Banking CRM: Unboxing 'Assisted Bank-in-a-Box'

CRM Solutions, CRM Software
In today’s competitive banking sector, fintech startups and non-banking financial institutions (NBFCs), are looking to be the next banking upstarts. They are pervasively embracing the use of integrated technologies and solutions. 

The end vision is to achieve a competitive advantage by providing exceptional service and differentiated experience to their customers. This has been prompted by new banking formats, regulatory requirements, customer expectations and increased competition. The new banks are working towards providing faster services, quicker response and lower costs by leveraging technology for automating operational processes.

What exactly is Bank-in-a-Box?
‘Assisted Bank-in-a-Box’ is an integrated solution to help quick start banking operations with out of the box processes and integration with core banking back office and third party systems. This will reduce time to go-live and launch new services in less than 60 days where traditional solutions took more than six months. 

With just a small investment capital, banks and financial institutions can benefit immensely. It can help them enter new markets devoid of costly software and upscale investments in human resource and technology. The firms incur zero marginal costs as the underlying necessary codes have already been written.

Team AI for Assistance
The A in Assistance stands for Artificial Intelligence. An intelligence that smartly assists you in deploying customized end to end processes with minimal manual intervention. The AI aids in machine learning that powers analytics. The insights derived give a real-time view of the complete business situation and a comprehensive view of key figures across functions.

Features of Assisted Bank-in-a-Box:
1. Business process services
The software, powered by Banking CRM, offers a wide array of business operations for financial and banking services, hence catering for banks’ emerging and current business needs. The functionalities include lead management, customer management, servicing, cross selling and marketing across channels including branch, phone banking, internet banking, website etc. Process flows, escalations and alerts can be configured on the fly. It also supports biometric devices to enable e-KYC, available across all devices on a web-enabled mobile platform.

3. Guaranteed security
Bank-in-a-Box is hosted by secure service providers, which is crucial for ensuring confidentiality of data. Again, periodic audits are done by authorized auditors for purposes of ensuring compliance with regulatory norms and security standards. This ensures that the banking platform stays current, robust and more importantly, secure.

4. Scalability
The banking CRM software is scalable and supports mobile and internet banking, ATM and POS switching, payment solutions and MIS reporting. The underlying architecture has codes that can be adapted to various business scenarios, without additional code writing.

5. Front/back office support
Bank-in-a-Box is an integrated solution that supports both front and back office processes for end to end visibility. It comes with 'plug n play' capability to integrated with core banking and other business systems.

6. Cost-effectiveness
Bank-in-a-Box utilizes pre-configured templates, which helps to reduce the time for implementation and lower the overall cost of bank ownership. At the same time cost benefits can be transferred to customers, ultimately adding more value to the banking products and services. With capabilities like Autobot Upgrades, incremental maintenance and upgrade costs are reduced drastically to deliver a ROI is less than nine months. 

Benefits of Banking-in-a-Box:
CRM solutions is designed to offer banks with the following benefits:

1. Ready for use
It provides banks with ready infrastructure, a fully integrated set of solutions and skilled resources to help them start their banking operations in just 30-60 days.

2. Scalable platform
The software comes with a scalable CRM platform designed to help banks adopt new technologies quickly and easily. The scalable platform also facilitates agility, scalability and interoperability, thus helping banks to comply with the latest statutory and regulatory requirements. 

3. Rapid implementation
With this platform, new banks and financial institutions can enter the market and start offering banking services almost immediately. It also facilitates easier development of new banking services and products. It can easily be used even by non-domain experts for purposes of developing new products.

4. Increased business focus
Banks can focus fully on their core business while a service provider provides them with complete end-to-end support for IT aspect of CRM and business operations as well as application management.

5. Delightful customer experience
It empowers new banks to delight customers with online financial convenience. Automated business rules and faster fulfillment can cut down application approval time to 30 seconds.

Bank-in-a-Box has enabled new banks and financial institutions to offer solution-based services at reduced cost. Better still, it has enabled them to explore untapped opportunities and most importantly helped them boost their bottom-line as well. As such, this banking software is the best bet for any bank and financial institution striving to gain an edge in today’s competitive banking sector.