In the US, there are over 9,000 financial institutions providing current accounts that could act as a customer’s “primary account”. Credit unions are the most numerous, but large banks dominate in terms of assets. Meanwhile, neobanks focusing primarily on digital-only services are trying to establish a major footprint.
Competition is fierce and neobanks aren't the only ones focusing on digital channels – in fact, digital channels dominate in terms of touchpoints, transactions and engagement, lagging slightly behind branches only for “new-to-bank” sales.
The adoption of digital channels across the industry means customers now expect certain features. There is also a set of elements proven to provide additional value, ranging from utility banking to financial advice and insights. For big banks with large R&D budgets, or neobanks built on modern technology stacks, it is relatively easy to build these features and keep up with current “digital banking best practices”. It is slightly different for smaller institutions that prioritise products and community engagement over digital journeys.
This is why Bud has built a comprehensive set of embeddable widgets that are easy to integrate, style and adjust. We have deep expertise in understanding customers, analysing financial transactions and consolidating data. For big banks, fintechs or technology partners, these are consumed via API and presented in a bespoke digital experience.
Now, with embeddable widgets, every financial institution – regardless of size or technical capability – is in a position to take advantage of AI-driven transaction enrichment, deep customer insights and a holistic understanding of personal finances, and bring it all together into their existing user experience.
The portfolio of widgets we offer covers pretty much everything: AI-aided transaction search, rich transaction details, spend analytics, financial insights, budgets, cash flow predictions and more. To help the branch or contact centre experience keep track, Bud also provides versions intended for bank employees, so that both sides of the relationship can benefit from the same understanding of data.
To further extend this, we also offer embeddable widgets dedicated to front-line employees, providing them with summaries and insights that would otherwise require time-consuming preparation or simply not be available.
The availability of easy-to-use visual building blocks that surface valuable information to customers is huge for smaller institutions. It means they can continue to focus on what is important for their communities and end-users, while always being able to support that with great digital journeys that keep them competitive. Digital channels will continue to evolve – as will customer habits and expectations – but that doesn’t mean every financial institution must now turn into a software house. This has never been true and, with the right tools and partners, is unlikely to change in the foreseeable future.
Ready to start integrating? Get in touch to learn more about our widgets here.
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