We’re back to basics to dive deeper into what makes us different and the advantages of an end-to-end solution for traditional financial institutions.
It took a global pandemic for many industries to realize the importance of digitalization of their processes and services, and the banking sector was no exception. The global crisis showcased that digitalization was more than a temporary phenomenon due to lockdown. Instead, it was a new and established way for customers to interact with their bank accounts and other banking services. Before the pandemic crisis, online services had already become a fundamental part of banking.
A survey about the impact COVID-19 had on retail banking in Switzerland showed that almost 20% of banking customers had used at least one digital service for the first time during the pandemic, and most of them want to continue using at least some of the services, after it.
Another conclusion from the survey is that once customers have started using digital services, they do not intend to return to the branch. This represents a great challenge and opportunity for financial institutions, reinforcing that digitalization is no longer optional. Financial institutions need to offer digital and seamless journeys to their customers, allowing them to access the bank every time and from anywhere securely.
The current challenge of the traditional banking sector
Digitalization brings banks a few significant challenges. The first one is regarding the integration and implementation of digital solutions. How to do it, and how to integrate different APIs and systems to build a single solution for their customers? Are banks required to have the expertise to answer those questions and deliver a fully compliant digital solution? No, they are not.
The second one is a step further for many banks. Sometimes they already offer digital products and services; however, the solution is not efficient enough. Dealing with multiple providers does not always ensure a seamless, compliant, and customer-centric experience.
Besides being a great challenge, it creates a bottleneck for banks because, in an ever more client-demanding market, successful digital experiences are essential. When customers cannot find that, they search for better solutions. Banks end up losing customers and the chance to increase their business and revenue from digital channels.
The third one, and a critical topic for the banking sector, is compliance. Banks must comply with rules and regulations in their country. This is non-negotiable; therefore, their digital solutions must be fully compliant in every operation step.
Many providers offer solutions for some or most of these challenges. Still, again, banks are not required to have the technological knowledge to combine different solutions and create one, as they ensure it is compliant.
LOQR’s differentials as a Journeys-as-a-Service provider
One of the most significant differentials of LOQR is that we deliver complete, fully compliant journeys that are ready to use. We don’t offer multiple disconnected APIs needing to be integrated into the banking system and with each other. We are more than a simple tech provider.
Over the years, using our field experience and our customers’ feedback, we have evolved our platform to what we have today: an AI-powered journey builder platform, fully compliant, where banks can use a set of pre-built, customizable, digital journeys. Online account opening, customer data update, and online access recovery are the journeys that with a set of use cases help banks accelerate their digital transformation and offer customized and completely digital solutions to their customers.
We cover the main pain points of banks because we understand the banking business; we have expertise in AI, security, and compliance to help our clients empower their customers’ digital lives. Our clients have faced the challenges we mentioned before and succeeded. Our journey builder platform covers them all, from providing a single integration to delivering digital and ready-to-use journeys to improving their digital solutions and increasing their results by over 500%.
LOQR ensures results and compliance. Every step of the journey is fully compliant with regulations, local and global, to ensure that your organization fulfills KYC/KYB and AML requirements, among others. But how do we do it?
We start by understanding your organization’s challenges and pains so that we can offer a suitable solution to unlock your digital banking potential. We get to do it by delivering pre-built journeys that will help banks to empower their customers’ lives. Our journeys allow banks to transform their products and services into a digital and client-centric experience.
With LOQR’s journey builder platform, banks can deliver turn-key journeys for their clients and increase revenue. They also get the chance to capture new target segments, like millennials, who tend to prefer banks that already have digital products and services.
Another great advantage is that banks can reduce costs by having all the journeys in a unique platform from a single provider with the assurance of a fully compliant operation. They also increase the efficiency of daily operations by reallocating resources to tasks that are more relevant and needed.
Through LOQR’s compliant and fully digital journeys, financial institutions can fill the gap of providing a better and more customized digital experience to their customers while increasing their business and reducing costs. Want to know more? Contact us and start empowering digital lives.