Reevaluating industry standards uncovers opportunities to lower costs, decrease complexity and strengthen relationships with digital customers
OMAHA, Neb., April 22, 2014 – D3 Banking, an innovator in Data Driven DigitalTM banking, announced that it will present new money movement capabilities at FinovateSpring in San Jose, Calif. on April 29, 2014. The company’s fresh perspective on traditional banking allows financial institutions to regain control over fundamental banking services, such as account-to-account (A2A) transfers, person-to-person (P2P) payments and bill pay, lowering the associated costs while creating a better customer experience.
“Government regulations, combined with both reactive and proactive technical innovations, have dramatically changed the way that money moves and payments are processed,” said Mark Vipond, CEO of D3 Banking. “Too many financial institutions have outsourced control of the user’s experience in an attempt to keep up with the changes. As a result, they lost access to the digital data needed to deepen customer relationships and diluted their brands while driving up the cost and complexity of their money movement operations. As an industry, we need to stop compounding old issues and look at money movement from a new and simpler perspective.”
D3 Banking is a single solution that provides a comprehensive set of data driven digital banking services that can be delivered to any digital device – laptops, smartphones and tablets. It allows financial institutions to control the user experience for all money movement functions, manage costs through use of alternative routing algorithms and allow customers to focus on what they most care about when moving funds; i.e., who, how much and when. This new process gives financial institutions access to all money movement data, enabling them to predict future cash flow and safe-to-spend information for customers, which can strengthen their advisory role.
“Having control of money movement and its associated data allows financial institutions to offer customers a higher level of service and convenience,” said Wade Satterfield, Director of Digital Service Systems at Arkansas-based Arvest Bank. “With D3 Banking’s recipient and schedule-based approach, customers do not need to know the difference between a bill payment, a transfer or a P2P payment or move from one page to another to complete the transaction. They only need to select the recipient and the date the transfer or payment must occur. If they need the payment to be expedited, they will be presented options and associated costs, if any, to ensure the transaction is completed on the desired date.”
The D3 Banking platform uses contextual actions to simplify the user’s interaction. Customers can schedule A2A and P2P transfers and pay bills from their main digital banking dashboard where their accounts, balances and recent transactions are presented. In addition, an institution can offer its customers expedited payment options and disclose the fees associated with those options, if any. For a quick snapshot of payment activities, customers have access to a graphical representation of their past and scheduled transactions along with the impact of those transactions on their cash flow. With this cash flow information and D3 Banking’s predictive capabilities, institutions can alert customers to potential low-balance issues.
FinovateSpring is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in San Jose, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate, and unique format. FinovateSpring is organized by The Finovate Group. For more information on the event or to view videos of previous demos, please visit finovate.com.
About D3 Banking
D3 Banking reduces the cost and complexity of digital banking by providing an omnichannel platform that can be accessed via laptop, smartphone, or tablets. The company provides responsive web design in a transactional environment to deliver a consistent user experience anytime, anywhere, on any device. Its Data Driven Digital™ banking leverages a powerful analytics engine that allows financial institutions to personalize their product and service offerings for each unique customer.