Thought Leadership

4 ways a digital branch can transform your finance firm

Reducing churn and empowering persistent relationships in an age of constant distraction


onsumer habits haven’t just changed dramatically over the past decade. They’ve diversified as well. One thing that’s never changed, however, is the need to drive persistent relationships in an increasingly competitive market.

Just a few years ago, much of the emphasis was on mobile-friendly websites and apps. Today, innovative business leaders across the finance sector, and others, are now looking towards omnichannel customer experiences.

A digital branch is much more than just a mobile app or an interactive website. It’s a complete virtual branch that mirrors the functions of a physical branch, albeit with the convenience of being readily available to customers no matter where they are or what sort of device they’re using. In finance, this means having a one-stop solution for transactional operations, customer support, and managing the entire portfolio of services offered.

Here are four exciting ways a virtual branch can transform your business and fuel exponential growth:

1. Stay open around the clock

Your employees might not be working around the clock, but that doesn’t mean you shouldn’t be available for clients whenever they need you. Many people are now accustomed to doing their banking out of hours, whether it’s applying for a loan, signing a document, or transferring funds.

A digital branch, powered by a one-stop portal, doesn’t only provide a space for clients to carry out transactional operations as they would with a regular mobile banking app. It also provides instant access to the full range of services a company offers, without having to visit the office in person.

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2. Reduce customer churn

In the finance sector, there’s no shortage of options for customers when it comes to choosing where to put their money. In the old days, it was usually just a matter of choosing a firm with a local branch. But now that in-person visits are down to an all-time low, customer satisfaction depends more than ever on the way they interact with you via digital channels.

Poor service is one of the most common causes of customer churn. Some common examples include unnecessarily complex and lengthy application processes or difficulty accessing and managing the services they use online. Consolidating everything under a one-stop portal leads to an improved customer experience, which also means reduced attrition.

3. Deliver a high-touch service

Modern banking is about providing a high-touch, high-tech experience in which the customer journey is seamless and consistent. Not every client will use the same channels in the same order either. For example, some customer journeys begin on a smartphone, while others might begin in a physical branch.

Regardless of which way the customer journey flows, establishing a one-stop portal provides a customized experience that helps drive persistent relationships. By incorporating the latest digital techs, such as electronic signatures and document management, clients will be able to do everything they can do in a physical branch, albeit remotely and on their terms.

4. Simplify incident response

Keeping all client interactions in one place also makes it easier to identify and resolve issues faster. Every digital activity throughout the customer journey leaves an auditable trail of data, which helps you continuously improve the experience, garner insights into what’s working and what isn’t, and escalate issues which need immediate attention. No more attempting to track down an important contract in dozens of different inboxes!

Launching a one-stop online portal that delivers a seamless customer experience also helps you move away from inefficient solutions like email, as well as less secure platforms like consumer-grade instant messaging apps. Moreover, you can integrate other critical business systems so that you can manage things like secure messaging, digital signatures, documents, and transactional information all in one place.

Moxtra helps finance firms drive persistent client relationships with branded virtual branches. Get in touch today to start building your digital portal.

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