Digital banking is no longer important, but essential

Efma feature

13 April 2020

As part of our 'FinTechs fight COVID-19' series, Andrzej Sierpiński, Managing Director at FINANTEQ, spoke with Efma’s Boris Plantier about how his company’s innovative digital offerings are ideally suited to a new reality without bank branches.


Could you present Finanteq?

FINANTEQ is a software and consulting company. We specialize in digital banking channels — especially mobile. We provide banks with complete mobile solutions as well as ready to integrate add-on platforms and components. Top banks in Europe and the Middle East outsource m-banking development to us. Among our clients you can find Credit Agricole, BNP Paribas, Santander, National Bank of Kuwait or mBank.

Could you present the Pocket Branch solution?

The number of bank branches has been decreasing for years. But as a result of the COVID-19 crisis, many organizations have closed branches completely (JPMorgan alone closed 1,000 branches to help slow pandemic).

Pocket Branch is a remote channel for banks for the time of the coronavirus pandemic. It lets your customers bank through a video, audio, or text chat. The platform is created for mobile and web applications. 

Why do we think Pocket Branch can help banks in the current situation? Well, due to the crisis, clients will seek answers on how to adjust to rapidly changing financial situations. In Pocket Branch they can receive assistance quickly through a text chat, audio, screen-sharing or co-browsing. Clients may also send and collect all documents which are needed (for instance for credibility check) with the document sharing feature. Another feature is that the advisor remotely initiates the process of customer identification.

Video-banking also provides the opportunity to offer wealthy clients a unique and personal experience. Seeing the customer will also help to understand their emotions better. So our aim here is to help banks in replacing the physical branch with a fully operational digital one.

How can you help banks face the COVID-19 crisis?

Branches are closed, call centers are overloaded. Web and mobile banking are now the main channels to interact with the banks. As Jim Burson (Cornerstone Advisors) puts it: “We’ve just seen digital banking morph from “important” to “existential” status in one week’s time”.

With no branches to go to, many clients will switch to digital banking. But can the digital replace the physical branch? Yes, definitely. To help banks overcome the crisis, we are offering two of our solutions for free: Pocket Branch and Extentum. They can be easily implemented (SDK) and will help in replacing the physical branch with a fully operational digital one.

You can learn more about the special offer here.

Could you tell me about Extentum?

Web and mobile banking are now the main channels to interact with banks, thus: they must be 100% reliable and they must be able to quickly extend digital capabilities (new customers equals new needs).

Extentum is a no-code tool for extending ANY digital banking in days. Banks can quickly implement new features without releasing new versions of web and mobile systems. During the COVID-19 outbreak it can be used to digitize banking processes that were only available in physical branches.

New functionalities are configured in the back-end and presented dynamically in the front‑end using a commonly accepted, flexible and UX‑independent interface. Implementing new functionality does not require replacing the application version and can be applied anywhere in a mobile app or web channel.

Extentum enriches digital banking functionality with both simple and sophisticated use cases such as:
- Onboarding your offline clients to digital.
- Extending existing functionalities.
- Making releases without replacing the mobile banking application version.
- Selling, cross-selling and up-selling using micro-segmentation.
- Researching and verification of market hypotheses on selected groups of customers.
 
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Keywords : Digital/Mobile channels , Bank Products & Services , Fintech

Geography : Poland