Financial service is always an indispensable industry in any country. Whenever people have a trading transaction, the monetary unit will be the measurement to exchange the value between the goods/services. Therefore, more and more individuals, organizations, fund investments want to invest and build a financial enterprise. A bank enterprise is the most common option. For operating a bank, you must recognize that trust is an important element of the relationships between the bank and the customer. However, the world is having a wide range of banks today and the financial service market becoming more competitive than ever. To increase the competitive capability of a bank, a manager desires to build a great loyalty program that can help them to observe, research, understand and enhance customer loyalty in the bank based on the information from the customer behavior and customer confidence.
As you might know, building a loyalty program includes many parts. Especially, loyalty software is the most crucial part because it is a direct tool to obtain, process, analyze the data and communicate with the customers. Normally it has two methods for communicating with the customer. The first is a traditional method, namely customer survey paper, complaint note, suggestion box. The last one is modern methods such as using the website or loyalty mobile application to collect the feedback from the customer or declaration function for the bank employee helpdesk. With the popularity of mobile banking apps, building a loyalty mobile application is an effective way to approach customer confidence.
BIDV banking loyalty mobile app
However creating a loyalty mobile application needs a large technical resource and not every bank can fully provide this request. Finding a third party, who helps to build the loyalty software, is the more likely option. This blog will guide you on how to choose a reliable banking loyalty app builder in Vietnam.
1. Knowing what you are going to do
Identify your demand
Determine the purpose and defining the function of a loyalty mobile application is essential which you need to have in your bank. It is the first thing you need to clarify before making any decision because if you can identify your demand, you will know what the acceptance criteria are and you can focus on it from the beginning.
2. Researching the current development trending
Look around the market and see what loyalty programs are used by another competitor, especially if the competitors have the same service or model as your bank. This step will help you identify the prioritization when you start to develop the loyalty software.
3. Finding as much help as you can
Sending your demand to every vendor you know. Each vendor will have a different ideal and loyalty application architecture and they can provide a diversity of solutions. You can learn from them by choosing the most appropriate solution for your bank. Besides that, you can catch the market trend and market price to develop a new loyalty software.
4. Checking the history working of each vendor
Assessing the finished product of the vendor. Collecting the achievement and experience of the vendor will give you an overview of vendor ability and easy to compare when you have many options. You also can ask them to present the demo version and base on that you may gain a little knowledge about the core loyalty application architecture. Moreover, If the chosen provider does not want to deal with you in the future, having the simple facts will put you in a better spot.
5. Assessing the vendor ability
Carefully review all the functions, workflow, security ability which is presented by the vendor. To ensure this aspect, you need to answer these questions below:
- These functions are enough to adapt the basic requirement from your bank to manage customer loyalty in the bank?
- Does the product have a user-friendly interface?
- Can your team operate this product?
- The product can be enhanced or exceeded in the future?
- Have any special activities in your bank that cannot be used by this product?
- The database structure is convenient for making the report and analyzing the data?
- If you want to connect your product with another system, can this product support it or not?
- Have any workflows in your bank cannot be supported by this product?
- Is the workflow flexible for changing? If it is complex, the cost to make it is how much and who can do it.
- What is the security level of this product?
- Can you control and protect your data to avoid the competitor?
6. Seeking professional help
Asking the consultant from the software development experts. At this step, you may have some solutions provided by the vendor since your team is not able to choose the best practice solution. A technology consulting company will help you to review, SWOT analysis for each solution, suggesting the best potential development plan, listing the milestones, supporting to identify the evaluation criteria…Based on the outcome of this step, you will make a final decision about what method to use and what vendor will assist you in developing loyalty apps.
7. Creating a tight contract
Finally, making a development contract is vitally important between you and your vendor. Although you strongly believe in the project development plan, you have to consider the commitment of the vendor which will be recorded into the contract since no one knows what can happen. Usually, a project can be adversely affected by many reasons (objective and subjective) like project member change, technical limitation, disruption in the development process, the product does not like the original design…Indeed, you do not want to use these terms in the contract but you must ensure that if the product does not work, you lost your time not both your money.
The above content is the things you need to concern yourself with before you expect to develop any product for your bank. Stay tuned and keep following our publication and if you are seeking an efficient loyalty app, please do not hesitate to contact Kyanon Digital.