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ECOMMBX: From Revolution to Evolution

ECOMMBX: From Revolution to Evolution

In the early 1980s, when ATMs made their first appearances in the walls, when credit cards had the aura of a magic wand, and when telephone services known as “Home Banking” were welcomed as the new variation of customer rescue service, consumers sensed that they were on the threshold of a banking revolution. And when the first internet banking platforms were launched, there was no more doubt about it: Digital banking indeed triggered a revolution, fuelled by the rapid pace of technological development. And the people loved it.

 

Digitization, this total shift in how banks offer their services, how customers perceive them, and ultimately how businesses operate on a day-to-day basis is now experiencing a near-supernova moment. Yes, digital banking is exploding; but rather than bursting and fizzling out, it is generating new stars in the process: EMIs and Digital Banks. In addition to fulfilling core needs, they also offer innovative fintech solutions for local and global payments via e-accounts, e-wallets and cards through multiple electronic channels. The revolution has given way to evolution, and nowhere more so than at ECOMMBX.

 

After concluding the complete reinstallation of the company’s core banking platform, a digital transformation that was accomplished in the record time of just under one year, the BETA phase went live on 11 July 2022. It was a learning experience on the one hand, but also a catalyst that brought together all the members of the ECOMMBX team and challenged them to perform to their full potential. And now that the wheels of the evolution have been set in motion, ECOMMBX is preparing to launch the upgraded version which will include subsequent changes to the platform’s internal technological structure, but more importantly also an all-new Front End – a state of the art new Internet Banking and Mobile App. Its full deployment, which will take place in waves, will be completed by the end of 2022 – but the evolution will never end.

 

The whole process, from revolution to evolution leads to three basic conclusions:

1.Technology is itself a process; never ending, always surprising.

2.Glorious as it may be, technology is uncertain, volatile and complex – and above all, it is only as good as the people who employ it.

3.The measurement of success has nothing to do with technology, and everything to do with customer satisfaction.

 

It is only if and when technology makes banking faster, cheaper, better and safer, that it can be deemed useful and effective. The flexibility and convenience of 24-hour online mobile services and new communication methods, as well as quick and continuous access to information without the need for physical interaction with the bank all contribute to better customer service. But to achieve lasting success, the digital banking customer experience has to be reinforced with personalized products and customer care.

 

As consumers increasingly seek and expect financial services via digital channels, ECOMMBX takes every opportunity to adopt new technologies that are redefining the entire world of financial service. As we speak, Artificial Intelligence and Robotic Process Automation (RPA) are destined to elevate the levels of efficiency and precision, and ECOMMBX will be poised to embrace and evolve, to continuously improve its customer experience and achieve complete customer satisfaction.

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