Tuesday 26 May 2020

Firm develops tailored online banking system

ABU DHABI, September 7, 2015

Softax, a leading Polish financial software provider, has developed an innovative white label sales and marketing solution for online banking called ‘LogoBank’ for the retail banking sector.

The LogoBank system takes an individual ‘contextual’ approach to drive significantly more effective marketing of a lender’s products and services and radically improve customer satisfaction.

While the development of most online banking systems tends to focus on widening the range of functionality of the self-service interface, levels of ‘customisation’ with many online banking systems remains relatively low. Using sophisticated algorithms, Softax’s LogoBank system matches the user’s current account balance, past account behaviour and other available information with numerous defined client profiles to accurately identify a consumer’s potential future needs.

Based on this a lender can offer customised products tailored to the individual consumer such as:

•    Financial support/leverage in the form of extra funds (Overdraft facilities, debit, revolving loans, mortgages etc.)

•    Benefits of a deposit offers, deposit accounts, savings plans

•    Different account products e.g.: credit cards, foreign currency accounts

The LogoBank system does not limit itself to presenting the offer, but it also offers support in choosing and implementing the product or service in a way that is most convenient for the user.

This solution has been developed in response to diminishing effectiveness of hitherto forms of marketing online such as advertising banners and the phenomenon of “banner blindness” has taken root amongst consumers. In a survey of banks the ratio of users that buy offer showed on the banner to the number of users to whom the banner was displayed is very low (perhaps several per cent). Additionally as consumers become more sophisticated there is increased customer migration between lenders in search of better offers and improved levels of customer service.

Krzysztof Krzos, business development director Softax said: “The LogoBank electronic banking system is the answer to the low effectiveness of the current forms of marketing in electronic banking by taking a ‘contextual’ approach to the sale of banking services and products.”

“The implementation of the LogoBank system allows lenders to take a multidimensional step forward – starting with an improvement in the quality of its client service and satisfaction, increasing the number of the banking products adjusted to individual client needs, ultimately helping to build a lender’s brand as innovative and technologically advanced.

“Big companies like Goggle, Apple, Microsoft try to create PA - Personal Assistants (solution as Google Now, Siri, Cortina). We follow this idea and we create Personal Finance Assistant platform which main aim is to help clients with their everyday financial life,” Krzos added. – TradeArabia News Service

Tags: Online banking |

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