Table of Contents
4 User Management Software Features Key in Digital Banking
So, what should your user management tools include? Which functions will help you improve how you handle user data and drive profit to your business? Take a look at the list below.
Data Integration
The only way to manage your user data effectively is to have it all at your disposal in a single source, preferably with updates in real-time. Therefore, the first key feature we need to mention is data integration.
Without this feature, you will not be able to make informed, data-driven decisions. Moreover, it’s critical for optichannel banking since this approach requires information to flow seamlessly between different channels. Finally, without data integration, you won’t be able to deliver the best user experiences possible, as you won’t have the full outline of your customer’s preferences, financial interests, and needs.
Artificial Intelligence
We often mention AI tools in banking… so we will do this one more time. This isn’t any preferential treatment, though—it’s not that we love artificial intelligence so much; we just know how much it can bring to the table.
Even with all information in a single source–your user management software–you won’t be able to make informed decisions without AI. Why? You’ll need too many resources to analyze all the data manually. That’s why you need artificial intelligence in your tools.
An AI used for data processing and analysis can accomplish what would take human years of work in a matter of seconds. Moreover, it is capable of spotting patterns that we don’t see at all. As such, it’s the only viable tool that can translate your data into actionable insights, so you need it in your user management software.
Robust Automation Features
Naturally, any type of software should include automation—that’s why many businesses, not only in finance, turn to digital solutions. However, with user management software, you need to look for particular functionalities that can take some of the duties off your employees, such as:
- Automated customer interactions through chatbots—This function is crucial for providing customer service 24/7.
- Automated data input—For instance, a document processing system that reduces manual data entry to verifying areas flagged by the software.
- Automated transaction categorization—To group customer transactions quickly and effectively (the latter requires AI).
- Biometrics powered with AI—To automate data handling during customer onboarding and accelerate this process.
- Automated compliance verification—To avoid lawsuits and ensure that all documents align with the law.
Accessibility
User management tools for banking need to be accessible from any place and device. After all, while your customer service agents might work only from their office or home, this cannot be said about those employees who operate in the field, for instance, wealth managers. Even when they are outside bank premises, they are still at work and need to have access to current client information. Hence, your tools need to provide such access.
At the same time, we need to remember that such accessibility comes with security risks. Therefore, this feature is important only if it incorporates adequate defense systems to ensure that no data leaks will occur if, for instance, someone steals your employee’s phone. After all, although they work in the field, it is still a sensitive industry, so simply granting access to your user management platform for mobile devices isn’t sufficient without proper cybersecurity.
You can learn more here: The Importance of Data Security in Wealth Management Software
The Takeaway
These are the four most important features of any user management software for banking. Remember, though, that many such platforms offer many more functions. In such cases, you need to carefully select the best option…but don’t worry, you don’t have to look for it now. Instead, learn more about our LiveBank platform and discover why it is the best software for managing user data, improving customer experience, and cultivating growth for your financial organization!
You may also read: Automated Processes, Human Touch: Striking the Balance in AI-Powered Customer Service
