Exceed Consumer Expectations Through Seamless and Connected Digital Experiences

Take the next step on your digital journey with unified platform

As a wave of digitization has swept over the global consumer payment landscape, the pace of evolution has stretched the limits of innovation. Many banks and credit unions have faced and continue to face challenges in fully embracing digital change.

Nevertheless, consumers prefer digital options. Digital banking apps – particularly mobile apps – have become very popular tools for managing finances. Consumers increasingly choose digital banking channels to check their balances, initiate payments, apply for loans and conduct other interactions with their banks.

Financial institutions that don’t address these consumer preferences will struggle to compete. Research also confirms this, according to McKinsey report¹, “As consumers’ uptake of digital channels increases, their expectations of customer experience are also rising.” Therefore, prioritizing customer experience can directly impact a bank’s bottom line.

An opportunity

According to McKinsey Global Institute (MGI) research¹, many consumers take a “mobile-first” approach fueling the rise of digital ecosystem and offering new ways of serving consumers. In fact, most consumers would switch or consider switching banks if their institution did not offer such features and services.

This consumer demand for expanded digital experiences creates an opportunity for banks to embed such new features and services in their apps on top of traditional banking services. These developments include the emerging idea of “super apps,” which aim to simplify the user experience by offering multiple services within one app, thereby reducing the need for users to download and manage multiple apps. Super apps especially appeal to younger generations who are used to accessing everything through their mobile devices.

The challenge – siloed data and experiences

Adding new digital features has its risks. Point solutions can be very effective for solving isolated servicing objectives, but when banks add a new service channel to their offering, they are also adding another potential “experience silo.” As such silos proliferate with more and more add-on features, they degrade the ability to create a single view of the customer, and to deliver consistent, personalized digital experiences.

Consequently, the customer experience can differ significantly across channels. To make matters worse, some channels often fail to retain customer information and disregard personal preferences. Banks encounter these costly missteps when customer data and relevant content remain isolated. 

Experience Digital

Experience Digital from Fiserv is digital engagement platform that addresses these challenges by making data and content available across the entire digital ecosystem. This enables financial institutions to deliver consistent and convenient digital experiences across all channels. It’s a silo-free system that creates value by fostering innovation, agility and better outcomes for both the bank and its customers.

Openness

Experience Digital is built on open architecture while following domain-driven design, and comes with ready-made integrations, modular APIs and microservices. This enhances agility within the organization by offering hybrid deployment options.

The platform fosters collaboration, clarity and effective communication between technical and domain experts, thus accelerating the outcomes for business. It empowers your financial institution to control its journey toward digital transformation, supported by a robust ecosystem designed to attain desired business results.

Connected

Engineered for extensibility, Experience Digital readily supports integration and open APIs, allowing you to connect the technology assets you already own. This also eliminates the multichannel problem of data and content silos and can scale as needed.

The goal is to swiftly integrate existing point solutions while providing the flexibility to incorporate new solutions as your marketing objectives and customer experiences evolve. At the heart of Experience Digital lies seamless connectivity, which ultimately enhances customer retention, engagement and overall experience.

Integration of services across all existing customer-facing channels optimizes the data delivery for internal applications and provides the distribution layer for the bank to deploy B2B concepts such as a marketplace when needed. Ultimately, this drives operational efficiency and breaks down departmental silos.

Secure

Fiserv takes a comprehensive, layered approach to cybersecurity. This strategy addresses vulnerabilities across various vectors, minimizing risk while ensuring minimal impact on user productivity and network performance. Experience Digital delivers on all the parameters delivering strong customer authentication, operating on the guidelines of “Zero Trust” and delivering solutions in the cloud that are compliant with critical regulations such as PCI/DSS, GDPR and so on.

A reliable partner

For 40 years, Fiserv has been collaborating with the world’s leading banks across a broad range of digital experiences. With the help of Experience Digital, our clients can innovate more rapidly, create more impactful customer experiences and significantly improve the digital quotient.

Learn more about Experience Digital.

1 Future of Asia: The future of financial services, Mickinsey & Company, October 2021