The financial services industry, particularly commercial organizations, is facing significant pressure to modernize in order to meet the expectations of younger, tech-savvy clients. B2B clients now demand the same smooth, efficient experiences from commercial entities as they do from their personal banks.
However, challenges like cumbersome onboarding processes, operational inefficiencies, and limited digital self-service options not only frustrate customers but also increase operational costs, especially when banks rely heavily on branches, relationship managers, and back-office functions.
In this blog, discover how a powerful digital experience platform like Liferay DXP helps commercial organizations streamline operations, attract and retain clients, and improve overall efficiency.
Supporting Clients Throughout Their Entire Journey with Liferay DXP
To achieve sustained profit growth and business expansion, commercial banks need to elevate their client experience significantly. Liferay Digital Experience Platform (DXP) equips banks with the tools necessary to enhance the client journey at every touchpoint.
Having supported over 160 banking and investment firms, as well as more than 120 companies in the insurance sector, Liferay is trusted by organizations navigating the complex regulatory arena. Discover how Liferay DXP empowers banks to implement effective solutions:
- Capture More Clients with User-Friendly, Mobile-Optimized Websites
- Simplify and Speed Up the Onboarding Process
- Enhance Customer Satisfaction with Self-Service
- Drive Cross-Selling Success Through Personalized Experiences
- Deliver a Seamless, Unified Customer Journey
- Fast-Track Time-to-Market for Innovative Solutions
- Enable Tailored B2B2B Experiences for Maximum Impact
- Attract Clients with Easy to Manage and Mobile-Friendly Websites
A successful client journey starts with a well-optimized and relevant website that clearly communicates the firm’s offerings.
Yet, many commercial banks need help in ensuring top-tier performance, enabling quick content updates for marketers, or effortlessly launching websites across various business units.
Liferay Offers Solutions To:
- Empower marketers to independently create, manage, and personalize rich digital experiences without relying on IT support.
- Seamlessly deliver and manage multiple digital experience websites for different brands and business lines, with the ability to reuse content across various sites.
Provide responsive designs that function smoothly across all devices, from mobile to desktop.
- Streamline and Accelerate Onboarding
The journey from prospect to customer often needs to improve due to the challenges posed by Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations. These regulations can hinder a seamless onboarding experience. These stringent processes may lead to frustrated customers and increased abandonment rates, which causes significant business losses for banks.
To address this, firms should focus on streamlining the onboarding process while ensuring compliance with regulations. A successful onboarding experience not only enhances customer satisfaction but also opens up opportunities for cross-selling related products following the initial purchase.
With Liferay, Commercial Businesses Can:
- Customize your onboarding process by utilizing automated workflows, forms, and document management features that meet your specific needs.
- Empower clients with self-service options by offering FAQs, knowledge bases, and forums for easy access to information.
- Enhance user experience with a modern, intuitive interface designed to drive task completion and minimize drop-offs.
- Allow clients to conveniently check their application statuses or submit missing information through a secure, authenticated experience.
Seamlessly integrate third-party onboarding solutions to streamline core process execution effortlessly.
DID YOU KNOW?
According to GlobeNewswire, The Digital Experience Platform market is projected to reach USD 28.21 billion by 2030.
- Boost Customer Satisfaction with Self-Service
Clients desire support from their financial firms, but providing this through live channels can be expensive for banks. A more efficient solution is to implement a self-service client portal, allowing clients to complete tasks at their convenience.
Self-service options are increasingly favored by clients, not only reducing customer support costs but also enabling advisors to focus on more strategic initiatives.
Liferay Delivers Essential Features to:
- Establish a unified platform for showcasing products and services online, enabling clients to quickly discover relevant options through robust search functionalities and personalized recommendations.
- Ensure secure online access to sensitive documents, including contracts and statements.
- Provide clients with an efficient knowledge base that offers immediate answers at their fingertips.
Integrate your customers’ preferred communication channels, such as mobile apps, chatbots, or kiosks, while managing and distributing content from a single, centralized source.
- Increase Cross-Selling with Personalization
Selling to existing customers is often more straightforward and more budget-friendly than acquiring new leads. To effectively upsell and cross-sell, businesses must deliver the right message at the right moment.
Banks have successfully trained their agents to achieve this, and now it’s time to adapt and implement these strategies in the digital orbit.
With Liferay, Commercial Banks Have the Power to:
- Personalizing experiences based on user profiles, organizational criteria, or individual browsing habits can help create and target tailored audiences.
- Leverage pre-defined customer segments from third-party systems thanks to robust integration capabilities.
