Tangerine has announced their partnership with the new digital banking solutions, Meniga.
According to Tangerine’s public statements, the new collaboration helps Tangerine to deploy Meniga’s solutions to all of their clients, as its main mission is to help Canadians make fiscally smart decisions with their money.
Also, Tangerine reported that integrating Meniga’s software means that clients have a better view of their finances. This is through a more better categorization of their transactions and will provide a more customized banking experience.
With Tangerine, clients can have a better time making the right decisions to help them financially succeed. By staying on track with their saving and spending behaviors, the company can gain more revenue and enhance their banking operations.
So why are companies starting to shift from traditional banking methods to digital banking solutions?
Utilize Segmented Mobile
Mobile applications have become the main center of digital banking. Based on the Economist, over half of the mobile smartphones, and 80% of the population will have them by 2020. In fact, it outsells PC devices at a 4 to 1!
About 85% of the bank executives surveyed stated that mobile is their main digital strategy. However, most of these banks have placed their customer journey through an open approach. This focuses on the features and the offerings, but not the individual needs of each user and their specific age group.
With digital banking solutions, you have the ability to increase your banking options to all of your users. And this tendency requires a segmented approach, which makes allows you to make a more “adoptable” mobile offering to your users.
Open Experimentation & Innovation
Open innovation ecosystems are the lifeblood of delivery and design in the digital era. Utilizing digital banking solution requires, as a banking leader in Europe stated “an efficient connection between the new technology partners and releases.”
Digital banking solutions help bring innovation in both the banking and tech industry. For bank organizations, it allows them to create new applications and interfaces that better suit their users. For developers, they will always be in demand to create better app solutions.
The utilization, monetization, and management of data will play an important role in the key shift. Lots of banks look at the big data as the key to profiting from the information they withhold from their customers.
Also, these insights are used to help banks give better contextual advice and personalized recommendations. And by using them, they are able to:
- Improve customer service and not violate privacy concerns
- Invest in the ability to use data more effectively
- Integrate multiple sources of data.
Thus, its best to use digital banking as a way to improve your analytical reserves. Mobile phones use data, which you could use to help with creating better strategies to assist their needs.
The future of digital banking solutions is still unknown. But don’t assume that it’s slowing down. As more developments and applications are made, we’ll see better financial decisions from the mobile generation.