Tech-savvy users are swiping left aggressively and swiping right selectively. No, we are not talking about dating apps. We are talking about how quickly the customers of today are changing their banking preferences. Loyalty is a fickle emotion. As Jeffrey Gitomer says “You don't earn loyalty in a day. You earn loyalty day-by-day", by responding to the customer's needs every single day. Otherwise, they just move on.
How responsive banks are to the changing needs of the customer will now decide their longevity. Or else, it’s a swipe left for sure.
With so much at stake, what can banks do to retain their customer’s loyalty?
Going digital is an obvious answer, but then everyone is doing it. Every bank of repute has a digital face--some, more advanced than others. What spruces up the relationship between the customer and the banking app is the customer journey. It is all about how the relationship started and how it sustains--the qualities that keep the customer engaged, the features that make a banking app sticky. So what are the features in a banking application that entices customers, and how does the WaveMaker low-code platform help?
Though a banking application may not necessarily be composed of all of the above, it should at the very least be provided compatible platforms that enable the development of these features leading to the creation of a composable banking app. So the question one may ask is, does WaveMaker as a low-code platform support the integration of these features into a composable banking app?
The answer is a resounding yes!
A developer working on WaveMaker can take two approaches:
One, use the built-in prefabs to quickly conjure up a banking-specific component.
Two, integrate third-party banking components into the application.
This is helped by two factors:
WaveMaker allows seamless collaboration of ecosystem partners with ease--the foundation of a composable banking architecture. It helps banks, BaaS players, fintech, and ISVs respond to what customers ask for--modern experiences, intuitive interfaces with stunning visual components, security, smooth onboarding, and device-agnostic feature-rich applications. WaveMaker with its API-first approach, prefabs, support for all major databases, and vault-like security with VeracodeTM certified code has all the qualities to broker a long-lasting partnership with the bank and the customer with agility.
Banks can expand the reuse of legacy core banking, offer services to brands as a BaaS player, or launch greenfield initiatives; with WaveMaker, the possibilities are endless.
So, this time when the user swipes right, banks can swipe right back at them!
*Watch this space for our next article on our banking software components