PenFed Credit Union’s Post

"Modernising Banking 🏦 Salesforce for Better Customer Experience and Compliance" In today's banking environment, addressing consumer needs while handling regulatory difficulties is critical. " Salesforce provides a solution that allows financial institutions to succeed in both areas easily. Unified View: Salesforce combines client data into a single perspective, allowing for more personalized interactions and unique financial solutions. Omnichannel Engagement: With Salesforce, banks can engage consumers across several channels, resulting in consistent experiences. Compliance Automation: Salesforce seamlessly automates compliance procedures, eliminating mistakes and assuring regul5atory compliance. AI Insights: Salesforce Einstein AI delivers useful customer insights while also identifying compliance concerns and fraud behaviors. Scalability and Security: Salesforce's cloud platform is scalable and secure, allowing institutions to adapt and protect critical data. Contact Us: https://lnkd.in/du_KnJ7C Visit Us: https://cloudprism.in/ #CloudPrismSolutions #cloudpridm #salesforceridgepartner #salesforcetrailhead

🚀 **Embracing the Future: The Potential of BaaS for Community Banks 🚀** In a rapidly digitizing world, the ability to adapt and innovate is the key to success. For traditional banks, #BaaS or Banking as a Service presents an exceptional opportunity to maintain competitiveness and serve customers better. On a 5-year horizon: 1️⃣ **Customized Banking Services**: APIs are set to enable highly personalized banking services that cater to specific customer needs. This is an opportunity to deepen customer relationships and increase loyalty. 2️⃣ **Seamless Integration**: Integration of banking services into non-financial platforms can extend your reach. Collaborations with online platforms could open new customer acquisition channels and create differentiated experiences. 3️⃣ **Greater Inclusion**: BaaS can help reach the underbanked and unbanked segments, expanding your customer base. Innovating for accessibility can be both a societal contribution and a business opportunity. Looking ahead to a decade from now: 1️⃣ **Ubiquitous Financial Services**: As BaaS takes hold, your services can become a part of virtually all digital interactions. This trend calls for strategic partnerships and creative collaborations to position your bank at the forefront of digital finance. 2️⃣ **Advanced Personalization with AI**: With AI, you can provide highly personalized financial advice and products. Understanding customer behavior at a granular level can enhance customer satisfaction and boost revenue growth. 3️⃣ **Greater Automation**: Automating routine tasks could significantly improve efficiency and customer convenience, freeing up resources for high-value customer engagement. 4️⃣ **Enhanced Security**: BaaS calls for robust security measures. Investments in technologies like biometric authentication, encryption, blockchain, and AI-powered fraud detection can build trust and protect your customers. The future of banking is rapidly evolving, and embracing #BaaS is a strategic step towards staying competitive and relevant in this digital era. The opportunity to transform, innovate, and lead is now - are you ready to seize it? #FutureofBanking #DigitalTransformation #Finance #Innovation #BankingAsAService

In a fast-paced market, it’s important that banks don’t lose sight of customer needs.     This article from CIO Online explores how banks can differentiate by improving user experience.     The examples it cites from Trust Bank Singapore include real-time notifications and month-long birthday specials. It may sound simple, but with 70% of its new customers coming from referrals, it clearly works!    This is a good look at an institution combining software, cloud, and gen AI with more traditional approaches to innovatively monitor and meet customer demand at speed. Take a look.     #CustomerExperience #Banking #Finance #Growth #GenerativeAI

🛡️ Striking the Balance: Personalization & Trust in Banking🤝 In today's digital age, the power of customer-permissioned data to fuel personalization in the banking and fintech industry is undeniable. But, as we harness this data-driven potential, we walk a tightrope between building credibility and loyalty and the risk of being perceived as "big brother." 🔑 Personalization offers clients tailored experiences, making their financial journey smoother, which they expect. It’s about offering the right product at the right time, enhancing engagement, supporting customers/members during moments that matter, and driving mindshare and, ultimately, wallet share. However, we must acknowledge the elephant in the room: data privacy and trust. We must respect the fine line between providing value and overstepping boundaries. The last thing we want is to be seen as "big brother" watching every move. So, how do we find the equilibrium? 1️⃣ Transparency: Being open about data usage and the benefits it brings is key. Explain how personalized services enhance user experience. 2️⃣ Data Security: Invest in robust security measures. Assure customers that their data is safe and used for their benefit. 3️⃣ Opt-In: Let users decide what data they want to share and how it’s used. 4️⃣ Consent Control: Give customers the ability to modify permissions at any time. 5️⃣ Value-Centric: Always ensure that personalization adds real value. Don't personalize just for the sake of it. What’s your take on this? How can we strike the perfect balance between personalization and trust? Have you had any experiences, good or bad, with data-driven personalization in your fintech interactions? Jim Marous recently released a great Digital Banking Report on leveraging customer data—link in the comments.🚀 #Fintech #DataPrivacy #Personalization #TrustInBanking #CustomerExperience #DigitalBankingReport

