There are now 310 entrepreneurs for every 100,000 adults in the U.S., which translates into 530,000 new business owners every month, according to the Kauffman Foundation, a national entrepreneurship nonprofit. Additionally, the profile of today’s entrepreneur is changing. Now the largest share of the American workforce, Millennials are starting businesses at a faster rate than previous generations. This group also has vastly different expectations when it comes to banking, making it critical that financial institutions offer solutions that meet both their needs and expectations.
However, many financial institutions have a fragmented approach to digital banking with separate platforms and different vendors for both businesses and consumers. Many institutions are left with information about their account holders in silos, providing no cross-over information from channel to channel, thus creating imperfect experiences for account holders. Financial institutions must adapt to their account holders’ channel preferences, the growing number of business accounts and the demand for mobile functionality by offering a single digital banking solution for both consumers and businesses.
VSoft’s digital banking solution provides institutions with a consolidated view of their account holders. VSoft’s digital banking solution is a single digital banking platform for both consumers and businesses. Best of all, the user may choose the device of their choice: phone, tablet, or computer. By consolidating products and providing a consistent, intuitive user interface, this will ensure a superior experience for all account holders.