More consumers today expect fast, seamless digital banking experiences. But balancing their demands for robust features with the expectation for intuitive user experience poses a challenge for financial institutions. However, it is possible to launch quickly and strategically. By leveraging relationships, vendors, and advanced technologies, banks and credit unions can meet customer needs for speed while offering excellent experiences and digital depth.
Rising Demand for Digital Banking
Consumers increasingly want digital solutions for their banking needs. A 2022 Bankrate survey found 91% of Americans see digital banking access as important when choosing a financial institution. But most consumers are looking for better, faster transfer options; mobile deposits; and on-demand account access.
Launch Fast, Then Iterate
Providing robust digital experiences quickly can be difficult. But the most successful apps start simple, then expand based on user feedback. Even PayPal began as a person-to-person payment platform before it started to grow. Today, the application offers merchant services, bill pay, and just recently launched cryptocurrency options.
Similarly, Chase Bank launched with basic features before adding capabilities based on user feedback and requests.
The best practice is to launch a simple but functional digital banking application. Then, monitor feedback to add the features your audience wants over time. This agile approach aligns products with actual user needs instead of assumptions. But it also makes account holders feel valued by directly incorporating their input.
Partner with Trusted Tech Vendors
Third-party partnerships allow faster deployment by handling complex tech integrations. API platforms, especially, allow financial institutions to embed popular applications without the headache of lengthy development.
Once a vendor has been fully vetted and approved, leveraging the flexibility, customization, and modular options they provide lets banks and credit unions quickly meet the needs and expectations of their digital and mobile users.
Branches Aren’t Obsolete
It’s important to remember even digital-centric users still visit branches. A study by CG42 found nearly 80% of consumers who use online or mobile banking still regularly step into physical locations. Providing an in-app locator, like the Wave 2 Branch and ATM locator, streamlines the user experience across digital and physical touch points.
In addition, the Wave 2 locator generates data to help financial institutions make more informed decisions for targeting their branch and ATMs. With these in-depth, holistic insights, banks and credit unions can place locations and configure services to best serve account holder needs.
Balancing Expectations with Reality
Consumers want fast digital banking experiences but also depth and integration across channels. Launching quickly and then enhancing with user input lets financial institutions move fast without alienating their account holders. In addition, third-party API platforms can provide tested capabilities without the costs and extended timelines experienced when starting from scratch. And branch and ATM locators are essential for bridging the digital/physical gap while supplying data to optimize infrastructure. Armed with these strategies, financial institutions can successfully balance user demands for both speed and functionality when it comes to digital banking.
Discover how the Wave 2 Branch and ATM Locator can help your financial institution provide fast-to-market solutions and holistic data for your digital banking experiences. Contact Wave2 today!
Jason Green, Co-Founder
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