#Digitalisation, #embeddedbanking and #openfinance require banks to increasingly collaborate with partners in a system-related manner. Banks also increasingly need to get involved in #ecosystems to offer customers services along their individual customer journeys based on their specific needs. To do this, banks add services from other partners' ecosystems to their own or position themselves in other ecosystems with selected services of their own.   This places new system requirements on #banks and manufacturers. The future system architecture of banks can be described using architectural building blocks on three levels: customer management, service management, and system management. The characteristics of the building blocks vary depending on the strategic orientation of the system support. #NeoCoreBanking systems can also play a role in the implementation of their respective strategies. The neo-core banking systems have different characteristics and a modern architecture, and they are developing rapidly. Banks basically have two options for the further development their system architectures: *They work with their core banking system manufacturers for the provision of architectural building blocks to open the systems to third parties (core strategy), because even established core banking system manufacturers have to deal with networking and cooperation issues. *Within the described architecture building blocks, they also seek cooperation with neo-core banking systems and, once a certain size is reached, use the capabilities for a good integration layer to open the systems (front-to-back and modular strategy). With both options, it is worthwhile keeping track of changes and gaining experience with partnerships and cross-organisational service management. In addition to this, it is advisable to systematically formulate sub-strategies on data management, analytics and #AI in order to deal with the increasing levels of data redundancy. Credit :https://lnkd.in/d2cJ4n5s

“Open banking is driving a paradigm shift with emerging trends that underscore collaboration, data-sharing, and digital transformation. As open banking evolves, customer experience will become increasingly central, with institutions striving to deliver hyper-personalized and seamless experiences through real-time account aggregation, context-aware financial recommendations, and intuitive user interfaces. This necessitates investments in cloud infrastructure, agile development methodologies, and a culture of innovation,” Rohit Srinivasan of Brillio tells Dataquest. Read more👉 https://bitly.ws/36MTb #openbanking #digitaltransformation 

❇️ How to Improve Consumer Engagement, Increase Deposits, and Drive Meaningful Outcomes 💰 Some highlights from "Your 2024 Digital Banking Playbook Top Takeaways from Money Experience Summit" Source: MX 🔅𝗥𝗲𝗱𝗲𝗳𝗶𝗻𝗶𝗻𝗴 𝗣𝗿𝗶𝗺𝗮𝗰𝘆: Financial institutions now focus on customer engagement rather than traditional metrics like direct deposits. Customers seek brands that reflect their lifestyle, driving a shift towards personalized experiences. 🔅𝗘𝗻𝗴𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗶𝘀 𝗸𝗲𝘆: digitally engaged users are more likely to stay. Initial interactions set the tone for deeper relationships. 🔅𝗠𝗮𝘀𝘁𝗲𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗕𝗮𝘀𝗶𝗰𝘀: Reliability, availability, scalability, and security are paramount. Consumers prioritize understanding basics like debt management and expense reduction. Simplifying financial management leads to better engagement. 🔅𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗔𝗱𝗼𝗽𝘁𝗶𝗼𝗻: Mere existence isn't enough in the digital realm. Balancing feature development with awareness is crucial. Educating teams and ensuring perceived consumer ability drive engagement. 🔅𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗪𝗲𝗹𝗹𝗻𝗲𝘀𝘀: It's a continuous journey, not a destination. Emotional aspects play a significant role. Tools should offer reassurance and support, not just data, to foster healthier financial habits. 🔅𝗛𝘂𝗺𝗮𝗻-𝗖𝗲𝗻𝘁𝗿𝗶𝗰 𝗧𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆: Integrating AI with human insights ensures personalized experiences and actionable intelligence, enriching consumers' financial lives. 🔅𝗖𝗼𝗺𝗯𝗮𝘁𝘁𝗶𝗻𝗴 𝗙𝗿𝗮𝘂𝗱 𝗶𝗻 𝗥𝗲𝗮𝗹-𝗧𝗶𝗺𝗲: Real-time payments demand real-time fraud prevention. Open banking APIs and identity validation are essential in securing instant transactions. 🔅𝗔𝗰𝘁𝗶𝗼𝗻𝗮𝗯𝗹𝗲 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲: Data-driven insights, combined with AI, revolutionize customer experiences. Personalization at scale drives engagement and ROI for financial institutions. #UserEngagement #Deposit #APIs #Personalization #DataDriven #ROI 

How can banks get five ⭐️ customer service ratings, with 10x and Salesforce. More customers are switching to neobanks than ever, who can innovate nearly five times faster than incumbents. In this webinar recording, we cover: 1️⃣ The impact of the digital shift Digital experiences outside of finance drive expectations. Streaming services make it easy to access thousands of films, and retailers offer rapid delivery on all kinds of products. As a result, consumers expect similar convenience from their banks. 2️⃣ Removing friction Challenger banks have been successful in removing friction from processes such as onboarding and fraud checks. As a result, consumers expect more transparency from their bank – whether that's budgeting tools, updates on why and when rates are changing, or when money enters and leaves their account. 3️⃣ Unlocking data Many banks have a problem with data that's fragmented, in multiple data stores, or in different core banking systems. Properly connected, which requires transformation that starts at the core, data can drive budgeting tools, AI applications, and next action systems for customer service agents. https://bit.ly/3sq1evs #neobanks #corebanking #digitalbanking #bankingtransformation

