Portal Solutions Become Critical For Financial Services and Banking
To improve overall productivity, enhance business responsiveness, and maintain a competitive edge, many organizations are turning to the flexibility and capabilities of portals. A portal is an environment that helps them integrate people, processes, applications and information.
The key trends that force banks and financial services companies to look for innovative and optimized solutions for the way they are doing business are the following:
- The competition within the retail banking and financial services intensifies.
- Customer expectations increase, requiring enhanced availability of services 24/7, regardless of the interaction method — branch, ATM or mobile device.
- Tighter credit policies force banks to manage credit decisions more effectively.
- Government regulations stipulate greater accountability of businesses.
A portal is an effective way to streamline business processes, optimally leverage human and IT assets, increase customer satisfaction and improve profitability. Let's have a look at the key features of a portal for a financial services provider.
- Self-service. A portal is an interface between the business and the customer, the key touch point of their interaction in the digital era. The portal enables customers to self-manage their own banking transactions and resolve various enquiries including deposit advice, reviewing product information, loan advice, so that they can have the same impression with that of visiting the actual bank.
- Enhanced customer satisfaction. The customer satisfaction is a significant performance factor for financial businesses. It can create new opportunities for up-selling and cross-selling, since satisfied clients are more likely to buy additional products and services, like for example, brokerage services and insurance products.
- Effective information management. With portals, banks and financial services companies can integrate business applications, workflow, and content in a single environment. All employees thereby gain easy access to information and resources, crucial to effective performing their jobs. They can also collaborate with other portal users inside and outside the organization.
- Personalized access. Portals are usually personalized depending on the user's role, and each audience therefore can use the portal for particular purposes. For instance, a loan manager's portal page can provide a consolidated view of the customer's accounts, key indicators (debt, income), credit scores, recent or significant transactions, and a summary scorecard.
Eventually, portals can to a great extent increase operational efficiency of banks and financial services providers, while meeting employee, customer and shareholder expectations.
Industries and Technology Areas:
Industries: banking, finance, software development
Technology Areas: Internet banking, mobile banking, web portal, software development, mobile application development, smartphone