In this column, Veritran answers some of the main queries that clients and partners asked us over the past year
Digital channels have become a top priority for banks around the world over the last year.
At Veritran, we have supported many institutions in developing, launching and improving their digital applications. And our customers and partners have raised several interesting questions along the way.
In the spirit of promoting greater awareness throughout the industry, we wanted to share with the community some of these questions and our advice.
It is often thought that large projects take a long time to design, develop and launch. Luckily, this is not the case.
Once the new key solutions and services have been identified to meet the needs of users, it is essential to develop and launch them quickly, and low-code platforms are a powerful way to successfully achieve this.
One of our customers, for example, started to develop an application in February and was able to fully launch it on the market in July.
How does this happen? Low-code technology platforms allow web and mobile applications to be developed in record time using specific processes and templates for the financial industry, without the need to build software from scratch.
They are platforms with simple visual environments that use a drag and drop interface, which make it easy for a single design process to work across multiple channels, thereby eliminating friction in the app’s UX and UI.
They also prevent recurrent errors when writing code manually, as the configuration is pre-built to industry standards for security and comprehensive functionality.
A safe and simple digital onboarding process is critical to attract new customers in the new normal. The key lies in making remote user identification easy and hassle free.
For a client, the biggest advantage is that it cuts the time spent banking, offering a practical and readily-available solution which is more appealing than that of traditional banking.
The application's rating in the Apple Store and Play Store is a good indicator of the user experience it offers - and helps in acquiring new customers.
If your app is your bank's front door, the onboarding process can be compared to a first conversation with an agent at the branch. If you ask for a thousand documents and speak in technical terms, the customer may leave the system and never come back.
What’s more, on a digital level, the customer has other notifications - chat messages from friends and mobile alerts – that compete directly for their attention every time they interact with your application.
That is why digital onboarding must use robust tools that not only offer speed, but also guarantee security for both the user and the business. This is where biometric verification comes in, a technology capable of validating documentation, verifying it with a government entity and finally processing it as a digital identity. And all this in just a few seconds.
As advances have been made in perfecting biometrics, today "proof of life" is also part of this verification process, focusing on a series of formats to authenticate the user. These include facial and voice recognition, as well as the way they use their cell phones. These tests provide a more secure and solid profile against any violation of sensitive data.
Your rating in the app store is a key indicator of the user experience offered. It is important to monitor this metric, not only to understand how you could improve the app, but also because that handful of stars can determine whether a new client will download your app or not.
Improving the user experience and therefore the rating of the application requires going back to basics. First, you must understand who your customers are and what they need. Then, design simple and intuitive journeys to solve their most common requests.
Low-code platforms can help you update every aspect of the customer journey quickly and offer templates that incorporate best practices for readability and usability.
Legacy technology should not be an obstacle to a modern and intuitive user interface and having an old banking core is not an excuse for poor digital channels.
Many banks that have this technology have been successful with intermediate processing layers. These tools take care of the business and security rules - which take a lot of the "weight" off the processing of the central system - and use modern connections to interact with the digital channels.
The result is a user interface that looks and works like a modern system.
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