The digital service is available through the mobile application for both new and existing customers of the bank
Fibank (First Investment Bank) is upgrading the possibility of remote signing through its My Fibank mobile application, introducing an autonomous process for signing credit products. With this innovation, the bank improves the overall customer experience, facilitating the signing process for customers who can now apply, receive approval, sign the documents and use a credit product entirely online and through only one application - My Fibank. The bank is also adding new products available for fully digital application and absorption without visiting an office.
With the new service available in the My Fibank application, individuals can apply for consumer credit, product credit, credit card or overdraft. A step-by-step, intuitive interface guides the customer through the application process in just a few minutes. Upon approval by the bank, existing customers receive a push notification on their smartphone, which leads to the review and signature of the documents. After signing the contract, the customer receives the amount on his account within minutes.
Upon approval of a credit product for persons who have applied but are not yet Fibank customers, an SMS is sent with information that the customer has been approved and a link from which to download the My Fibank application. Once the user installs the app, it will guide them through the new customer registration process. At this step, the package of documents for the approved credit product is also added - for review and signature. Upon successful customer registration and confirmation by the bank, the user becomes a Fibank customer with active mobile banking and receives the credit product he wants.
In this way, access to credit services becomes increasingly easy and flexible, and customers are offered a diverse palette of options for managing their finances.
Interview: Enhancing Customer Experience in Banking Through Technology
Editor (Time.news): Welcome to our interview segment, where we explore the latest innovations in various industries. Today, we have the pleasure of speaking with Dr. Elena Nikolova, a financial technology expert. Dr. Nikolova, thank you for joining us!
Dr. Elena Nikolova: Thank you for having me! I’m excited to discuss the recent advancements in digital banking.
Editor: Fibank has just introduced a game-changing feature in their My Fibank mobile app, allowing customers to sign credit products remotely. What do you think about this innovation?
Dr. Nikolova: This is a significant step forward for customer convenience. The ability for customers to apply, receive approval, and sign documents entirely online is a game changer. It not only streamlines the banking process but also aligns well with the increasing demand for digital services, especially following the pandemic.
Editor: Absolutely. In your opinion, how does this change impact the overall customer experience?
Dr. Nikolova: It fundamentally transforms customer interaction with banks. Customers no longer need to visit physical branches, which can be time-consuming and inconvenient. By facilitating a fully digital application and approval process through a single app, Fibank is enhancing accessibility for both existing and new customers. This not only improves satisfaction but also promotes loyalty.
Editor: Enhancing accessibility is crucial, especially for younger demographics who prefer digital solutions. What do you think might be the implications for traditional banking branches?
Dr. Nikolova: We might see a significant shift in how traditional banks operate. As more banking services become digital, banks could focus more on advisory roles rather than transactional services. This could lead to a reduction in the number of physical branches, particularly in urban areas where digital penetration is high.
Editor: That’s an interesting perspective. With these advancements, how should banks like Fibank address security concerns related to remote signing?
Dr. Nikolova: Security is paramount in digital banking. Fibank must ensure that their app uses robust authentication methods, such as multi-factor authentication and encryption protocols. Moreover, educating customers about cybersecurity best practices is essential to build trust in these new systems.
Editor: Good point. Do you believe that this innovation will set a trend for other banks in the region?
Dr. Nikolova: Absolutely. When one bank successfully implements such a feature, it often leads to competitive pressure for others to follow suit. This could spark a wave of innovation across the banking sector, pushing more banks to adopt similar or even more advanced digital solutions to stay relevant.
Editor: Before we wrap up, what advice would you give to banks looking to enhance their digital services in the wake of this trend?
Dr. Nikolova: My advice would be to prioritize customer experience and actively seek feedback. Implementing user-friendly design principles and ensuring their services are intuitive will be key. Additionally, ongoing investments in technology and cybersecurity are crucial to maintain trust and keep up with rapidly changing customer expectations.
Editor: Thank you, Dr. Nikolova, for your insights on this exciting development in digital banking. It’s clear that innovations like those from Fibank are paving the way for a more convenient and efficient banking experience.
Dr. Nikolova: Thank you for having me! I’m looking forward to seeing how this evolves in the coming years.