Why is Customised FinTech Banking Platform in vogue?:
The secret of loyalty is ‘Relationship bank’ and the mantra ‘Serve first, sell later in FinTech Banking. The platform customization service is an effective way to attract and retain more customers, as long as the related costs can be controlled effectively. Designing the personal solution that ‘only’ serve the customer gives the customer the proud feeling of ‘ownership’ instead of ‘use’.
As transactions become increasingly synonymous with online self-service, the small remnants of customer service still need to be improved. In this digital age, the point of contact for brands and customers is the most important selling point.
Technology is increasingly changing consumer needs and expectations. Normally, eCommerce platforms are built on the idea that “one size fits all”. While it works for small businesses, anyone looking for an important solution should also be looking for an important platform. That’s why personalization should be at the heart of a flexible e-commerce platform that’s ready to meet the diverse business needs of ‘everyone.
As digital payments and transactions have grown exponentially since demonization, many new users in urban and semi-rural areas are accepting digital transactions. According to an ICA Global White Paper with AGS Transact Technologies (AGSTTL), the user base for digital transactions in India is currently close to 90 million, with a forecast of 300 million in 2020. This ensures constant demand for any product that is more. reliable, holistic, and scalable technology for digital payment platforms.
Why is it necessary to adapt the FinTech banking platform?
While many banking organizations have reshaped their payment systems and processes in line with the needs and payment behavior of users, many people see mass extinction as a major challenge. The only solution is to make it adaptable and flexible to meet the growing demand for innovation and scalability.
Service/invoice providers must be able to offer the bank and its customers maximum return on investment and complete control over the financial architecture. This can only happen through a better understanding of the company’s policies and regulatory parameters.
It will also bring all kinds of banking transactions on one simple and secure platform. It also offers many value-added services such as paying bills and customers in one place.
By allowing the customization, banks can:
• Reduce operating costs through virtual and branch-free transactions.
• Connect with a larger customer base and offer them a holistic virtual banking experience.
• Bypass the existing international payment network, resulting in greater savings for customers and banks.
• Simplified procedures for automatically archiving, securing, and sharing the database across all websites.
• Continuous transactions that give customers complete control without the need for a bridge between the end-user and the banks.
• Better economy and investment structure with minimal settlement time and costs.
Needs differ from person to person and there is no one standard for everyone. There are many things you can achieve through platform customization that you will not find in general banking solutions. The main reason for the need for customization is to be able to provide the necessary functionality according to your needs and requests.
Important notes when configuring the platform
• B2B (agents / super agents), B2C (direct consumer) aspects should be treated with a similar transaction flow.
• The solution must support all interfaces such as web, mobile, USSD, SMS.
• Must be able to process online and offline transactions (especially in the case of loans/insurance/taxes/tuition, PIN-based vouchers, etc.).
• Must integrate with integrated business intelligence, analytics, and reporting modules with a real-time view to track transactions.
• The default API should be used to run other consumer networks on composite services.
• The solution must be flexible for integration between different protocols, e.g. SOAP, ISO8583, HTTPS, File-based, API Rest, MT103 and MT104, etc.
• Transaction verification at different levels (OTP / password/biometrics) and RSA2048, AES, SHA Hash, etc. Encryption levels. Must be compatible.
• All business settings such as user roles, access controls, commissions, discounts, products, services, accounting/reporting, GL, and more should depend on customer needs