Instant customer experiences in financial services with a real-time database

Banks and financial institutions face unique challenges in today’s rapidly changing digital sphere. The meteoric rise of digital communications and changing customer behaviors have propelled digital products from the edge to the center. Success is based on the quality of the customer experience.

To be competitive, financial institutions must offer a range of real-time service to meet an expectation developed by the digital age and accelerated by the pandemic: customers demand a seamless omnichannel banking experience.

But for banks, this poses a daunting challenge: the rigidity of their legacy IT systems means they have issues with scalability, flexibility, reliability and complexity. Fintech startups created in the cloud have a modern architecture that gives them the agility to adapt to market trends, the flexibility to innovate, and the ability to maximize user experience.

As a result, creative fintechs are turning heads in today’s market due to their ability to provide a fast, seamless, personalized, and easily accessible solution. financial service. Banks and financial institutions need to adopt cloud and microservices architectures that use real-time data to optimize user experience and ultimately meet customer expectations.

Below, we’ll reveal how a real-time data platform can accelerate bank modernization and exceed consumer and business expectations.

Instant data provides a seamless user experience

Customers of all demographics want quick, easy, and simple access to their finances through digital doorways. They also expect to use different channels depending on their goals. They conduct research, gather investment or loan information from the website, discuss options with a banker or advisor, and finalize the transaction by phone, email, or in person. Often, they then go to the mobile app to check status or balances, then chat with support if they encounter any issues.

But banks can end up with disparate databases for each channel. Without a way to integrate siled data or use a unified data layer to present 360-degree views of real-time customer data, customers will face an inconsistent experience as they move between different channels.

Moreover, providing a seamless user experience is no longer just a stake for banks – the shortcomings of any channel are enough to create friction and encourage customers to turn to competitors.

Research suggests that the bar has been set very high:

  • 81% of customers would choose a new-age financial provider if it offered a simple, flexible and accessible banking service (World Retail Banking Report, 2021).
  • 76% of customers want an omnichannel experience (Unblu2021)
  • 59% expect on-demand customer service from anywhere (Unblu2021)

The transition from legacy IT systems to modern cloud architectures will not happen overnight for many traditional banks. But adopting a unified operational data layer that acts as a highway from backend systems to customer-facing applications will give banks the speed and agility to innovate and deliver an omnichannel experience, and ultimately meet customer expectations across the board. along this transition.

But creating seamless customer experiences requires a real-time, multi-model in-memory database. Using one that can deliver the necessary data with low latency and high throughput will revamp the customer experience from top to bottom; lags will be eliminated, all interaction channels will be consistent, promoting a seamless experience. Users will be able to instantly access their account information on their mobile devices wherever they are.

Additionally, users can instantly search through their transaction history or understand where they overspend on their credit cards with an in-memory database that supports secondary indexing of their datasets and can query and aggregate data in a fully distributed manner in real time. -time.

Banks need a real-time database to modernize without disruption

Banks and financial institutions must modernize to meet today’s expectations. Customers demand the seamless user experience provided by fintech disruptors. Legacy computer systems and relational database management systems (RDBMS) are still the backbone and records system of many banks and will take time to update. They need a solution that allows them to innovate and meet customer expectations without disrupting those legacy back-office systems.

A modern real-time data layer provides a fast and powerful solution that many banks can pivot to while transitioning to cloud-based architectures. Redis Enterprise can accelerate this process by supplementing banks with a real-time database that ensures real-time customer/customer experiences. This translates into better customer retention, better acquisition, and better brand reputation, which in turn leads to growth and tackling these fintech disruptors.

Harry L. Blanchard