Almost two years into this global health scare, we continue to see seismic shifts that have changed our lives dramatically and irreversibly. The unsuspecting economy and society in general have been driven to never-before-seen realities as all industries—from tourism, retail, food, education, and even banking—have been left reeling. Pragmatic approaches have been done to adapt to the circumstances and even the banking sector, because of heightened demand for loans and subsidies, has embraced digital transformation.
To avoid the effects of the pandemic from threatening their existence, they have now geared up for the new normal banking and put their digital e-commerce model in place. On the other hand, customers have expressed positive openness to this digital innovation and welcomed these changes as avenues for a better and faster banking service, without leaving the confines of their homes.
Comarch, a global software house delivering and integrating propriety IT products and systems for all kinds of business, offers IT banking solutions with software designs that are tailor-made for every business need. This Poland-based company believes that every business, the banking sector included, is unique in its business model and technology requirements; thus, it provides customized IT solutions to suit every bank’s business model, requirements and needs.
Changing the banking experience
There is no debate, the pandemic changed the banking industry drastically, and there is no going back to what we considered was normal. The Covid-19 crisis has pushed banks to limit their operating hours (or even their employees) and branch access to curb the virus contamination through bills and coins, and has accelerated the changing relationship between consumers and their banks or financial institutions. On their part, consumers have adjusted to the various digital offering and have opted for contactless payment and banking.
The shift has also been felt in the way the consumers are conducting their banking transactions and a large percentage of them have started to try different channels—via online, mobile, or the ATM. As the banking landscape changes, so do operation strategies, distribution models, client attitudes, and consumer needs, thus requiring a relevant and more targeted approach towards growth. This is where the need for a dependable and efficient banking software comes in.
As the necessity for digitally focused banking has dawned upon all of us earlier than we imagined, the need for Comarch digital banking software is also on the rise. Providing banks with tailor-made IT software and services for more than 20 years, the company’s primary advantage lies in their extensive domain knowledge. Comarch prioritizes innovation and thus, it is a reliable source of easy systems and tools that allows banks to provide better banking experience and relationship with its clients and customers.
Comarch offers an anthology of banking software such as software for corporate banking which helps streamline the management of transactions and save on operating cost, small business mobile banking that will help customers manage their business, SME banking that will give clients’ businesses work in just six months, wealth management that enables clients manage their assets, SCF & factoring that helps relationship managers in effectively carrying on their daily tasks, and cyber-security solutions.
Given these available banking software, all banking services will be fully suited to the digital requirements of big businesses and even small medium enterprises, and IT solutions are made more accessible.
Comarch also offers Loan Origination, a comprehensive platform designed for banks that offer financial credits in any form. This solution allows administrators to easily get full information and credit details of clients when needed. Money laundering, a major concern of commercial banking will now be a thing of the past as Comarch’s software will immediately detect and monitor suspicious transactions and searches for any anomalous patterns by analyzing past transactions and predicting the future irregularities.
Comarch boasts of an extensive experience in building and maintaining banking IT software which allows integration numerous dispersed applications, such as transactional systems, CRM, Contact Center, data warehouses and document archives. However, apart from the given expertise, the company sees beyond individual business systems as they also provide consulting services in terms of security issues, authentication tools, centralized user management, system integration, or IT infrastructure administration for an all-inclusive end-to-end solution.
The business ecosystem
Banks have also started aggregating their services to provide additional value to end customers, making them more than just providers of banking and financial services. Being customer-centric, banks give emphasis and focus on the customers’ needs, what their clients and customers require, and provide them with the opportunity to have the best possible experience in all aspects. Whether the customer needs a loan for a start-up business, or a purchase of a house, all requirements are fulfilled, thus influencing the customer’s future choices, when another need arises.
Aggregates, so-called ‘ecosystems’, have become particularly popular for business customers. Those customers need to use many service providers to support the basic daily operation of their business. Providers include companies related to leasing, factoring, insurance, debt collection, accountants, IT, and the like which are offering e-commerce platforms, tools for digital document workflow and exchange, digital signatures, analyses, and more.
Ecosystem is the idea of creating a customer-friendly environment around the core banking platform to offer value added services that will ensure higher customer satisfaction levels and additional revenue per relationship, ecosystems—reducing the potential risk of losing that customer. If the customer needs any product or service to run their business, and that which is not offered by the banking platform, the ecosystem allows them to look for a solution outside the bank, giving customers a comprehensive solution to perform all activities and transactions conveniently in one place.
Command centre
The customization of the targeted offer is always important and visible trend in UI/UX. Users are given the power to decide how their tool is built. This will enable them to be remotely switch on and off services used and compose their desktops (or command centres) with the use of widgets. Moreover, customers will be given access to further customization such changing the colours, fonts, content—to either to define the content by themselves or to select from ready-made styles. Animated icons, cartoon characters, are likewise placed on the banking applications screens in Asian countries.
Comarch’s customized client approach will give their customers the feeling of being understood and taken care of. This is made possible in remote channels, thanks to Business Intelligence tools based on AI. Integrated systems creating ecosystems give banks access to previously unattainable, unique customer data. This gives them access to deep analysis of the data and the chance to gain knowledge about their customers’ behaviours and habits, thus, anticipating their needs and expectations.
Software solutions for the new normal banking
With the unstoppable acceleration of digital banking, priorities have shifted to being customer-centric, also considered vital in the new age of banking. All banks have a wealth of customer data that can be evaluated and utilized to hyper-personalize message exchange. To achieve this, however, this requires a trustworthy infrastructure, which can enable digital capacities, like Comarch banking software.
With Comarch, products and services don’t stop at personalization as it also provides context-centric solutions as well, for an enhanced customer experience. These customised contents are accessible anytime, across multiple channels and banks, and with the help of Comarch, banks have started to engage with their customers through a seamless omnichannel experience, via a clever equilibrium of human and machine, powered by digitalization.
The movement to digital banking was already happening pre-pandemic but because of all these extended periods of lockdown, social distancing, and stay-at-home restrictions, digital banking has become a necessity, as people go on with their daily lives in the new normal. And with the banking software that Comarch provides, everything takes on a clearer shape and becomes easier, despite the pandemic-driven paradigm shifts.
The forced acceleration of digitalisation is certainly an opportunity for banks to make changes so that their business models can respond to the changing environment and remain relevant. The agile approach has gained in value and has become a method for dealing with a rapidly changing reality. It is encouraging to see that some banks are not only planning, but already fully successfully implemented the Agile model of operation. Comarch offers comprehensive solutions to support banks and financial institutions as they continually realign their business model to serve more clients and customers. It guarantees the adaptability of all their IT applications to ever-changing and dynamic market conditions of the banking industry, as all banks—in this new normal scenario—are boosting competitiveness and achieving client expectations, while keeping risk at a minimum.
Despite the disruption in the global economy since March of 2020, consumers and businesses have adjusted their behaviour, processes, and operations to this new reality. The banking sector, particularly, has adapted holistic solutions such as what Comarch banking software has to offer—which has eventually become their solutions preference as they relentlessly steer their direction to provide the best banking experience to their clients, despite these continually emerging shifts, even after the post pandemic “next normal” in retail banking.
Comarch Digital banking software is trusted by the world’s top banks including BNP Paribas, Raiffeisen, ING, and Credit Suisse, to name a few. To know more about Comarch, visit Digital banking software, IT business products for banks (comarch.com) and request for a free demo.
INQUIRER.net/BrandRoom, Grzegorz Urbański, Business Solutions Consultant, Digital Banking, Comarch
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