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Benefits of Digital Migration to the Financing World

Going to the bank means waiting in line, talking with a teller, and then making a withdrawal in person. Now, more than ever people can go to the bank with a simple tap of a smartphone and a few button presses. The banks are migrating from an analog and in-person experience to one that is entirely digital, and that means different things for different bank owners.


The financing world has a lot to gain from digital migration of finance, and there are a lot of opportunities for trading and growth present. Here are some of the benefits that digital migration can give the banking system. One would say that these banks almost need to embrace the change if they want to keep their customers in this increasingly digital world.


  1. It Can Improve Onboarding


Bringing in a new customer at a bank can be a hard process sometimes. Applicants to a new bank need to share their ID, employment, address, phone number, and they need to give various other pieces of information. This can mean that they either need to bring a lot of paperwork with them or spend a lot of time signing different documents to get their onboarding approved.


With digital migration, then the onboarding work can all be done via smartphone. The applicant can take pictures of the documents they need and upload them or email them to the bank. All this data can then be checked by the bank’s own systems, so the process can take less time.


Then the applicant can register with the bank and start opening credit card and bank accounts, all without having to wait forever for information to be read over and approved.


  1. It Can Give More Opportunities for Engagement

 

Customer engagement with a bank is very important. However, not a lot of customers want to take the time to go to a bank just to deposit a check or make one small change. Digital migration allows for the primary functions of the bank to be done with a few taps of a smartphone. 


Bank members can deposit checks, move money from account to account, and contact their bank manager all through a simple app. This gives the customers more ways to interact with the bank, and the same goes for the bank managers. They can contact their customers through chat, email, or by phone, as well as in person. A better community of engagement only helps everyone succeed.


  1. Systems Are Decentralized


One of the newest digital migration case items that the banks are taking on is what to do about blockchain and cryptocurrencies. Rather than just modifying themselves to take on cryptocurrency, some banks are starting to incorporate blockchain into their security. Blockchain development is a ledger of transactions, where data can easily be traced.


Plus, blockchain is much harder to hack into because network members control everything that goes on in the chain. This increases trust with the public and makes sure that the encrypted end-to-end data is not altered at all. 


There is also full transparency because everyone is fully connected, and every transaction is time and date stamped.



  1. Automated Self Service for Customers


Automating most banking transactions does not just save you some money, but it can also improve the satisfaction of your customers. After all, what customer would want to spend time waiting in line or on hold before getting a simple withdrawal from an account? No one would when there is an ATM that allows people to complete the same withdrawal in seconds. There is often less of a line to worry about too.


By embracing automated self-service as a company, banks can focus on other things for their business and brand.


  1. Less Paper Cost


Of course, one of the simplest benefits of digital marketing is that there is less paper to go around. Instead of having to shoulder the costs of sending paper statements and documents around to the customers, everything is online. Additionally, all of it is easily trackable on the app. 


  1. Increases the Number of Available Channels


Every single customer has a channel that they like to use when they bank. Some prefer to receive all their information via email, others like to use their phones for everything, and some like to go to the branch and interact.


Each banking need has its own channel options, and digital marketing channels can increase their number. Now, instead of having to go to a bank to learn about the new products it is offering, customers have the option of going online, going to the branch, or speaking to someone over the phone.


If customers cannot use the channels that they would like for a specific action, then the levels of satisfaction drop a bit. Digital migration benefits give the customers more options, and with those options, they can do more with their bank assets



  1. Opens the Door for Cryptocurrency


Since Bitcoin is a cryptocurrency, customers cannot see it or hold the coins in their hands. That means that going to a bank and physically depositing the coins is not going to happen. However, digital migration crypto options allow for these online transactions to take place. 


Customers can easily move cryptocurrency from their Bitcoin wallets into their bank accounts once the coins are converted into an agreed medium of exchange, of course. Now that Bitcoin is becoming more and prevalent in today’s world, every bank should have an option to accept Bitcoin payments.


Digital migration allows that to happen and can bring more customers into the bank. 


Working in Harmony with the Bots


While it might seem like automation might be something that can replace jobs for bank employees, it does the opposite. With less time focused on the menial tasks of running a business, employees can be more creative and try to focus on solutions to bigger problems.


This also allows banks to craft a wholesome image for themselves. Gone are the images of people standing in line for hours, only to talk to a rude teller who did not help in the slightest. Instead, the customers can get 90% of what they need from the automated systems, and then can come in with specific problems that need to be solved for the other 10%.


Embracing digital migration is going to be a necessity for any bank that wants to get ahead in the digital world. If you see this as an opportunity, your bank can start to capitalize on some of the trends that can keep your customers coming back for more. 


Reinventing the banking model is not as straightforward as some people might make it, and there might be a transition period as you go from analog to digital. However, on the other side of that discomfort is a fully digital migrated bank. It is also one that is easy and exciting for customers to use.


It is a bank that can thrive in the world and one that can get and retain the customers that it has. The sooner that digital migration is embraced, the sooner your bank can find itself in the new 21st century and start living life online. After all, the rest of the world is becoming digital, why not your bank?


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