Why the bank of tomorrow will not be "digital only"

Open banking solutions enable banks to bridge the gap between technology and personalised advice on the road to the future

Digitalisation and changing customer behaviour pose major challenges for the banking sector. In particular, the importance of branches, which were key in every phase of the customer journey, is changing rapidly. The continuing decline in bank branches shows the extent to which locations are often becoming an unprofitable cost factor for banks. Postbank’s recent announcements that it will close up to 250 of its current 550 branches over the next two years are in line with this. This development shows that the demand for physical branches is falling and that banks need to cut costs in order to remain competitive.

High pressure to digitalise is also a challenge

A recent study by software provider “monday.rocks” also shows the high level of digitalisation pressure within the industry. Among other things, this is being intensified by FinTech and digital models that woo customers with a high convenience factor. This is leading to a new customer segmentation and alternative sales channels such as telephone and video. New technologies are also enabling more and more processes to be digitised.

Digitalisation of credit checks brings massive efficiency benefits

Open Banking enables solutions that massively increase the efficiency of standard processes at banks on the one hand and seamlessly integrate into the customer journey on the other. One of these solutions is the KreditCheck, which banks can use to digitalise the loan application process. A process that takes place millions of times a year in German banks and has been mostly carried out manually until now.

The KreditCheck enables banks to check the creditworthiness of their customers quickly and easily by retrieving and analysing account information. Cash flow and risk factors are automatically determined for the credit check. The entire process is paperless and takes place almost in real time:

“The KreditCheck provides a reliable basis for a decision on the customer's creditworthiness within seconds. This not only reduces the time and risk for the bank, but also improves the customer experience, as the customer has to present fewer documents and receives feedback much faster.”
Peter Hiekamnn, VP Sales at finAPI
Peter Hiekmann
VP Sales

The bank of the future combines technology and personal relationships

Solutions like the digital KreditCheck do not mean the “end” of traditional banking advice. In fact, the aim is a combination of digitalisation and personal customer contact. Although technology can ensure greater efficiency within the customer journey, it will never offer the same quality as a personal conversation with a bank advisor. Because – as the study by “monday.rocks” also revealed – the successful bank of the future will also be characterised by a deep and lasting customer relationship.

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