Digital Banking App For Financial Management

About Client

Industry

Fintech

Location

USA

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Project Overview

Our client, a leading financial solution provider, faced challenges delivering an efficient, secure, and user-friendly digital banking experience. Customers struggled with time-consuming processes for account management, fund transfers, and bill payments due to reliance on traditional banking systems.

To address these challenges, Sculptsoft developed an advanced Digital Banking Application that caters to users’ diverse financial needs. This solution streamlines core banking operations, enhances accessibility, and ensures a seamless digital banking experience.

Traditional Process

01

In-Person Branch Visits: Customers were required to visit branches for basic tasks like account management and fund transfers, causing delays and frustration, particularly for those with busy schedules.

02

Manual Handling of Requests: Manual processes for cheque issuance, payment stops, and bill submissions caused delays, errors, and inconsistent service.

03

Manual Account Management: Customers had to visit branches for account statements and inquiries related to joint and operative accounts, slowing down service delivery.

04

Cheque Services: Customers needed to submit written applications to stop payments for issued cheques or request new cheque books. Processing these requests often involved delays due to manual verification.

05

Manual Fund Transfer Requests: Fund transfers required customers to fill out physical forms at the branch. The approval and processing of these transfers took time, often delaying transactions.

06

Fixed Deposit (FD) & Recurring Deposit (RD) Requests: Opening or managing FDs and RDs required customers to visit the bank, fill out paperwork, and wait for approvals.

07

Beneficiary Management: Adding, deleting, or listing beneficiaries required manual requests at the bank. Customers could not manage beneficiaries independently through a digital system.

Challenges Faced

01

Limited Digital Reach: Traditional banking lacked mobile access, forcing customers to rely on in-person visits. This created inefficiencies, particularly for those with busy schedules or limited branch access.

02

Fragmented Systems: Banking services were spread across separate platforms, making it difficult for users to access everything in one place. This led to confusion and inefficiency due to multiple logins and systems.

03

Security Concerns: Traditional systems lacked advanced security features, increasing the risk of fraud and unauthorized access. This resulted in customer distrust due to insufficient protection of sensitive data.

04

Manual Processes: Tasks like cheque requests and fund transfers were handled manually, causing delays and errors. This diminished service efficiency and negatively impacted customer satisfaction.

05

Lack of Real-Time Transaction Updates: Customers couldn’t track transactions or account balances in real time. This lack of instant updates created uncertainty and frustration about transaction accuracy.

06

Limited Access to Customer Support: Support was only available during branch hours, creating inconvenience for customers needing help outside of business hours. The reliance on in-person visits led to longer resolution times.

07

Paperwork and Documentation Overload: Customers were burdened with managing large volumes of paperwork, often inefficiently stored. This slowed processes and increased the risk of misplacing important documents.

08

Inflexibility in Banking Hours: Customers were required to visit branches within limited hours, restricting access to essential services. This lack of flexibility made banking difficult for those with conflicting schedules.

09

High Dependency on Staff: Traditional banking relied heavily on staff for basic tasks, causing delays due to overburdened employees. This negatively impacted the speed and consistency of service delivery.

10

Loan Application Process: Applying for loans required lengthy paperwork and in-person verification, making the process time-consuming. This complexity discouraged many customers from pursuing loan options.

11

Inefficient International Transactions: International transactions required visits to branches or extensive paperwork, leading to delays and high fees. Digital alternatives offered a faster, more cost-effective solution.

Our Solutions - Digital Banking App For Financial Management

01

Seamless Registration & Login: The Digital Banking App offers a seamless registration and login process, allowing users to access their accounts quickly without visiting a branch

02

AI-Powered Chatbot Assistance: The Digital Banking App features an AI-powered chatbot that provides 24/7 support, offering users immediate assistance with queries, guiding them through banking procedures, and addressing any challenges encountered during app usage, ensuring a seamless and efficient user experience.

03

Operative & Joint Account Management: Customers can efficiently manage both operative and joint accounts through the app, removing the need for branch visits for routine tasks.

04

Account Statement Access: Users can view both mini and detailed account statements on-demand, allowing them to stay informed about their financial activity at all times.

05

Cheque Management: The Digital Banking App allows users to search for and stop issued cheques, eliminating the need for branch visits for cheque-related tasks.

06

Beneficiary Management: Users can add, delete, or list beneficiaries directly through the app, streamlining the process and saving significant time.

07

Cheque Book Requests: Customers can request new cheque books via the app, bypassing the manual paperwork and delays typically associated with traditional banking.

08

Fund Transfer Requests: The Digital Banking App supports secure fund transfer requests through RTGS and NEFT, providing a fast and efficient way for customers to send money without visiting the bank.

09

Utility Bill Payments: Users can easily pay utility bills through the app, eliminating the need for manual bill submissions and reducing the time spent on these transactions.

10

Fixed Deposit (FD) & Recurring Deposit (RD) Management: The Digital Banking App enables customers to open and manage Fixed and Recurring Deposits, offering them an efficient way to grow their savings without the need for branch visits.

11

Robust Security Features: With biometric authentication and OTP verification, the app ensures that users’ sensitive data remains secure, fostering trust and confidence in the digital banking experience.

12

Branch Details: The Digital Banking App provides a feature to locate bank branches, ensuring users can quickly find the nearest branch when needed.

13

Personalized Financial Insights: The app delivers valuable financial insights, empowering users to make informed decisions about their investments and financial management.

Outcome

85% of users reported greater satisfaction due to the app’s ease of use and fast access to services, improving retention.

Customers no longer needed to visit physical branches for routine tasks, with 75% opting for digital solutions, saving time and reducing foot traffic.

Manual errors reduced by 60% , enhancing account management, fund transfers, and cheque services.

Real-time updates were available to 95% of users, fostering increased trust and ensuring accurate financial activities.

80% of customers began using mobile banking features like utility bill payments, FD & RD management, and cheque book requests, driving digital engagement.

98% of users reported higher confidence in digital banking due to biometric authentication and OTP verification.

Features

Account Overview

AI Chatbot Assistance

Operative & Joint Accounts

Mini & Detailed Statements

Cheque Services

Beneficiary Management

Fund Transfer

Fixed Deposit (FD) & Recurring Deposit (RD)

Loan & ATM Card Requests

Bill Payments

Notifications

Branch Details

SculptSoft Pvt. Ltd.