In the dynamic world of digital banking, financial tools serve as a backbone, revolutionizing the way individuals and businesses manage their finances.

Digitalization has ushered in multiple tools that make money management more accessible and insightful for account holders.

In this blog post, we’ll spotlight financial tools that can enhance loyalty towards your financial institution while empowering account holders to achieve their financial objectives more easily.

With smartphones basically becoming an extension of our bodies, mobile banking apps have emerged as indispensable tools for account holders to access their accounts, transfer funds, pay bills, and monitor transactions on the go.

These apps offer a user-friendly interface coupled with robust security features, ensuring a seamless and secure banking experience. This level of accessibility not only enhances user experiences but also fosters financial education and empowerment.

From biometric authentication like fingerprint or face recognition to multi-factor authentication and encryption processes, these apps ensure that account holders’ financial information remains safe and secure. With real-time alerts and notifications, users can stay informed about their account activity, detecting any suspicious transactions and taking action to prevent fraud.

Beyond basic transactions, mobile banking apps offer multiple features and integrations designed to enhance financial management and decision-making. From customizable budgeting tools to spending habits and financial tracking, account holders gain valuable insights into their financial health.

As society becomes increasingly reliant on digital technology, these apps play a pivotal role in empowering individuals to take control of their financial futures. Thanks to modern mobile banking apps, users can enjoy greater convenience, security, and personalized financial management, paving the way towards more financial freedom and well-being in the digital age.

At Tyfone, we deliver a robust, modern, and secure digital banking platform that seamlessly combines high configurability with the cost-efficiency of a Software as a Service (SaaS) model. This ensures both you and your users have access to a flexible digital banking solution accessible from any device. Our digital banking platform works on screens of all sizes, whether on a large desktop monitor or a small mobile device.

Personal finance tools offer account holders a comprehensive view of their income, expenses, and overall financial health in real-time. Whether it’s tracking daily expenses, monitoring checking and savings accounts, or analyzing spending trends, these tools provide invaluable insights that empower users to make informed decisions and take control of their financial journey.

Budgeting is critical when trying to achieve financial wellness, yet it can often feel incredibly difficult and overwhelming. With so many automated payments, subscriptions and random fees, it’s hard to wrap your head around what’s coming in and what’s going out.

Financial management tools streamline this process by offering intuitive interfaces and personalization that make it easy to create and maintain budgets tailored to individual needs and goals.

By setting spending limits, categorizing expenses, and tracking progress over time, users gain greater control over their finances and can work towards achieving their financial aspirations with confidence. By visualizing their financial objectives, individuals are motivated to stay focused and disciplined in pursuit of their goals.

Other than budgeting, financial management tools offer features for investment and wealth management. From portfolio tracking and performance analysis to retirement planning and asset allocation, these tools provide users with everything they need to build long-term wealth.

Here at Tyfone, we recently had the amazing opportunity to partner with Emprise Bank, a customer of ours, to integrate MX’s cutting-edge financial management tools into their digital banking platform.

The bank’s previous platform obscured money management tools within its digital interface, resulting in a tedious search process for users and an overall financial tool usage of only 19.2%. Additionally, the experience was gated behind an enrollment wall, necessitating consumers to opt in before accessing these tools, which added unnecessary barriers to their utilization.

Thanks to Tyfone’s nFinia digital banking platform, Emprise successfully integrated those financial tools across all customer accounts. Now, upon enrollment in the digital banking platform, customers are seamlessly enrolled in the MX features in the background, ensuring everyone gains valuable insights for making informed financial decisions.

This integration resulted in a remarkable 3x increase in engagement with MX financial tools.
In fact, 56% of active users are now regularly interacting with the financial tools on Emprise’s platform because they are easy to use and brought front and center in a native way.

This is only one of the many benefits that resulted from Emprise partnering with Tyfone.

Automated loan skips represent a significant advancement in financial tools, offering numerous benefits for both financial institutions and account holders. This tool simplifies the process of deferring loan payments, providing borrowers with convenient options to manage their finances more effectively.

During times of financial hardship, such as job loss or unexpected expenses, automated loan skips offer much-needed relief by allowing your account holder to temporarily pause or reduce loan payments without facing penalties.

This flexibility not only alleviates financial stress but also helps preserve borrowers’ credit scores by preventing late payments. For lenders, offering automated loan skips enhances account holder satisfaction.

By streamlining the skip process through automation, lenders can reduce back-office burden , ultimately improving operational efficiency and enhancing overall account holder experience.

Also, financial institutions can better identify high-risk accounts at an early stage and take proactive measures to mitigate potential losses. This proactive approach not only helps protect the lender’s bottom line but also enhances the overall stability and resilience of the financial ecosystem.

Tyfone has helped thousands of account holders with our Skip-A-Pay service, enhancing their financial flexibility during costly periods (such as holiday season) or when facing temporary financial challenges. This flexibility allows them to allocate funds to more pressing needs, ensuring they can manage money more effectively.

This solution not only boosts account holder satisfaction by offering year-round, loan payment skips that don’t affect credit scores, but also dramatically eases your staff’s workload, saving them thousands of hours, all while generating additional revenue through skip fees. If you want to learn more about how you can increase operational efficiency and raise account holder satisfaction through automated loan skips, learn more about Skip-A-Pay.

Credit score is a critical factor that impacts account holders’ well-being and opens doors to opportunities. Credit score monitoring tools help individuals optimize this important aspect of their financial health.

By monitoring their credit score regularly, even directly from a digital banking platform, account holders gain visibility into key factors that impact their creditworthiness, such as payment history, credit utilization, length of credit history, and recent inquiries. Thanks to this up-to-date information, they can identify areas for improvement and take proactive steps to boost their credit profile.

Another added benefit from credit score monitoring tools is the presence of educational resources and insights that can help account holders better understand the factors that are impacting their credit health. Whether it’s clarifying credit terminology, explaining the impact of certain financial behaviors, or providing tips for improving credit score, these tools empower account holders to make informed decisions about their financial habits and goals.

Last but not least, credit score monitoring tools bring peace of mind in the financial journey of an account holder. By staying vigilant and proactive about monitoring their credit score, individuals can better manage their money and create more opportunities and successes for themselves.

The primary goal for financial institutions should center on embracing a comprehensive digital banking solution capable of delivering exceptional experiences to account holders while optimizing tedious operational workflows.

By prioritizing the streamlining of back-office operations, implementing advanced reporting and enhanced fraud management measures, financial institutions can unlock multiple benefits. From raising operational efficiency and sustainable growth to enhancing customer service, these initiatives help financial institutions stay ahead of competition.

For a more in depth look at Tyfone’s advanced digital banking platform, we encourage you to schedule a personalized demo with us. Experience firsthand how our innovative solutions can enhance your institution and help you deliver a personalized digital banking experience.