In today's world, online and mobile banking are no longer nice to have on the consumer's mind. Consumer's daily lives are seamlessly integrated into the online, digital world and banking is no exception. Mobile and Internet Banking has become a crucial and necessary interaction channel between a bank and its customers and the absence of these digital channels could even drive consumers to look for other providers for their financial needs.
BPC Banking Technologies' SmartVista delivers the full range of omnichannel services that meet today's customer expectations. SmartVista covers both internet and mobile channels, supporting the entire spectrum of digital services in real-time: from balances and account information, fund transfers, bill and utility payments, online account opening to foreign currency transactions.
The future of digital banking apps has reached the peak of its offerings by providing conversational banking where Chabots are performing banking transactions. This is a breakthrough in terms of providing financial inclusion for the underbanked in various parts of the world. These apps are also focusing on SMEs who have been hit hard amidst the pandemic and tech firms are working harder to provide better acquiring capabilities to these organisations. Artificial intelligence is also playing a major role in assisting in order keep digital banking at par with the offerings of a traditional bank. Super Apps have a pivotal role in connecting various parties, creating a cross-sell environment. All these features are being provided to banks and FinTechs in the form of a white label service where they get to decide the way they want to deploy the product offering; whether a BaaP or a BaaS.
Looking at the constant need to provide a delightful digital banking experience, there is a need to always keep providing apart from the basic functionality within the digital banking app. Oleg Patsianksy, Head of Digital Banking at BPC gives more insights on the features updated in the app.
The digital banking app provides a medium for emerging markets that acts as a platform between consumers and merchants, creating an agent banking experience for the underbanked and underserved population. The merchant app and the agent banking could be combined to make one wholesome application which would comprise all features such as client onboarding, cash-in/cash-out, QR code payments, transaction reports, and much more.
The app's look and feel can be customised as per the customer's preference; which means the content on the home screen can be placed as per the user's choice. The app can work in the form of a multi-role app (several users in one app) or a business app.
The app supports different flows in terms of customer enrolment depending on the number of documents provided. The app is capable of recognising the initial standard documents required for opening an account. If no documents are provided, then the user is entitled to a simplified wallet that will let him transact and make payments, while providing him a cash-in/cash-out capability with card linking.
It is a type of application that allows for easy extensibility for third parties directly to the app. This capability allows external applications such as entertainment, news, marketplaces, etc. and place them wherever desired. This does not require republishing and is an easy functionality for cross-selling and reselling.
One of the most important functions in today's time as this means providing a personal experience to every user. It comprises 100% visual configurations and customer communication channel management which means various marketplaces can target the users who have browsed through it without making a purchase.
The app also helps users in managing their expenses and breaking down their income. This can be done through various visual representations such as donuts, bars, and bubbles. Limits and alerts can be set for saving and spending monthly income with an option of setting a desired limit as their saving goals.
The app can add external accounts and provides linking, verification, and direct debits. For overdraft accounts, it is possible to instantly open an account and also use it for transactions at the same time.
The Chabots provide 100% user configuration and can be easily paired with Siri, Google Assistant, and the latest addition, Alan. The bots are capable of providing a step by step guidance for transactions, providing full assistance to the uninformed population.
We support more than simple QR code payments and they are available in customer and merchant apps. Recently, instant payment capability was integrated within the app and contains QR for C2B transactions.
In terms of a dispute in transactions, the app provides a dispute reason selection and the user is also eligible to write an optional message to the concerned bank. For installments, the app is eligible to immediately provide the user with an installment plan and process an application request.
The digital banking app is a cross-platform code for Android, iOS, and web, giving a full server-side app control where you can add, edit or remove the content as per your organisational preference. It also has a design-driven development with a low-code approach with UI and business logic libraries. To know more, get in touch with our experts now!