Anything as a Service (XaaS)? What is it and why do banks need to consider it? Keep reading and share your thoughts with us in the comments 👇 This term, XaaS, is used to describe various products and services provided as cloud-based solutions, such as Software-as-a-Service. A recent report by Finextra and FIS delves into the advantages, challenges, and reasons that underscore the relevance of XaaS for banks. 𝗛𝗼𝘄 𝗶𝘁 𝗖𝗮𝗻 𝗛𝗲𝗹𝗽 𝗕𝗮𝗻𝗸𝘀: Generally speaking, cloud-based solutions can help banks simplify their processes, save money, and therefore use their resources smarter. They also provide flexibility for banks to adjust their service offerings with more ease as they grow or their customer preferences change. 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗛𝗼𝗹𝗱𝗶𝗻𝗴 𝗕𝗮𝗻𝗸𝘀 𝗕𝗮𝗰𝗸? Moving to cloud-based solutions might come with concerns about data security, but over the last years cloud providers have put in place strong security measures, which in many cases are even more secure than the banks' in-house solutions. Another reason why banks might be hesitant to switch from old systems to cloud-based solutions might come from the fears of disrupting their current operations, even though implementation of cloud-based solutions is usually more straightforward than the in-house solutions. 𝗪𝗵𝘆 𝗕𝗮𝗻𝗸𝘀 𝗦𝗵𝗼𝘂𝗹𝗱 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝗫𝗮𝗮𝗦: Adopting cloud-based solutions helps banks stay agile amid fast changes by providing tools to quickly adjust to new tech, rules, and customer preferences. It also makes banks innovation leaders, drawing in customers looking for modern, efficient, and personalised financial services. Follow the link in the comments for the full report. ---- 📋 Learn about Kajo - A simpler and easier approach to stay updated with card schemes compliance updates: https://bit.ly/3E9Q5Bo 🔒 Learn about Amiko - A simple and modern solution to the expensive fraud & dispute process, with a chatbot for cardholder self-servicing: https://bit.ly/3P8Km5c 🔔 Follow us to stay updated about our latest payment insights. #Fintech #Banking #SaaS

In the increasingly dynamic financial landscape, Machint Solutions, as a leading ITES provider, recognizes the indispensable role technology and innovation play in driving forward-thinking, modern banks. Our strategic approach to digital transformation is encompassed within our cutting-edge banking solutions portfolio, #Banqify: #MicroservicesArchitecture: Leveraging microservices, we ensure resilient, scalable, and maintainable core banking systems that provide seamless customer experiences. This innovative architecture enables banks to deliver new features and services rapidly without disruptions. #ArtificialIntelligence (AI) and Machine Learning (ML): Utilizing AI-powered chatbots and advanced ML algorithms, we empower banks with intelligent virtual assistants and personalized insights that enhance customer interactions and engagement. #CloudComputingIntegration: With robust cloud computing services like AWS, Azure, and Google Cloud Platform, Machint Solutions enables banks to optimize their IT infrastructure's performance, scalability, and security, enabling a more agile banking experience. #BlockchainTechnology: Leveraging the immutable ledger of blockchain technology, we help financial institutions build transparent, secure, and efficient transactional systems that streamline international remittance services, reducing costs and improving operational efficiency. #API-based Open Banking Platforms: Machint Solutions' API-driven banking platforms empower banks to integrate seamlessly with third-party service providers, fostering an ecosystem of collaboration and innovation that benefits both financial institutions and their customers. #BigData Analytics & Predictive Models: Harnessing the power of big data analytics and advanced predictive modeling techniques, our solutions enable banks to gain actionable insights from extensive datasets, enabling them to optimize business processes, improve risk management strategies, and enhance customer experiences. #Cybersecurity Solutions: In an era of increased cyber threats, Machint Solutions offers robust security solutions that safeguard sensitive customer data and ensure regulatory compliance with industry-leading standards such as ISO 27001, GDPR, and CCPA. At Machint, we understand the need for innovation in the banking sector and strive to empower our clients with cutting-edge solutions that not only meet their current needs but also future-proof their operations. By embracing these technologies, we help banks create a more connected, efficient, and customer-centric banking experience for all. Together, let's drive transformative change in the financial industry and redefine the future of banking. Reach out to us at digital@machint.com Rajesh Sanakkayala Pratap Sanakkayala Dwaipayan Mitra Suresh Sanakkayala Rajesh Jonnadula Ambarish Desai Vivek Nair Santanu Mukherjee #BankingInnovation #DigitalTransformation #FutureOfBanking #CustomerExperience #Machint