• Product Reviews
• 23.03.2022 08:44 am

1. What does the product do?

Customers today expect access to their financial services 24/7, be it setting up a new direct debit from their bank account, to checking the balance of their mortgage loan. They want a service that is seamless, quick, and easy, with digital capability driving this functionality, across smartphone apps and interactive, online services. 

The Interact Application Suite is designed to meet the demands of these financial services customers in today’s digitally driven world. 

It is an all-encompassing, digital platform designed to rapidly transform the entire customer experience of multiple businesses within the financial services sector, including banks, building societies, mortgage providers and motor finance providers. From acquiring and onboarding new customers to self-servicing, collections and retention, the Interact Application platform is designed to meet their entire operational needs. 

The full suite comprises of the following:

• Interact Acquire: Fully personalised origination software that allows customers to open an account without having to visit a branch.

• Interact Connect: Self-service banking designed to tailor the digital experience with the customer’s needs.

• Interact Switch: Designed for mortgage providers to increase their retention rate by making it easy for customers to switch online to a new product at the end of their current offer period. 

• Interact Collect: Allows customers to manage overdue payments anytime, anywhere.

The Interact Application platform also provides in-depth business intelligence and analytics, helping clients to create personalised experiences and identify opportunities to cross-sell and upsell.

2. Who needs the product?

The Interact Application platform is designed for those financial services businesses that are aiming to improve their customer service channels using digital technology. 

One clear example is those “traditional” financial services providers, previously reliant on a branch network for face-to-face transactions, who recognise that now is the time to invest in digital functionality. This could be anything from creating a purely online account opening process, to being able to service their mortgage account using a smartphone app. 

We work with multiple areas of the financial services sector, including banks, building societies, mortgage providers and motor finance providers. 

3. What is special about the product?

The modular nature of the suite allows clients to pick and choose only the service that they want. 

For example, a building society might only want to concentrate on introducing online account opening functionality. If this is the case, Interact Acquire will be the only product they need. If they wish to introduce online account opening, plus the ability for customers to self-serve, then they can add Interact Connect too. 

The products are all able to seamlessly integrate within client’s established branding, so will look natural and part of the overall look and feel of the business. 

We also offer 24/7 support for clients using our products, which of course all adhere to the expected compliance regulations, including PCI, DSS and SCA compliance.

4. What features are relevant?

The platform’s low-code capabilities allow us to configure and deploy new solutions for clients in weeks, not months. 

We can therefore transform a client’s ability to launch secure, online functionality in a quick timeframe.

5. Who is the competition?

There is a lot of competition out there, with many fintech providers claiming to make their clients’ lives easier. 

We are proud of the services we offer and the client-base we have built up. Rather than focus on the competition, we instead put our energy into continuous innovation, research and development so we can continue to provide the solutions that will take our clients’ online customer service offering to the very next level. 

6. What are some real case examples?

We worked with DF Capital, a specialist savings and commercial lending bank, to develop a digital interactive channel allowing its savings customers to self-serve their accounts, and apply for new products, fully online. 

The platform enables customers to interact with their accounts and make instant decisions on various tasks, such as what happens when fixed-term savings accounts mature, as well as view balances. 

It saves time and effort for the bank itself, with automated processes now freeing up resources to continually improve its offerings.  

Another interesting example comes from our work with Darlington Building Society, whose members can now open accounts online in a more streamlined way, use self-service mortgage options and benefit from even more enhanced security with two-factor authentication.