With the multibanking trend experiencing a surge in the past few months, more numbers of financial institutes are willing to know how it actually benefits their businesses. To answer this question, it makes sense to revisit an important business goal – constant value-addition to the business-customer relationship. If the app you choose for your financial institute fulfills this requirement, you can witness multiple business benefits unfolding through it.
So, can an app, which allows your customers to connect and manage multiple bank accounts through a single interface, actually make them happy being with you? Find it out.
Offer Unbeatable Customer Experience
What any of your customers is able to do with your multibanking app?
- Conduct a dynamic search for a particular transaction across multiple accounts
- Make an extensive range of payments of different natures
- Automate balance transfer from one account to others
- Instant interaction with multiple accounts without the need for multiple logins
Each of these activities and much more leads to an absolutely desirable outcome – a unique customer experience. Based on this experience, your customers are more likely to invest their trust in your products and services.
Save Time and Cost and Be Secure
Signing in to multiple bank accounts using one app –is indeed a way to minimize your customers’ efforts and allow them to enjoy better financial health. Let’s compare this scenario with traditional accounts management:
- Time: Spend less time juggling across different accounts and create consolidated views of various accounts to support multiple account activities
- Costs: No need to invest in different apps, that is, one app for each account. Use one app instead to save costs dramatically.
- Security: None of your customers likes to remember different passwords for different apps that can lead to security compromises. Give them the advantage of remembering a single password as the gate to multiple accounts.
Improve Customer Loyalty
As it is a two-way association, a multibanking app should be fruitful not just for your customers, but also for your business. Needless to say, your customers’ satisfaction leads to your business’s success in many ways:
- Customer Engagement: Due to various advantages outlined in the previous sections, the customers using your apps are expected to spend more time on your app. It means improved customer engagement and thus better customer loyalty score.
- Customer Retention: The inability to retain customers is the most discouraging one for a business. According to a report, only 44% of traditional banking users agree that their financial institutes understand their needs. By switching to multibanking, you can take one good step to cater to their needs and keep them on board.
- Competitive Edge: And with one such app, you can certainly beat the competitors who still practice the old-school traditional banking management. It can add to your credentials and promote your business as a brand with a modern outlook.
Multibanking is undoubtedly one of the best offerings of the open-banking landscape. Consider it not just as an add-on to your business services, but as a game-changer for ‘happy banking’.