Summary: Digital banking platforms have made it easier for customers to deposit cheques, apply for loans, and transfer funds internationally. What are the benefits of these products for banks? Find out in the article below!
With the advancement of technology, more and more banks and financial institutions are shifting toward digitization and providing their banking services online. The online banking services have simplified account opening, funds transferring, managing loans and collaterals, and so on. Therefore, users do not need to visit the bank’s physical branch as they can do almost everything online.
With a digital banking platform, customers can check their transaction history, print account statement, make ACH payments, etc. Banks can leverage this platform for managing loans, approving collaterals, providing virtual assistance to customers, and perform credit scoring for customers. Get more insights on the benefits of digital banking products in the article below.
Digital banking platform is used to digitize key bank operations, facilitate digital customer interactions. It also enables banks to provide multiple digital financial products like internet banking and mobile wallets to customers. Within digital banking solutions, every operation can be completed online.
With it, banks can streamline tasks like managing loans and accounts, providing financial assistance to customers, automatically updating their passbooks, and managing multiple bank branches.
From the customer point of view, they can track transaction history, open account online, deposit cheques online through scanning, and transfer funds online. With the availability of digital banking products, customers can avail various banking services from the ease of their homes.
There are various digital banking platforms that can help banks to manage their everyday operations with much ease. Further, they can also streamline their entire customer onboarding procedure. Some of the best leading digital banks you can consider for this purpose:
nCino Bank Operating System digitizes tasks related to loans and deposits. It can be used for automating tasks like customer onboarding, deposit accounts, credit analysis, commercial loans pricing, agriculture lending, etc. Further, you can manage and monitor internal regulation with compliance management module.
Features of nCino Bank Operating System
nCino Bank Operating System Pricing: Available on request on its official website.
Finacle Digital Engagement is an omnichannel software that helps banks onboard and engage their retail, SMBs, and corporate customers. This suite helps you to provide personalized experiences to customers, bank staff, and external partners for different channels, devices, etc.
It can be used for managing deposits and covenants, creating cross-channel customer journey, reverse factoring, managing collateral, automating customer centric operations, etc.
Features of Finacle Digital Engagement Hub
Finacle Digital Engagement Hub Pricing: Available on request on its official website
Finflux is a lending platform that offers financial products to help lending businesses accelerate their business operations and manage the complete loan cycle.
Some common features you get with these products include real-time campaign management, gold loan management, loan portfolio automation, customer journey view, etc. The platform also lets you send outstanding payments reminders to customers.
Finflux Features
Pricing of Finflux: Available on request on its official website
Alkami digital banking platform assists regional banks and credit unions to provide the best online banking services to their customers. It provides features to streamline onboarding, account opening, engagement, security, and compliance activities.
You can use this banking platform to manage marketing campaigns, improve customer services, manage business accounts, customize customer’s card limits, etc.
Alkami Features
Pricing of Alkami: Available on request on its official website
Q2 Platform is a comprehensive suite that includes digital banking and lending solutions for banks, credit unions, fintech companies, etc. It comes with features like commercial clients onboard, wealth management, risk and fraud analysis, secure messaging, remote fund deposits, etc.
Features of Q2 Platform
Pricing of Q2 Platform: Available on its official website
Appway Digital Banking helps various banking and financial institutions to automate their customer onboarding and compliance management workflows.
It can be used for digitizing the client onboarding procedure, managing application approval and activation, conducting legal and compliance screening to stay, and so on.
Further, it integrates all the departments to work on the client onboarding in real time and also supports identity verification and biometrics to validate customer’s details.
Appway Digital Banking Features
Pricing of Appway Digital Banking: Price is available on request on its official website
NETinfo Digital Banking Platform delivers comprehensive features to complement the digital banking requirements of consumer-centric financial firms. With it, your customers can transfer funds, view their investments, manage their finances, etc.
Further, you can create a digital wallet for payments, develop marketing campaigns, and manage customers’ accounts.
NETinfo Digital Banking Platform Features
NETinfo Digital Banking Platform Pricing: Available on request on its official website
BankPoint is the next generation banking platform that can help streamline banking operations and improve employees’ efficiency. From managing customers, loans, workflows, to maintaining documents, REO assets, loan pipelines, etc., multiple banking tasks can be managed with this banking software.
BankPoint Features
Pricing of BankPoint: Available on request on its official website
NCR Digital Insight is a comprehensive suite that provides banks and credit unions with innovative solutions to transform their banking operations.
With this, they can digitize their banking operations, add new features to the automated ATM machines, manage customer cards, find all bank and non-bank users, and so on. Further, you can also create personalized communication for every customer with it.
