What Software Solutions are You Missing in Banking and Finance?

Apr 05, 2021

Finance and banking

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Not all banks and financial institutions were prepared for the pandemic and thus experienced reduced communication with their customers. It became obvious how important it would be to implement bank automation. Clients currently lack adequate software solutions to use the services of banks and financial companies. We asked industry experts what software solutions they lacked in banking. Here’s what they said to us.

Team, Husky Jam

Each company in the financial sector has its own tasks and business processes, each makes its own applications and focuses on its own characteristics. The main task of such applications is to help customers to the maximum close financial tasks in a convenient interface.

In our opinion, in the FinTech market there are many bank players and most of them have still rather outdated applications, as a rule, they are bulky and uncomfortable for the user. In this direction, much can be improved.

Of course, there are sector leaders who have excellent applications, functional, fast, intuitive, and secure. They can be improved by connecting more functions, for example, investment tools, the ability to quickly and conveniently convert currencies at the exchange rate, transferring currencies from different points of the world without linking to a card and a bank.

We could single out another wish – this is the ability to operate the application at very low Internet speeds, for example, so that somewhere in the mountains, you can easily make a payment.

And while banks and FinTech companies in Europe and the United States are trying through applications to provide users with a better experience, Asian companies are demonstrating a new path of development – Super-apps. Super-apps can be distinguished as a global trend – they allow you to create a whole ecosystem around the bank. The most famous and successful Super-app is Ant Financial, a subsidiary of Alibaba, formerly known as Alipay. The use of such applications for the user is very convenient, and for the creators it is profitable, since it accumulates finance not only through banking services. With the help of Super-apps, you can use various banking services as a private or legal entity, engage in investments, solve everyday tasks such as paying bills, ordering products, car rental, insurance, shopping, etc.

And finally, if we talk about personnel, then we believe that services can be automated, but here is the call center, while the staff still remains.

Natalya Bucuy, Big Mouth Survey

I believe that missing a little something is a better way to communicate with customers. Through the pandemic many banks closed or limited their physical location operations. While people could still bank using bank websites, mobile apps, ATMs, and, in some cases, drive through services, many banks didn’t add any additional communication channels. In most cases, customers still have to call a bank if they have questions or issues. To fix the situation, banks should think about adding omnichannel solutions for customer service needs. Live chat, with its many additional functions, could be a great addition. Customers can reach representatives quickly, get answers in seconds, and not spend time waiting on the phone, or looking for an email address to contact the bank. Live chat often comes with secure options to handle private and sensitive information, like account numbers, etc. They are an affordable and efficient digital solution that could take customer service to a new level.

Finance and banking

Daniel Penzing, Maze of our Lives

What software solutions are you missing in banking and finance? It’s pretty crazy how checks are still a major factor in the US in 2020. I think the ability to quickly and easily do Venmo-style ACH payments is a must, and the fact that traditional players in finance still don’t allow them at scale (exceptions like Zelle; Chase QuickPay exist, but are not universal), puts their future in peril. They could have saved themselves from A LOT of fintech competition.

Michael Becce, MRB Public Relations, Inc.

A major hurdle for financial institutions is the burdensome contracts and paperwork. Some are beginning to utilize Artificial Intelligence (AI) to eliminate paperwork for employees. An example of this is banks looking for help automating the process of keeping track of changes in the terms and conditions (called rulebooks) of all the stock exchanges they are working with globally. Some stock exchanges alert them about changes while others don’t, which can cause the bank to miss important changes that they need to act on. Currently, this is a fully manual and very tedious process. SMEs need to review the rulebooks to a) detect changes and b) interpret, if the changes are legally relevant and require them to take action. So, in addition to the data extraction our compare function is highly relevant for them.

Brooks Conkle, Kea Marketing LLC

Where is the app that can help budget, transfer, track, and tie all of your accounts together? Mint was heading in a great direction, but when it was purchased by Intuit the innovation stopped. Although I’m happy to use bank tech for service, when I need a product or assistance then I want to be able to connect with a person at the bank. I think there’s increased demand for digital banking, but relationships will always be an important aspect of any business. Lending decisions can still be made based on relationships with smaller local banks and it’s advantageous to stay in relationships with them.

Leobit develops advanced technologies and solutions for customers in Europe and the USA. We create solutions for the automation of processes in various areas of business. If you are interested in how to make your business better, write to us.

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