Digital Retail Banking: All You Need To Know

Have you heard of digital retail banking? In the age of technology, you probably have. But what is it really? When we talk about this concept, we refer to the possibility of using technology to create a personalized user experience.

Many banks and financial institutions are taking advantage of digital retail banking, since it makes it possible to be close to the client from virtuality and even facilitates some transactions.

Digital Retail Banking: what is it?

The digital age and new technologies have led the different industries around the world to change their dynamics; banks and entities that offer financial services are no exception, and this is where retail banking has become your best ally.

What is digital retail banking? This term arises as a consequence of the retail digital transformation and refers to the presentation of each of the online retail banking services.

In other words, retail banking offers customers the opportunity to carry out different financial transactions without having to go to branches, so that they can make money transfers, process loans, apply for credit cards, among others, online.

Benefits of Digital Retailing Banking

The benefits provided by digital retail in the banking industry are innumerable, mainly because it improves the user experience and facilitates transactions without having to travel further.

Without a doubt, today a large percentage of people prefer to carry out procedures online, because it is a guarantee of speed and security. That is why there are many clients of banks or financial entities who opt for digital banking to carry out their transactions.

Digital banking is a consequence of innovation in retail banking and among its main advantages are:

  • View account statements online: without leaving home and from your cell phone or computer, the client can be updated regarding their latest bank movements, view their accounts, check balances, verify their most recent transactions and even their investments.
  • Application for credits and loans: digital banking is also a sales channel that allows banks and financial institutions to make it easier for their customers to process credits or loans, offering this service in a personalized way. Here users can simulate, quote and project a credit in real time, in order to make better decisions, as well as carry out investments.
  • Payment services: through this channel, customers can pay for services or products, register or cancel services, and even view pending payments and scan invoices.

How to Incorporate Digital Banking?

There are companies that provide you with everything you need to offer an easy-to-use application that provides optimal service to customers in financial transactions. better service to your customers in their financial transactions.

These are Low-Code platforms which provide solutions to banks or fintech, among others, allowing the creation of applications through which they can provide an online customer service channel, as mentioned in this article.

Among the services that can be digitized through a low-code application, we find:

Digital Retail Banking

  • It helps you create memorable experiences for your customers.
  • You can configure the look & feel, as well as any functionality needed, both by portfolio and by customer type.
  • Everything the user sees can be customized. Whether it’s balances, transfers, investments, accounts and products, everything can be set up to be easily located.

Digital Onboarding

  • Allows to validate the required documentation in a few steps and in a fast way.
  • Back office onboarding. It’s the easiest way to keep track of who has registered, to find any pain points.

Digital Payments and Wallets

  • It enables users to shop onlinewith the peace of mind that paying online is easy and secure.
  • To ensure peace of mind, having in-app payment is best.
  • P2P, so users can easily send and receive money from the same app.

If you need guidance to find the best solution for your business, do not hesitate to contact a company that can help you find the best fit.