5 Key Values to Look for in a Digital Banking Provider
There are typically multiple areas that need to line up for a digital banking provider to be the right partner for you. Elements such as business model, philosophy, and culture may be considered. At the end of the day, you may love our people, our mission, and our approach but if we don’t back it up with quality technology that you and your members can count on, it will be all for naught. Here are the 5 key values to look for in a digital banking provider.
Quality
The tyfone nFinia® Digital Banking Solution has been in production for close to 10 years, has been used by some of the largest and smallest financial institutions (FIs) in the country, and has been through countless vetting cycles. We offer more channels, 300+ features, open API integration architecture, and a highly tenured team to ensure we deliver a high quality solution. Tyfone is old enough to know better, and young enough to be adaptable. We are big enough to have tight processes in place, and small enough to work on the fly when necessary. We have dependable teams in delivery and QA to ensure releases are bug free and ready for prime time! Our omnichannel implementations with app store rating features typically score in the very high 4.9 stars and above.
Security
Tyfone has a strong history and background in digital security with our initial business focus being primarily around the authentication of a digital user for mobile payments with our u4ia® action/transaction security layer. Tyfone holds 130+ patents in this area. Our digital banking solution leverages our u4ia® security solution, is built on NIST V1.1 standards, and offers a highly configurable layered cyber security approach.
Ease-of-use
Our solution is ever evolving with one goal in mind, make users lives easier, give them greater access to more features and “don’t make them think”. We follow a “Get things done” UI/UX methodology that takes cues from past learnings, years of data, customer and user feedback, analysis of technology giants, regulatory requirements and more. We focus on bringing in parallels to digital systems and software that members use more frequently than digital banking (like social media) and help match those expectations. This means faster recognition of what’s possible and how to navigate to features and information.
We approach our omnichannel solution from a mindset that feature parity is important, but blind parity does not equate to a better experience. It is important to offer as many features as possible in as many channels as possible. And it is also important to understand how members use and navigate each channel and device differently, while leveraging specific device native functionality to offer tailored channel/device features.
At the end of the day we recognize members are looking to digital banking for one of two reasons:
- To learn something
- To accomplish a task
The faster, easier, and more intuitively we help them accomplish those things digitally the better their perceived experience will be with you, their FI. Ease-of-use is not just focused on members, our harmoney™ management console brings modern user experience to back-end processes that make employee processes more efficient as well. Where most back-ends are left in the mainframe era, harmoney is an admin console for today!
Reliability
Reliability falls in to two categories. Reliability as a partner and reliability to users. Tyfone puts a major focus on maintaining high touch collaborative relationships with all of our customers where our goal is to be an extension of your team. We truly believe we succeed when you do, therefore a pillar of the heart of tyfone is executional excellence. Be reliable, never over promise and under deliver. When it comes to reliability to members, tyfone leverages an ultra modern live-live infrastructure. The days of the traditional Disaster Recovery (DR) model are dead. Our systems run in sync, and fail over automatically and instantaneously with no human intervention required. This allows tyfone to offer the highest availability uptime in the industry.
Innovation
Innovation is important, sustainable innovation even more, when it comes to digital banking. Let’s face it, you would never want to do a digital banking conversion again in a year. At tyfone we believe digital banking needs to move at the pace of digital, not at the pace of banking. User expectations are rapidly evolving and changing. Their expectations are set outside of digital banking by technology giants like Amazon, Google and Facebook who move fast!
A proper relationship with your digital banking provider should last decades, not months or years. Therefore, it is not enough to be innovative only at the time of contract signing. A digital banking provider must diligently work to stay innovative and competitive. At tyfone we are privately held, we have not taken traditional Venture Capital (VC) money and our focus is on building the right product the right way that has staying power; not a quick exit. This guides our company’s philosophy and decisions. We reinvest our profits into building, supporting, and innovating our solution.
We have two groups responsible for feature development:
- Product Management: This team works on defined product roadmaps with committed timelines
- Tyfone innovation labs: This group is “unleashed” and allowed to focus on the future, play with new cool tech, and build POCs.
These two teams work together to continually evolve our product and its roadmap. The roadmap is shared quarterly with all of our customers. We present what we did (and didn’t do) last quarter, what we plan to do the upcoming quarter, and for the next 12 months. We have quarterly releases which typically include minor enhancements, yearly major updates, and every 3 to 4 years we do a major overhaul. Our hope is tyfone is the last digital banking partner you will ever need, its our job to stay relevant and innovative to ensure you stick around by choice.
