Chapter 1 IntroduCtIon to dIgItal experIenCe platforms • Improved user satisfaction: The banking XP should improve the usability thereby improving the overall user experience. • Faster time to market: The banking XP should provide optimized processes and reusable technical building blocks that reduce launch time of new releases. • Reliability, availability, and performance: The banking XP should provide a reliable and highly available platform to provide an enhanced user experience. Digital Imperatives for Modern Banks Disruptions in digital technologies are impacting modern banks. Banks are heavily adopting digital technologies to remain competitive. Given below are the key digital imperatives for modern banks: • A mobile device is the primary access channel for accessing web applications. So banks should provide mobile friendly web or apps for mobile platforms. • Digital banks are one of the emerging trends, wherein the banks provide branchless digital banks that solely rely on digital channels. • Increasing use of gamification concepts by rewarding banking customers for their online transactions and activities. • Increasing use of AI tools such as chat bots, personalized recommendations, etc. • Money management tools (such as spend analyzers, budget planner, debt analyzer) and self-service tools are increasingly used in digital banks to aid customer decision making and to minimize information clutter. • Digital payments and digital wallets are some of the features gaining momentum in digital banking channels. • Social banking that actively leverages social and collaboration features is one of the most popular features in the digital bank. • Optimized and simplified processes (such as 1-step registration, or a simplified customer acquisition process) 25