Thursday , 18 July 2019

Digital Insight Innovation Lab Revolutionizes Institutional Mobile Banking

Back in 2007, Intuit bought a company named Digital Insight for $1.35 billion. The company became the Intuit Financial Services group, offering online banking solutions for financial institutions. Being one of the major players in the digital banking industry, the company grew to also serve customers beyond financial institutions.

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After being bought again, Digital Insight has around 650 employees that manage upwards of 600 mobile banking apps available in the app store. They service financial institutions and provide digital solutions that are meant to work across platforms while creating more selling opportunities. Thoma Bravo, a private equity firm, bought Digital Insight to refocus the company on furthering digital innovation for financial institutions. The price paid was a sum of $1.025 billion in 2013.

Digital Insight Transforms Business

The story of Digital Insights is a perfect example of how digital technology leads to transformation in business. By providing solutions that allow banking service providers to do business differently, they allow their clients to engage more frequently with customers and profits to the bottom line. The success lies in integrating digital technology the right way, changing the way business is conducted.

Digital Insight Innovation Lab

One of the ways Digital Insight transforms business is through the use of their insight innovation lab. In 2014, after the company was sold, they developed an innovation lab. This lab’s purpose is to help financial institutions experiment with emerging technologies before implementing them. This innovation lab experiments with technologies like biometrics, geo-fencing and location based services. However, that may change as new emerging technologies and digital content develop. The innovation lab offered by Digital Insight is one of the many ways in which they help to transform business and banking.

Digital Insight’s Partner

One partner of the company is EyeVerify. Together, the two are revolutionizing the way people people bank. Yes, even more revolutionary than the renowned microchips that are causing a stir.  EyeVerify developed a feature called Eyeprint ID that does exactly what you would assume. Remember how back in the day every spy movie used to have eye scanners as a security method? Well, the future is now. EyeVerify and Digital Insight have partnered to make Eyeprint ID a reality for bankers looking for the most secure way to access their accounts. This feature is present on mobile banking apps powered by Digital Insights, and so far, customers are loving it. With their new revolutionary eye scanning security feature, this partnership is changing the way the world banks.

Digital Banking Platforms

The new digital banking platforms providers, which include, online banking, mobile banking, payments, money management, small business features and marketing support solutions are driving innovation through digital technology. The financial institutions who are not already investing in these technologies can utilize their expertise and experience. Meanwhile, those who are already investing in digital technology are in a position to overtake the competition, creating more value and earning more revenue.

Is your company taking advantage of digital technology? As customers and stakeholders, we should be encouraging organizations in all industries to take advantage of the technology available. Please let us know if have any ideas in the comments below. Your suggests and feedback are most welcome.

Image from http://www.creditcardpayments.in/mobile-wallet/my-digital-banking-nirvana/

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