How does Hylobiz help banks build stronger relationships with clients?

The banking industry is greatly influenced by the growing customized demands of their customers and is seeking solutions to meet their complicated needs. Although earlier the scenario was different, this era demands a strong need for banks to sync with automated solutions for real-time collections and receivables.

Digital banking services are the need of the hour and have finally led to the birth of the cloud. Bank customers can access real-time banking data and complete virtual transactions anytime, anywhere. To ensure enhanced customer service, banks have collaborated with fintechs to deliver better offerings in terms of data security, online banking facilities, automation of workflows, streamline processes, and many more.

Hylobiz, a leading fintech solution, offers a comprehensive suite of tools to help banks deliver superior customer experiences and gain a competitive edge. Building strong client relationships is paramount to the success of any bank. In this blog, we will learn how the platform helps banks maintain better relations with SMBs and corporates by offering a handful of tech-smart solutions.

The Role of Technology in Banking

Technology has revolutionized the banking industry, transforming the way financial institutions operate and interact with customers. It has empowered financial institutions to offer seamless and personalized services to improve operational efficiency and reduce additional costs on other resources.

By leveraging advanced technologies, platforms like Hylobiz help banks offer their customers with:

• Auto-importing invoices from ERP – Bank customers can connect with pre-integrated accounting platforms or ERP to smoothly import invoices and send automated payment links or reminders.
• Automating and Facilitating Digital Payments – Hylobiz offers a comprehensive payment hub that enables digital payment collection through Credit/Debit cards, Net banking, Aani, Direct debit, POS and Virtual accounts.
• Optimizing Collections – Customers can manually update transactions for offline payments (cash, cheque, etc.) within the Hylobiz platform, ensuring a complete audit trail for every action.
• Configurable Reminder Rule Engine – Hylobiz helps businesses to improve Daily Sales Outstanding by automating payment reminders and follow-ups to send messages through SMS, email and WhatsApp as per the defined frequencies.
• Field Collection and Audit Trial – Customers can update a transaction for any payment made outside the Hylobiz collection hub using cash, cheque, or other methods. An end-to-end audit trail is maintained for each action at a transaction level.
• Real-time Insights – Comprehensive business dashboard shows ageing, upcoming and overdue transactions and business health for better financial visibility and decision-making.
• Connected Banking – Hylobiz enables integration with Connected/Corporate/Core Banking APIs to bring a powerful banking experience to bank customers and enable seamless payouts.

How does Hylobiz empower Banks?

Hylobiz plays a pivotal role in helping banks strengthen their client relationships through several key areas:

• Streamlining Operations:
  • Automation: Hylobiz automates routine tasks such as invoice management, payment reminders, and reconciliation, reducing manual effort and errors.
  • Efficiency: By streamlining processes, banks can improve operational efficiency and reduce costs.

• Enhancing Customer Experience:
  • Seamless Platform: We offer a user-friendly platform that provides a seamless experience for both banks and their customers.
  • Real-time Insights: The platform provides real-time insights into customer behavior and preferences, enabling banks to make data-driven decisions.

• Offering Value-Added Services:
  • Expanded Product Offerings: Hylobiz enables banks to offer a wider range of products and services.
  • Strategic Partnerships: By partnering with fintech companies, banks can access innovative solutions and enhance their offerings.

Digital Transformation in Banking

With rapid digital transformation, financial institutions are left with no other choice than adapting to the evolving needs of their customers. Hylobiz is at the forefront of this transformation, offering innovative solutions that empower banks to deliver exceptional customer experiences. By streamlining operations, enhancing security, and providing valuable insights, Hylobiz helps banks build stronger, long-lasting relationships with their clients.

Are you ready to take your bank to the next level?

Partner with Hylobiz today and unlock the power of digital innovation.

Schedule a demo to learn more about how Hylobiz can help your bank thrive in the digital age.