- Effortlessly customize pages to align with these audience segments, showcasing targeted content, products, and recommendations that engage clients and boost their overall spending.
Facilitate rule-based segmentation, enabling marketing teams to specify the conditions that must be met before delivering messages during a session.
- Unify Disparate Experiences
Throughout our discussions, we’ve explored various touchpoints in a client’s journey. However, clients frequently find themselves navigating multiple websites, one for product and service information, another to initiate a loan, and yet another to request a new credit line.
This fragmentation, often a result of different business units targeting specific use cases, creates a disjointed and frustrating experience for clients.
By consolidating everything under a single URL, we can provide clients with a centralized hub for all the services and information they require. This approach will significantly reduce friction and save valuable time.
Liferay Offers:
- Seamless integration with various Identity & Access Management (IAM) systems to facilitate Single Sign-On capabilities.
- A robust suite of APIs, web services, and messaging services that simplify the integration of diverse solutions and applications.
- Remote applications that enhance deployment flexibility within Liferay, making it more straightforward to extend the platform and integrate with other systems without the need for custom module deployments.
MUST READ – Liferay DXP: Why This Digital Experience Platform is Perfect for Your Business Needs
- Reduce Time-to-Market for New Solutions
In the complex arena of financial institutions, various business units serve different client segments, often leaving these organizations reliant on their IT teams to implement new digital solutions. However, in an industry that evolves rapidly, relying solely on IT can hinder the ability to meet client needs promptly.
To address this challenge, adopting a unified framework across the organization can streamline maintenance and simplify the development of new solutions. This approach enables financial institutions to accelerate their time-to-market and cut costs by utilizing reusable components.
With Liferay’s flexible and extendable platform, financial organizations can quickly deliver consistent brand experiences. By empowering users with out-of-the-box features and low-code capabilities, they can create new solutions independently, reducing the need for IT involvement.
- Provide B2B2B Experiences
When commercial banks provide financing via dealers or manufacturers, they must navigate the needs of both the intermediary and the end customer throughout the process.
Liferay enables financial institutions to create dedicated portals for both dealers and clients.
For instance, agents can utilize a dashboard to track all the contracts they’ve sold, along with the latest updates on offers, resources, and marketing materials. This system is integrated with a client portal, allowing end customers to view their loans and access pertinent information. As a result, the bank enhances its visibility and control over both the dealer and client experiences.
Liferay Delivers Essential Features That Enable You To:
- Quickly launch and set up portals tailored for various business partners.
- Effortlessly reuse content across multiple sites.
- Maintain control over the extent to which your partner’s marketing team can personalize their white-labeled client portal.
Establish workflows to facilitate approval processes for the customizations mentioned above.
How Can Nirvana Help Commercial Banks With Liferay DXP
At Nirvana Lab, we specialize in delivering top-notch Liferay services in USA, tailored to meet the unique demands of commercial banks. Our Liferay solutions enable banks to build efficient, secure, and personalized digital experience platforms (DXP).
As a leading Liferay development company, we help enhance customer engagement, optimize workflows, and deliver superior user experiences. Whether it’s seamless integration or scalable portal development, our Liferay expertise drives digital transformation for banks, ensuring a future-ready platform.
Frequently Asked Questions
How does Liferay help commercial banks improve client onboarding?
Liferay streamlines the onboarding process by providing customizable automated workflows and document management features. This allows banks to enhance user experience, reduce abandonment rates, and ensure compliance with regulations while facilitating self-service options for clients.
What self-service features does Liferay offer to boost customer satisfaction?
Liferay enables banks to create a unified self-service client portal, allowing clients to access sensitive documents securely, find immediate answers through a knowledge base, and communicate through preferred channels, all from a centralized platform.
How can commercial banks leverage Liferay for personalization and cross-selling?
Liferay allows banks to personalize customer experiences based on user profiles and browsing habits, leveraging predefined customer segments. This helps in delivering targeted content and recommendations, increasing customer engagement and cross-selling opportunities.
What benefits does Liferay provide in terms of time-to-market for new solutions?
By utilizing Liferay’s flexible and extendable platform, banks can quickly develop and deploy new solutions using reusable components and low-code capabilities. This significantly reduces reliance on IT teams.
How can Nirvana Lab assist commercial banks with Liferay DXP?
Nirvana Lab specializes in providing tailored Liferay services to commercial banks, focusing on enhancing customer engagement and optimizing workflows. Our expertise in Liferay solutions ensures efficient, secure, and personalized digital experience platforms, driving successful digital transformation for banks.