Features of NCR Digital Insight
NCR Digital Insight Pricing: Price is available on request on its official website
Chime is a financial technology organization where free banking services are delivered by The Bancorp Bank and Members FDIC. With this, you can freeze your card, open your account without any fee, send money to people without transaction fees, provide access to 60000+ fees free ATMs, and so on.
Features of Chime
Chime Pricing: Chime is free to use
MultiPass is a bank challenger that helps corporate clients to make and accept payments in international currencies. It provides multi-currency IBAN, EU & US accounts, corporate cards, etc., to successfully transfer funds internationally.
MultiPass helps with high-speed payments, making payments in foreign exchange at a low rate, paying out in local markets, handling everyday expenses, and so on.
Features of MultiPass
Pricing of MultiPass: No free plan available | Paid plan for opening account starts from INR 4,620.15 onwards.
Digital banking platforms can help customers with viewing transaction history, printing account statements, depositing cheques online, and also applying for loans.
Similarly, banks can manage the loan pipelines, stay compliant, and deliver virtual support to customers. Some other common features of a digital banking platform include:
Using digital banking solutions can benefit banks and customers in several ways such by facilitating international payments, multiple payment options, faster transfers, etc. Some other benefits include-
Under traditional banking, an account is opened within the branch as compared to digital banking platform where it is opened online.
Similarly, bank reconciliation is done by the machine in traditional banking whereas it is done automatically in digital banking platform. Here are some other key differences between these two branches of banking:
| Metrics | Traditional Banking | Digital Banking Platform |
| Operational Hours | Restricted to the business hours | 24X7 availability |
| Accessibility | ATMS and the bank’s physical branch | Through mobile apps, net banking, etc. |
| Customer Service | Over the phone or through the branch visit | Over the phone, chat, email, etc. |
| Fees and Charges | High | Low as compared to the traditional banks as transactions are done online. |
| Physical Documents for account opening | Required | Not required |
The banking industry has changed rapidly in the past few years due to technical advancement. Therefore, most banks are now shifting from traditional to digital banking to streamline their operations and improve their customer experience.
Digital banking platform market on a global scale was valued at $7.75 Billion in the 2024 and is expected to be valued at $ 17.50 Billion at the end of 2030. The market is expected to rise by almost CAGR (Compound Annual Growth Rate) of 10.70% for the forecasting time duration.
Conclusion
Digital banking platforms offer several functionalities to banks to streamline their workflows and improve customer experience. From managing loan pipelines, personalized banking services to automating the customer onboarding procedure, every banking function can be managed from the platform.
FAQs
A digital banking platform helps banks and financial institutions to provide their banking services online to customers. With it, they can automate tasks like customer onboarding, accounting opening, managing loans pipelines, etc. For customers, this platform helps with managing finances, transferring funds, opening a new account, etc.
Some examples of digital banking include UPI payments, internet and mobile banking, mobile wallets, etc.
The four pillars of digital banking include customer onboarding, customer servicing, customer loyalty, and loan origination.
There are plenty of benefits of using a digital banking platform such as easily opening of a bank account, facilitate online payments, offer personalized banking to customers, etc. With it, you can also make international payments hassle-free.
The three technologies that can reshape the banking industry in the future include AI, Cloud, and IoT. These technologies will help in digitizing and automating key banking operations to improve the customer’s experience
Digital banking is managing and providing your banking services via any computer, laptop, etc., online. Whereas, under mobile banking, all the procedures take place over the internet. However, mobile banking comes under digital banking.
No, digital banking is not a Blockchain. However, the use of Blockchain technology in banking has helped banks by developing a decentralized database of all digital assets. Further, with a distributed ledger, it becomes easier for banks to transfer all assets and record transactions through tokens created in a blockchain.
Digital banks are different from the traditional banks because all the procedures are done online as compared to their physical branches. From opening a bank account to making payments, everything is possible with digital banking.
Yes, digital banking is completely safe to perform banking operations online because it uses multiple protocols to keep the data safe. Some include data encryption, multi-factor authentication, IPIN security, etc.
A digital bank is a kind of virtual platform to provide customer services as provided in a traditional bank. Customers can avail themselves of banking services through software and mobile apps facilitating secure banking transactions. The bank manages all steps involved in that procedure through the. The physical components of a traditional bank including security, account opening, onboarding, etc., have been converted into web services.
The pricing of a digital banking platform depends not only on the vendor but also on the functionalities it delivers to customers. For example, some vendors only offer basic features such as account opening, customer onboarding automation, loans management, etc.
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