Digital Banking Services for Next-Gen Customer Experience

The best digital banking services today are those that balance convenience, human-centricity, and innovation to ensure smooth financial management for clients through any device. Banks should adapt fast to the ever-changing digital world to ensure they remain competitive in the long run. Below is a list of critical digital banking technologies, services, and features banks should consider implementing for the next-gen client experience.

Instant P2P Payments

Peer-to-peer (P2P) thrives well in today’s banking environment as it’s a simple payment solution. The service enables clients to send money instantly using any device. Users can comfortably send money to family and friends from their computer or phone with a tap or two using a credit/debit card, a wallet-stored value account, or a linked bank account. P2P has hard-to-beat functionality regarding client simplicity and convenience, facilitating smooth services. P2P transfers must have a high degree of security and adequate protection against PIN, biometrics, and OTP (One Time Password).

Automated Bill Payments

Bill payments for both individual and business banking occur every month. Automation helps bring convenience, allowing clients to connect directly with billers through their cards/ accounts. The approach helps clients pay multiple bills from a centralized place through scheduled on-time automation or manual methods. Banks should empower their clients with administration features, including control over accounts, real-time overviews, fast access, and report generation.

Highest Level of Security

Digital banking operations must balance security with convenience. Banks need industry best practices and cutting-edge technology to integrate security into each step of their mobile banking and internet solutions and wallets. These measures and features include:

  • Data encryption
  • Fraud detection system
  • Card tokenization
  • Biometrics
  • Device management
  • Two-factor authentication

Advanced Settings

Banks should provide additional control for clients through advanced management features. The approach can be integrated via mobile and internet banking, wallet, or other digital banking experiences. For instance, banks should allow their customers to change their card PINs and passwords, display their last login details, and view transaction history and the content that appears on the home screen of their banking and mobile app. Ensuring every activity is convenient and seamless provides clients with refined control and flexibility.

Digital Insurance

Recently, there has been a rise in a wave of converged financial services. Most banks are integrating an ecosystem aggregator which compliments banking with additional non-financial and financial services. Most of them utilize digital insurance allowing for healthy competition. Brad Kern recommends banks provide personalized and easy-to-access digital insurance that helps improve customer wealth management and increases client satisfaction while generating additional revenue for the bank. An excellent digital insurance solution has the option of purchasing multiple insurance products via the web or mobile.

Loyalty Programs

Clients seek and love loyalty coupons and cards to help them save money and make them members of an exclusive community. Clients usually pick specific card offerings or wallets depending on the type of reward they’ll get. Digital loyalty programs have a competitive advantage for most banks, including establishing brand loyalty and retaining customers. Banks require multiple items to develop a successful digital loyalty strategy.

  • Personalized offers
  • Omnichannel access
  • Real-time updates on deals and offers
  • Location awareness
  • Multiple rewards such as vouchers, cashback, and points

Banks need to assess the bigger picture to prepare for the revolutionary impact of the ever-changing digital technology. Transforming functions leads to improved profitability and a revenue boost, allowing banks to provide better services and products to clients.


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