Financial institutions with home-built legacy banking or poorly-matched third-party systems tend to face bottlenecks when trying to design and launch new financial products to meet the needs of specific customer bases.
When it comes to customers, a failure to digitally transform your core banking system can lead to customer retention rates dropping to as low as 20%, according to Fintech Magazine.
Taking months and months to roll out new features or interest rates is no longer acceptable. Thankfully, with the right banking core fit, you can make efficient experiences possible with the right core system.
Personalise your offerings with real-time data
The ability to provide customers with an experience tailored to their preferences is invaluable.
Oradian’s core banking system comes with real-time data analytics and can offer you detailed insights into the products and services best suited to each of your customers. What’s more, these analytical capabilities also allow you to tweak your offerings themselves to fulfill a customer’s specific needs.
Real-time data offers you both broad and granular views of banking trends and customer behaviours. Every customer has different goals in mind. Using analytics powered by cloud-native technology can help you to identify these goals and promote the products and services that match them.
For example, lenders using real-time data retrieved by a cloud-native system can customise credit assessments with more detailed information about a customer’s financial situation, allowing for a more precise decision-making process and the creation of personalised lending agreements. However, note that without the flexibility to act on these insights by quickly building and testing new products, you’re only halfway there.
Build user-friendly interfaces for faster onboarding and seamless support
Personalisation can only take you so far if you don’t have an optimised customer experience.
For financial institutions with outdated in-house or legacy systems, improving your user interfaces requires a smooth migration to a cloud-native banking core. However, you need to keep your eye on customer churn, as transitioning to a new system can often feel complex and unfamiliar to your clients.
Luckily, a cloud-native core makes it far easier to integrate user-friendly features that make navigating your system intuitive for customers. Using third-party APIs and extensible banking capabilities, you can connect different applications and tools to your banking system that may be more familiar to your existing customers and help new clients quickly traverse your onboarding process.
Customer support tools are a great example of this. With a cloud-native architecture supporting your banking system, you can seamlessly integrate a variety of tools that guide customers through processes like onboarding, credit assessments, or lending applications.
RAFI Microfinance, a leading financial institution for micro-entrepreneurs in the Philippines, improved its user onboarding process by pairing Oradian’s Instafin platform with a third-party chat-based technology. Read the case study here.
Give customers access to products and services via their preferred channels
Modern-day customers have high expectations, there’s no doubt about that, and the increasing availability of mobile apps and online services has only made them more selective and quick to change banking providers when faced with challenges.
Your banking core must offer clients access to your offerings through multiple touchpoints, including both traditional in-person interactions and digitally innovative channels, like mobile apps and online services. Offering this range of connections means having data-sharing capabilities that most legacy systems cannot provide, but cloud-native platforms can.
A cloud-native core banking system lets you create a unified customer experience across all channels by maintaining real-time data synchronisation. Customers can begin a process on one channel and complete it on another without disruptions or having to start the process all over again.
An API-first approach is also important, allowing you to integrate leading fintech products like digital wallets and micro-lending services.
Increase the scalability of your banking system to launch products quickly
Hyper-scalability is key when competing for customers in emerging markets.
Cloud-native technology empowers you to create and launch new products with immense speed, allowing you to update your offerings according to customers’ current top demands.
A flexible system can diversify your platform and help you stay competitive. For instance, the Oradian platform supports a variety of products beyond financial services alone, such as business intelligence.
Such flexibility is a necessary component for improving the customer experience, particularly in fast-growing markets or when introducing new digital services. Staying responsive to both market shifts and the increasing expectations of your clients requires you to adopt a solution that goes above and beyond to achieve optimal performance when launching new products.
Localise the customer experience
If it’s access to dynamic markets you want, then it’s localisation that you need.
A core banking system that can offer localised implementation ensures you can offer tailored support to every one of your target regions. When paired with the personalisation efforts discussed earlier, localisation can help you to better understand the unique needs of your customers and enable streamlined communications according to their languages and time zones.
Not all cloud core providers can offer local knowledge and support, but with a provider like Oradian, you can rest assured that you have access to local specialists with deep knowledge of emerging markets and the customers within them. Oradian’s local approach and highly adaptable system make it easy to automate critical processes, like local compliance, giving you the freedom you need to focus on connecting with customers all over the world.
Take your customer experience to new heights with Oradian
We know what it takes to create a customer-centric experience in emerging markets.
At Oradian, our modern core banking platform can deliver the speed and innovation you need to provide customers with unforgettable financial experiences. Our in-house teams are experienced with fintech product development and understand the nuances of taking complex capabilities and transforming them into intuitive interfaces and features for customers.
If you are transitioning from a legacy system, Oradian’s blue/green deployment method allows you to test out different products and solutions before taking them live. When you’re ready to launch, Oradian can guarantee zero downtime and prevent disruptions to the customer experience.
No matter which channels your clients prefer, Oradian is accessible from anywhere. Our cloud-native core can be used out-of-the-box, or you can customise and configure the platform to your heart’s content.
Get in contact to find out more about Oradian’s core banking platform today.
