10 Key Benefits of Digital Banking for Users

Digital banking offers users a high-quality, efficient, personalised service that leads to greater confidence in the organisation

Applications serve as a source of data to find out customers’ true needs and provide information about products or services that might interest them according to their situation

The technological advances of recent decades haven’t passed by the financial sector, which has had to adapt to this new era. It’s an era where data is key, whether it relates to credit cards, statements, accounts, account types or anything else that makes up customer finances. In turn, this has led to the emergence of apps and platforms to synchronise this data and better facilitate the bank-user relationship.

Digital Banking, claims Antonio García Rouco, managing director of GDS Modellica, “makes it possible to offer the user a personalised, high-quality service to increase their confidence in the organisation and satisfy the customer’s demands for mobility, speed and personalisation”. According to García Rouco, “Applications process and evaluate all types of data and make it possible to find out customers’ true needs and offer them services and information about products or services that might interest them according to their situation. This allows the user to use their time more efficiently and increases the chance of cross-sales for the bank”.

Financial Technology has benefitted from innovations in Advanced Analytics, Artificial Intelligence, Cognitive Services, the Internet of Things and Blockchain to better cater for a new user profile which is increasingly used to making online transactions and visits physical branches much less often. Below are ten key benefits for users that this financial technology brings:

No more waiting: digital banks are available 24 hours per day, seven days a week, 365 days a year.

More product information: users can more easily find information about payment methods, transaction amounts and useful information such as financial education topics and types of interest. All of this helps customers feel closer to the bank and better attended to.

Increased user confidence: electronic banking has the tools, protocols and levels of security that make searches and transactions safe and secure. These protocols range from security certificates to strengthened data encryption.

Increased transparency in services: the cost of services has improved, with even some commissions at zero cost or free transfers according to the needs of users.
Transactions are made completely secure through the use of complex encryption methods with coordinates, tokens and electronic IDs to stop hackers.

Intuitive, user-friendly platforms: something which users value highly. With users increasingly using multiple devices, companies are obliged to offer responsive designs that adapt to different configurations and screen sizes, as well as synchronising data so that it can be accessed at any time regardless of which device the customer is using.

Access to transactions: users have access at all times to their balances, pending transactions and other notifications depending on the available technology.

– No more branch visits: these are now confined to history. Users can use online banking and manage their transactions at any time, 24 hours a day, 365 days a year.

High levels of user satisfaction despite not being widely used: according to a customer satisfaction report by ASFI (the Spanish financial supervision authority), more than 80% of users rate these tools higher than 8 out of 10, meaning that users find them very useful.

Ability to personalise interfaces: making it easy to configure designs with personalised menus for accessing preferred functions.