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5 Principles for Modernizing and Simplifying Banking and Compliance

5 Principles for Modernizing and Simplifying Banking and Compliance

In the world of finance, customers expect a positive mobile banking experience as consumer banking has grown over 50 percent in the last year. But a critical key factor may play a part in inhibiting this experience — and this is agreements.

With the ever-present threat to traditional banking from companies such as Google and Amazon, developing digital solutions while meeting compliance requirements poses a great challenge to creating genuine user-friendly experiences. This is due to requirements such as the need for physical signatures and the fact that many agreements implemented today are not fully optimized.

Here are five principles that can be used to create digital experiences that are compliant, bring about trust and are easy to use.

  • The first principle is considering a mobile-first approach.

The future of banking will depend heavily on mobile-enabled banking services. Let’s face it — it’s much less stressful and convenient to conduct banking on your mobile device. Replace outdated stated of agreements and develop customer-facing solutions that are designed for mobile applications.

  • Number two speeds up turnaround times by reducing error.

Rather than subject customers to long, drawn-out processes for loan applications, banks can make the process more enjoyable by simplifying the process using artificial intelligence that streamlines complex processes for agreements and creates a wizard-driven experience on a mobile device.

  • The third principle is integrating current customer knowledge into every agreement.

By creating a modernized system of agreement that enables banking data to be extracted from ERP or CRM system and automatically populating various agreement fields, customers are not forced to input information previously provided from an earlier transaction.

  • The next principle is understanding key parts of the solutions and making customers consent.

The complexity of financial transactions relating to terms and conditions are difficult for most to understand. Modern statements of agreements for today’s banking are designed with flexibility in a way that agreement detail and terms and conditions are presented and agreed upon with customers.

  • The final principle is to insist on creating full compliance across the System of Agreement.

Ever-increasing visibility in data governance and breaches have caused concerns over compliance. The modern Statement of Agreement provides day one compliance and the ability to review and report on who provided consent and when as evidence.

As consumer expectations for faster, easy-to-understand mobile-ready experiences increases, banks can be future-ready by creating a more modern approach to agreements.

If you want to learn more about banking and compliance in the digital age, click the link below for more information.


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