Winning the Digital Banking Race: How Retail Banks Can Stay Ahead of Disruptors 

The way we use banks is changing rapidly. Customers now expect quick, easy, and personal service from their banks—such as they get from shopping or food distribution apps. New digital banks and fintech companies are moving fast to give customers a better experience, putting pressure on traditional banks to catch up. Retail banks need to adapt fast if they want to stay in the game. 

Here’s how they can win: 

1. Make Banking Personal and Easy 

Customers no longer want a distributed banking solution- they hope that banks will understand their needs and offer solutions that fit their lifestyle. Banks can use AI and data to make banking more personal and convenient. 

• Smarter guidance: AI can suggest correct financial products at the right time depending on the customer’s spending habits. 
• Customized interface: The banking app or website should feel easy and familiar to every customer.
• Multiple ways to connect: Whether it is across a mobile app, website, chatbot, or a branch, the interaction should be smooth and consistent. 

2. Offer fast and simple digital banking 

From opening an account to receiving loans, customers want banking to be quick and trouble-free. Banks need to simplify every step of customer experience. 

• Easy account opening: With automated identification, customers must be able to open an account within minutes.
• Smart notifications: AI can remind customers about payments, suggest savings tips, or inform them about new offers. 
• Self-service: Customers should be able to handle most of their banking needs through an app without visiting a branch. 

3. Connect with other apps and services 

Banking should not be separated from other parts of life. Through open banking and APIs (that allow various systems to work together), banks can make life easier for customers. 

• Embedded finance: Customers should be able to purchase, share, or pay loans or bills directly from other apps. 
• Marketplace Banking: Banks can partner with Fintech companies to offer additional services like investment, insurance, or budget equipment. 
• Flexible Design: Banks should be able to add new features or improve existing ones in a scalable manner. 

4. Help employees better serve customers 

Good customer service matters. Banks should give their employees the right tools to understand and help customers more effectively. 

• Complete Customer Overview: Employees should be able to look at the full banking history of the customer and recommend the right products.
• Smart Scheduling: Appointment booking, product suggestions, and customer interactions should be automated and easy. 
• Robust security: AI can help spot fraud or suspicious activity in real-time to protect customer accounts. 

5. Build a system that grows with you 

Banking technology should be able to grow and change as customer needs and market trends develop. A strong digital infrastructure makes it easier to adjust changes without large interruptions. 

• Cloud-based systems: The cost reduces when running the banking platform in the cloud thus enhancing speed 
• Flexible Design: Banks should be able to impact customer progression without the need to start from scratch each time 
• AI-Powered Decision: AI can help with real-time credit approval, fraud detection, and customer recommendations. 

The future of banking is digital 

Digital banking relies on constant innovation. Banks that focus on making banking individual, faster, and connected, will help win trust and loyalty with customers. The future belongs to banks that are innovative, flexible, and customer-centered. 

Are you ready to lead a digital banking revolution? 

With the eMACH.ai DEP , banks can offer a highly personalized experience across acquisition, engagement and retention for Retail Banking customers. The platform reduces redundancies and makes banking fun through seamless journeys, gamification and loyalty and rewards programs built across products. Alongside the platform, empowers your employees to design better journeys in a codeless manner and service Retail Banking customers better. The Open Finance enabled platform allows banks to expand their retail market share by collaborating with Fintechs, eCommerce and more.