As per the report by MarketsandMarkets, the global digital banking platform market size is expected to grow from USD 8.2 billion in 2021 to USD 13.9 billion by 2026 at a CAGR of 11.3%.
Digital banking is continually adapting and proceeding with digitalization in the industry to deliver an enhanced customer experience. Technology has been shaping banks for years now to become more efficient as well as secure. But, with the surge of Banking as a Service, BaaS, and Fintech innovating digital banking solutions, the digital transformation in banking sets a huge curve of digital changes.
Let us read along to understand digital solutions with Liferay DXP in banking.
Digital Transformation in Banking
Digital transformation has always been about doing the things we have been doing in a newer way, in a technological way. In Banking, digital transformation is about changing all the traditional ways of dealing and engaging with customers to the ones using online and digital services.
Mobile Applications, Websites, Portals, and leveraging the digital channels while collaborating with Fintech and third parties to offer BaaS are some of the digital banking strategic solutions. It is about creating a 100% end-to-end omnichannel digital journey to meet the rising need for enhanced customer experience. According to the Citizens Banking Experience Survey, 90% of consumers and 86% of businesses use digital banking channels.
Portal solution for digital transformation in Banking
A portal acts as an integrated platform to respond to each touchpoint of an entire customer journey. Liferay DXP is a portal platform that’s flexible and scalable, that seamlessly integrates multiple systems, and also has various use cases to respond to numerous and all touchpoints to enhance the customer journey.
Liferay as a platform has been recognized by various banking and financial institutions throughout the world because of its core building materials and focus on security by design. Multinational companies are moving towards a digital age where they want their system to be scalable in various aspects such as faster implementation, less dependency, and easier process to configure and launch any product to the market.
Read the writeup with Why, How, and What on accelerating the digital transformation with Liferay DXP
It’s been decades since banks continued to implement different digital solutions as per their needs. Technology has continued to evolve and will continue evolving in the future. The solutions that Industry 4.0 has brought about Automation in Processes, Implementation of cutting-edge technologies like AI/ML/IoT has dawned a completely different era of technologies transforming businesses. Among the digital solutions, portal solutions with DXPs are considered prudent, frugal, and anti-fragile.
Three robust banking use cases with Liferay DXP
- Self-service portal
- Self-service is prevalent in many industries including banks. As per the research by Microsoft, 77% of consumers report using self-service portals.
- Self-service is one of the most important approaches adopted by banks to improve the customer experience along with the mobile-first approach.
- Public-facing Portal
- This helps the organization to show their value proposition, target the desired customer and funnel the prospect to enhance businesses and their service catering. The banking sector leverages data to offer enhanced and personalized experiences.
- Integration Platform
- Building a unified platform for all the disparate systems helps the customer to view and access all the required functionalities from a single platform.
Three strong factors that Liferay DXP takes care of in the banking sector
- Omnichannel experiences
- Omnichannel experience for a seamless flow of information to the customer throughout different channels. This also helps the organization to target the customers as per the usage on the different points of contact.
- Future-proofing with Cloud
- Banking institutions follow a hybrid cloud approach which will help them in maintaining the different architectures from a single Liferay infrastructure.
- And, organizations are expanding their investments for it is supplemented with security and disaster recovery.
- Legacy system integration
- One of the biggest barriers in the digital transformation journey is the integration of the legacy system. Liferay DXP offers robust interoperability functionality for the seamless integration of existing systems into one user-friendly platform.
A whole Digital transformation of any organization is on its own a very complex process. However, the transformation roadmap around SaaS and PaaS is simplified with our solutions using Liferay DXP. We, at ContCentric, have crafted solutions for many global giants across industries including banking use cases. Reach out to us to learn more about optimizing your digital banking solutions or send us an email at firstname.lastname@example.org!