Connected banking is the next step to Internet banking that banks in India are starting to adopt. Connected way of banking creates seamless payment solutions for customers across different platforms. In the present digital age, when people are interacting with multiple digital platforms, connected banking can be the bridge for smooth and fast banking transactions. One of the biggest banks in India, ICICI Bank, has adopted connected banking solutions. ICICI Bank Connected Banking allows businesses and people to interact with e-commerce and digital payment platforms. Connected banking can easily deal with the challenges and drawbacks of digital payments to make the payment process a lot more seamless and easy to handle for common customers.
What is Connected Banking?
Connected banking is a utility-based method of banking that maintains financial products and services across multiple channels no matter what its nature. Connected banking is the future of the Internet and mobile banking. Connected banking solutions are high-performance and high-speed and can change India’s banking scene, so they are chosen by leading banks like ICICI Bank.
Banks need to upgrade to connected banking if they want to increase their footprint across sectors and regions of India. India is growing in its industries and finances. To handle these financial transactions, banks need to uphold financial practices and regulations across the numerous platforms that dot the digital landscape. To create a uniform way of handling financial transactions regardless of the platform and channels, banks need to step up to connected banking.
There are many ways in which connected banking works. For example, there could be a number of applications that make the money flow and management by banks agile and flexible. The connected banking applications might also include digital front office apps that handle self-repayments of large financial sums to banks.
Today, the modern customer can buy products and services from search engine results, product recommendations on social media, carousel ads or even other websites that he browses on the Internet. Since so many channels of buying and selling are open, it only makes sense to create banking solutions that work across multiple e-commerce and online service platforms. Performance glitches in authentication processes need to be minimized to offer a more streamlined experience to people.
Benefits of Connected Banking
With the help of ICICI Bank Connected Banking, there are certain benefits that are highlighted for businesses and customers.
For example, a networked, connected bank offers the following-
1. Improved security for payments
Connected banking is highly secure because it is part of a larger network fabric, and it is protected by encryption and validation. The encryption and validation of the connected solutions are what keep the channels uncompromised from cyber threats. If there is a threat detected at one layer of the security, all other layers of the connected banking system become active and mitigate the risk. So, you experience higher security levels with connected banking. Higher security of sensitive information and other aspects of banking provides a sense of trust to the customer and improves the banking relationship done across multiple devices.
2. Better customer experience
Customers today want to experience better banking processes and seamless transactions that happen within seconds. If there is any advanced solution that can create such seamless transaction channels, it is connected banking. Connected banking optimizes the banking process so that the customer can execute the banking process faster and better.
In the end, the customer experiences better results and turnaround time, which translates into better customer satisfaction. Connected banking creates simple-to-use portable banking solutions that work behind the scenes and create a highly improved experience for customers. By offering connected banking solutions, ICICI Bank is ensuring that its customers get something better with every financial cycle.
3. Tackling competition
Connected banking is a trend that has not yet fully discovered its potential. In this early phase, the introduction of connected banking by ICICI Bank is a pioneering effort that will set the bank apart from its competition. The ICICI Bank is clearly setting itself up as the leader of the banking sector with this wise move. Even later, when other banks started turning to connected banking, ICICI Bank would have established its own niche and position in the Indian BFSI sector. Customers will prefer ICICI Bank for its high-quality services and the level of customer satisfaction it provides.
4. Operational efficiency
The adoption of connected banking solutions is also a move towards achieving operational efficiency. The connected banking solutions will be able to make the banking processes optimized and high speed. These solutions allow the bank to adopt a customer-centric, practical approach so that its operations shift positively towards achieving the goal of converging financial transactions. The banking processes can, therefore, become high-speed and highly agile in the future.
There are many other benefits of connected banking, which will be slowly realized as the Indian banking ecosystem adapts to it. The reduction of risks and the increase of customer centricity in processes and strategies is an outcome of connected banking.
Whether you are an established business or a new one, taking the next technological leap is now easy with the adoption of connected banking. Connect your ICICI bank account with FidyPay connected banking to pay vendors, salary disbursements, direct payout from tally, and manage all your banking from a single dashboard. Get started with ICICI connected banking today, call FidyPay at 6232082424 for more information today.