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The Complete Guide to Digital Banking

The Complete Guide to Digital Banking

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The Complete Guide to Digital Banking

Meeting your customers’ financial needs when, where, and how they need it

Digital banking isn’t the future of finance — it’s the present. More people than ever are relying on mobile apps to manage their finances. They can access their bank accounts, make investments, and plan for retirement.

As a result, financial institutions are digitizing their infrastructure to meet demand. This guide lays out what digital banking is and explains the challenges facing banks making this transition. It also describes how digital banking can improve the customer experience.

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What is digital banking?

 

Digital banking is a collection of technologies and processes that allow people to manage their finances from electronic devices. With digital banking, customers don't need to visit their local branch. Websites and smart device apps allow people to access their bank accounts. They also make transferring funds and managing investments easier.

    The goals of digital banking

  • Serving customers’ needs by making banking tools more accessible.
  • Enhancing security with robust encryption and authorization capabilities designed to protect customer accounts.
  • Fueling growth by increasing financial awareness and improving access to investment tools.

The future of digital banking

Cloud computing

Financial institutions are working to move more data into the cloud. This digital infrastructure can offers more flexibility and greater access to data.

Blockchain

Blockchain technology does more than serve cryptocurrency. It could allows financial institutions to maintain digital records of transactions with enhanced security.

Artificial Intelligence

AI’s data processing capabilities hold immense potential for digitized banking. Financial organizations are investigating many ways to leverage this technology. Possibilities include providing more accurate predictive capabilities to offering round-the-clock customer service.

Read more about the origins of digital banking in What is Digital Finance?

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Making the digital banking transformation

Digital banking is one of the most important ways to meet today’s customers where they are. Smartphones are everywhere. More people than ever are likely to use them to manage their finances. In fact, a study conducted by Chase Bank found that nearly 80% of consumers use a mobile banking app at least once a week. A digital transformation makes these services more accessible.

    Technology powering digital transformation

  • Imaging solutions allow banks to scan and convert physical documents into digital files.
  • Document management systems make digital storage, retrieval, and security easier to manage.
  • Cloud technology provides the infrastructure that connects the public to their digital finances.

Challenges facing banks undergoing a digital transformation

Security and compliance

Financial institutions must follow legal regulations to secure banking data. Failing to do so can lead to significant penalties. These may include monetary fines, the loss of the ability to do business, and other penalties.

Organization

Employees can misplace digital files, too. Banks may need to install digital systems that ensure they can account for their files. This will keep operations running while reducing the chances of data exposure.

Buy-in

A digital transformation will only work if everyone follows the necessary procedures. Otherwise, they may fall back on outdated processes, increasing security risks.

Read more about how banks can embrace the digital landscape in How Finance and Bank Digital Transformation Works.

The need for bank document management systems

Banks need to store digital files in a manner that follows stringent security and compliance standards. Document management systems are a critical component of achieving these goals. They help banks process and store their digital information. They also make digital file organization and accessibility more manageable.

    What bank document management systems offer

  • A single source of truth for important financial documents.
  • Enhanced security through user access policies and data encryption.
  • Automated processes for ingesting, storing, and archiving documents.

Essential features

Smart organization

Naming and tagging files by hand is time-consuming. Instead, document management systems use intelligent technology to analyze, filter, and apply metatags to files to keep them organized.

App and mobile integration

Documents must be accessible across a variety of devices. They also need to be secured. Mobile integration can ensures that users get the same quality experience on any device.

Powerful search

Find the information you need, even if you don’t know exactly where it is. Enhanced search functionality allows users to locate what they’re looking for fast.

Read more about the other helpful features in Bank Document Management Systems: 7 Things to Look For.

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Automation in banking

Customers expect a personal relationship with their bank. Even so, there are many routine tasks banks can make more efficient with automation. Automation allows digital banks to process more claims and manage more accounts. These processes allow banks to provide better service to more customers.

    Benefits of automation

  • Remove opportunities for human error by automating high-volume tasks like routine data checks.
  • Scalability allows financial institutions to process more account information with fewer resources.
  • Tighter security through automated account monitoring and notification technology.

Use cases for automation in banking

Customer service

Banks can roll simple customer requests into automated tools. This reduces the burden placed on customer service representatives. That way, they'll have more time to work with customers who have more complex needs.

Fraud detection

Automated systems can scan customer spending patterns to detect suspicious activity. These systems will then notify customers and internal representatives of this activity. Banks can then lock down accounts and protect customer finances from fraudulent purchases.

Loan approvals

Loan applications examine a specific set of criteria before being approved. Manual review of these applications can take weeks to complete. Instead, automated systems can examine submitted information and make instant approvals.

Read more about how automation enhances digital banking in What Is Automation in Banking?

Designing effective bank customer onboarding processes

Opening an account is usually the first experience a customer has with your bank. Analyzing and improving your onboarding processes will help to create a seamless experience. Doing so will go a long way toward instilling confidence and building trust.

    The benefits of customer onboarding

  • Higher retention rates as customers are able to get the most out of banking services.
  • Enhanced customer satisfaction thanks to improved user experiences.
  • Reduced fraud through a more informed customer base.

How to improve bank customer onboarding

Create a customer journey flowchart

Standardizing the onboarding process ensures a consistent level of quality for new customers. Create a flowchart that accounts for the most common touch points through their journey. That way, you can examine which areas are causing the most friction and improve them.

Design in-person and digital onboarding steps

Only 9% of people in the US prefer to do their banking in person at their local branch. Examine your digital onboarding systems and enhance them alongside your in-person ones. This will ensure customers have the best experience, no matter where they sign up.

Administrators

Physical student records take up an enormous amount of space. Transferring these files into digital versions can make tracking this information far more efficient.

Discover more onboarding tips in 5 Keys to Creating Effective Bank Onboarding Processes for Customers.

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fi and SP Series Scanners

Those in the market for a high-speed document scanner to facilitate digital banking initiatives have no shortage of options. We take great pride in having spent the last 50+ years researching, designing, and developing some of the most advanced and powerful electronics in the world, including our professional grade fi and SP Series of scanners.

Built to purpose for the most demanding document handling jobs, fi and SP scanners are capable of processing tens of thousands of pages per day at the highest levels of accuracy. Their intuitive integration capabilities with all existing work suites minimize time-to-value for businesses looking to invest in tools that will pay dividends for years to come.

The RICOH fi-8170 is designed to handle the demands of the modern bank. Proprietary Clear Image Capture technology captures customer data to maximize accuracy. Plus, its 100-page automatic document feeder and rapid scan speeds allow it to keep pace with your demanding workflows. Click here to learn more or shop the rest of our production scanner line.

 

Note: Information and external links are provided for your convenience and for educational purposes only, and shall not be construed, or relied upon, as financial or legal advice. PFU America, Inc. makes no representations about the contents, features, or specifications on such third-party sites, software, and/or offerings (collectively “Third-Party Offerings”) and shall not be responsible for any loss or damage that may arise from your use of such Third-Party Offerings. Please consult with a licensed professional regarding your specific situation as regulations may be subject to change.