Key Challenges Faced by Banks, and FinTechs with Digital Banking Transformation
Risks to business continuity during digital transformation of the legacy systems that are incompatible with modern technologies
Lack of technical expertise to integrate all products, services, marketing programs, and other functions to facilitate personalized and consistent user experience across channels
Stiff competition from FinTechs entering the banking space poses threats to existing banks and heightens expectations in the digital-first consumer ecosystem
Deepening concerns and increasing cybersecurity threats make security a business imperative
Complex regulatory requirements in the digital banking space
Need for a robust technology infrastructure to support near-instantaneous response times and handle peak loads
Our Digital Banking Services Include
Modernizing the service platform while maintaining compatibility with legacy systems to ensure glitch-free and uninterrupted operations
Providing modern enterprise integration capability for multiple traditional core banking platforms
Orchestrating the complete digital transformation of tasks, products, and services and enabling process automation and self-service capabilities
Enabling unified management of services and exceptional user experience across customer interaction channels with a modern channel service platform (CSP)
Facilitating security and efficiency with a range of APIs to integrate modern digital enterprise and traditional core banking system
Enabling personalized experience by integrating AI and analytics to leverage data and generate useful insights from user behavior, preferences, transaction history, etc.
Delivering differentiated use cases with BaaS strategy, such as digital account opening, remote check deposit and omnichannel banking platform
Opus Delivers Transformative Benefits through Futuristic Digital Banking
Improves customer acquisition and retention rates while reducing costs by leveraging digital channels
Achieves self-service with process automation to enhance customer experience, reduce cost and increase efficiency
Allows open banking integration by enabling access to a wide range of services from other FIs and third-party applications
Delivers personalization through customer-centric design approach and unified experiences across interaction channels
Accelerates KYC. AML and other regulatory verifications by automating compliance with AI-based tools
Attracts millennials with integrated digital-first and BaaS facilities
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Frequently asked questions
Accessing all banking activities including account opening, money transfers, and loaning process via a web or mobile application using the Internet is called digital banking. It saves branch opening costs for banks and FinTechs and allows users to enjoy anytime anywhere access.
Once you have got your digital card in your BoA mobile app, all you need to do is tap the image to reveal CVV, and expiration date to use it for cashless shopping. To get cash in your digital wallet, log into the digital wallet, and hover over the contactless symbol at any BoA ATM.
Online refers to using the web-based services of a bank. Digital banking is more of an umbrella term used for the paradigm shift transforming the banking and financial services space using advanced technologies.
Digital banking empowers people to access banking services outside of traditional banking business hours with any device connected to the Internet. It makes financial and non-financial products and services more accessible.
Advances in technologies are expected to facilitate personalized banking, real-time banking, voice banking, and much more. Data-driven customer experience across channels underpinned by AI-based automation will revolutionize and accelerate digital banking transformation.