Drive pain-free digital banking transformation: Meniga

Building your own technology stack and digital capabilities in-house is usually a false economy. With a glut of fintech vendors on the market, as well as each bank having different needs and goals, selecting the right partner demands careful consideration. While focusing on technology deployment, integration, and extensibility demands, it’s easy to lose sight of what your digital bank is really all about. Today’s banks are in a digital arms race, and it’s never been more important to have the right technologies in your arsenal. Digital engagement is one of the most crucial front lines in the battle for customers—directly moving the needle on core business goals like acquisition, loyalty, retention, and revenue.

As a result of the pandemic, customers are also relying on digital services like never before. In recent months, channels like mobile banking have seen 30% greater uptake. It’s a trend that’s here to stay—87% of customers say they’ll continue these new digital habits. In a recent survey commissioned by Meniga of over 4000 banking customers worldwide, 44% have switched banks because of a poor digital experience. To reap the bottom-line benefits of attracting and retaining more customers, your bank needs the technical capabilities to drive deeper engagement. The ability to innovate and improve digital products is now the top priority for three-quarters of banking executives worldwide, while almost nine-in-ten are planning further technology investments. Three-quarters of bankers Meniga surveyed also agree that new engagement tools, such as the ability to offer hyper-personalized digital services, will particularly impact customer monetization. However, driving such wide scale digital transformation can seem like an insurmountable challenge. You need to modernize complex legacy technology and make your data easily accessible without disrupting day-to-day operations, while also minimizing time to delivery, implementation costs, and the risk of failure.

As experts in digital engagement, Meniga possesses the technology and experience to help organizations accelerate innovation and harness the right solutions. Meniga knows what works from supporting more than 170 banks in 30 countries, assisting 100 million digital banking customers with their solutions, and processing over 15 billion transactions a year. At Meniga, there's no data system they haven't seen, and no challenge they can't solve. Meniga has distilled the best practices for building and launching a digital bank from hundreds of deployments and has overcome thousands of problems in creating the tried and tested solutions they offer today. No matter where an organization is based, what language they speak, or what legacy systems they're using, Meniga can work closely with them as part of their own team to ensure painless technical implementation in the shortest possible time—whether on-premises or in the cloud via Software-as-a-Service (SaaS).

Work with us on-premises or in your cloud of choice

If you’re reluctant to abandon past infrastructure investments and want to maximize their value, Meniga can install solutions on-premises. Alternatively, if your bank is already operating in the cloud, Meniga can install solution on your platform of choice, for instance Amazon Web Services or Google Cloud. Meniga’s professional services and project teams will adapt how they work to your established internal policies to make the deployment process as painless as possible, as well as carefully preparing your team for on-going operational management.

Ultimately, this enables you to retain complete control over customer data, cybersecurity, compliance, and IT performance.

Cloud services help you stay on top - and innovate faster

In this SaaS, Meniga is also edging ahead as the leading choice internationally, with 52% of global bankers surveyed saying it's their primary route for digital banking transformation. Working with Meniga via SaaS enables customers to drive exceptional customer engagement at a lower operating cost, as well as offering lightning-fast access to new services or solutions. In the long run, relying on Meniga's expert team for operational management is not only cheaper for customers but also ensures they can do things quickly and correctly the first time.

There's a reason the number of cloud-based digital neobanks rose by a third during 2021 and raised around $12 billion in venture capital funding. Operating in the cloud gives these banks incredible agility, while also minimizing their operating costs—making an on-premises approach look increasingly cumbersome in comparison. Meniga's SaaS approach minimizes risk and time to market while also ensuring their platform delivers on its promises. Meniga can give customers immediate access to agile IT resources and open-source tools that can scale cost-effectively with demand, as well as the ability to add new solutions from Meniga's broad ecosystem at the click of a button. Even the most conservative and traditional banks are taking note of the cloud's potential, with 84% of bankers agreeing it's game-changing.

The global bankers surveyed pointed to scalability, security, and speed to market as the top three biggest benefits of a SaaS-based approach to digital banking transformation. It's good to see that banks are increasingly recognizing that the cloud's security benefits outweigh its risks, given that major platforms like Amazon Web Services and Microsoft Azure have invested heavily in top-of-the-line cybersecurity over many years.

Transforming digital banking forever

Raj Soni is the CEO of Meniga.