robustness of functionality.
Only those banks and financial institutions can lead in this competitive yet evolving industry landscape that ensure end-to-end security of digital engagement flow no matter which channel it originated from. A banking solution that gives banks the provision to offer security features starting from the initial design, without compromising on scalability and impacting the customer experience is required to capture a larger customer pie.
Microservices Architecture becoming a Necessity for Businesses Eying Digital Banking
The growing advances in customer experience, driven by the initiatives being taken by the leading tech and design firms are pushing the entire banking and financial services sector. They need to up their game in how their banking services interact with customers.
A microservices architecture offers agility, faster development and deployment cycles, scalability and the ability to develop solutions using a mixture of technologies. Banks can leverage a microservices architecture for building agile and scalable cloud-based solutions and deliver ease to their customer at every point-of-touch.
A banking platform with a microservice architecture offers the continuous delivery of large and complex software applications. It also gives an organization the edge to innovate as required on its technology stack.
Microservice architecture, along with proper DevOps practices for staging and deployment is a highly beneficial setup that can enable banks to make fast software iterations from a prototype to a live version.
The customers today choose a bank depending on the customer experience it can offer. Having said that, only the banks and financial institutions that are digital-first and customer-first can survive in this digital age, especially post COVID-19.
Banks and financial institutions that are planning to deploy a banking solution powered by a robust microservices architecture can explore opportunities with Arttha, a unified fintech platform.