Turn Chores into Choices with Internet Banking: The Way Ahead

The Internet has affected every nook and corner of our lives, especially when it comes to the banking industry. The invention of the Internet has helped the respective industry to reach new pinnacles.

Can you recollect the time, when you would have finished reading a novelc while standing in a long queue to deposit money orders or a cheque? Depending on the distance, it usually took months to transfer money. You would have to make manual payments for every transaction. But with the advent of the internet, with the click of a button, you can now send or lend money to another person. Besides, it has also facilitated new ideas like UPI, Amazon Pay, etc. We can’t ignore how this has also led to the word ‘Cashless’ being the elephant in the room.

Do you know ICICI Bank was the first to bring Internet banking to India in the late 1990s? Gone were the days of paper trail anxieties and travel planning stress. Post that, there was no going back to the traditional methods. We embraced convenience, transparency, and speed.

So now what? What is the way ahead in Internet banking? Although we have embraced these digital transformations and are reaping the benefits of Internet banking, some voids are yet to be filled.

Charles Darwin’s famous quote, It is not the strongest of species that survive, nor the most intelligent. It is the one that is most adaptable to change, which seems to be relevant now. How? Well, change is the only constant thing, and one has to evolve with the surroundings to be in the race.

You can’t just sit back and relax, thinking you have jumped on the new trend and your job is done. This won’t help you to stay ahead in this competitive world. Optimization is the key, and customer experience is paramount. To narrow it down, I am referring to the banks and what they can do at their end to improve efficiency and customer experience.

Now that you have overcome the limitations of corporate Internet banking like tedious documentation, manual transactions, data security concerns, etc., it is time to optimize your services.

According to Insider Intelligence research, 97% of millennials rely on mobile applications. How do you make sure that their experience with your bank is top-notch? Different banks have different banking applications, and what makes them stand apart is how seamlessly their apps work and how fast they can adapt to the changing landscape.

Various methods can be considered, but the best and the most preferred is using no code to build them. As the name suggests, it enables you to create and deploy web and mobile apps without coding knowledge. No code empowers banks to create intuitive, user-friendly apps that adapt to ever-changing needs. Additionally, you can even integrate third-party sites and APIs.

You can read more about streamlining corporate Internet Banking with no code by visiting the Decimal Technology website. They have helped some renowned banks in building mobile applications that helped them track lead generation and, analyze insights. For instance, they have helped AU to manage a full-stack digital customer onboarding platform. The outcome was, that it helped them raise 815 Cr in deposits in Q1 FY18 and also more than 50,000 accounts were activated using the respective platform. Additionally, they were honored by The Bank with Best Technology Orientation at ET now awards back in 2018.

However, building a holistic customer experience requires addressing other shortcomings. Ultimately, it is about empowering customers to truly ‘turn chores into choices’. This is where leveraging no code to build an application will help banks analyze customer needs and work on the shortcomings.