In a micro-app modern world, micro-differentiation matters
In our industry, “differentiation” is a pretty common buzzword. Financial institutions are all looking to differentiate in some way from their competitors – but what does that really mean?
During a recent client meeting with a mid-size credit union, I realised it might not always mean what we think it means. We were reviewing their mobile banking app, and it was pretty solid: good technology, highly rated by consumers, no major bugs or UX issues. Then we looked at the app of their biggest competitor. The entire thing was identical, save the branding colors.
The best solutions are those that intertwine physical and digital channels
Both financial institutions (FIs) were using the same base app technology – something we see quite a bit in the small to mid-size banking community. Unless they’re one of the top banks in their country, FIs are typically selecting an off-the-shelf mobile banking app from a third party, which means lots of similarities from one app to the next.
This approach certainly isn’t helping banks “differentiate” in the channels where it matters most. But I think there is an important opportunity to create a unique experience within this rather homogeneous environment.
What will really surprise and delight consumers is a familiar experience, but with new, unexpected features they didn’t get in their previous bank app.
Microservices architecture enables a whole new landscape of specialty functions within standard app frameworks. Some of the most common things we see are personal finance management (PFM) tools, remote check-deposit capture, card control, bill pay and innovative identity verification solutions.
However, we know consumers aren’t only operating in digital channels (granted this is topsy-turvy at the moment due to COVID-19 – although we’re still seeing demand for physical self-service channels and cash-based services). The best solutions are those that intertwine physical and digital channels to create a seamless experience for our channel-hopping customers.
As you may imagine, quite a bit of our R&D at Diebold Nixdorf revolves around that concept: How can we better connect an FI’s channels to enhance CX, drive efficiencies and offer a more comprehensive window into each consumer’s banking life?
We created our DN Vynamic Digital Cardless Cash Micro App to do just that. We offer a complete service that integrates into an existing digital application, giving consumers the ability to start a transaction on their mobile phone, and complete it at an ATM—through a completely cardless transaction. Now, FIs can leverage their existing investment in a physical channel, by integrating to the digital world.
This is cardless, cloud-based software for the modern banker: instead of a suite of expensive microservices that must be integrated, managed and maintained, we’ve bundled the kinds of solutions that only the biggest banks with large IT budgets can deliver today. Utilising a centralised transaction safe, our micro app enables banks to join together to offer their consumers the ability to access cash at any ATM within the collective network of FIs. We’ve created an environment in which small and midsize banks can compete more effectively against their largest competitors, while maintaining a seamless, enhanced experience for their consumers. Now that’s differentiation for the modern world.
By Jeff Bender, VP of digital solutions at Diebold Nixdorf
Learn more about Diebold Nixdorf’s holistic, end-to-end micro app solution for modern connected commerce at DieboldNixdorf.com/Vynamic.
