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.
What is a Digital Banking Platform?
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.
Top 11 Digital Banking Platforms in India 2023
- nCino Bank Operating System
- Finacle Digital Engagement
- Q2 Platform
- Appway Digital Banking
- NETinfo Digital Banking Platform
- NCR Digital Insight
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
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
- Manages different types of documents
- Provides customer relationship management for delivering customized banking services.
- Compliance management
- Customer’s portal to facilitate banking processes
- Collateral management for managing loan collateral
- Views and analyze the financial performance across the bank
- Tracks and maintains syndicated loans
nCino Bank Operating System Pricing: Available on request on its official website.
Finacle Digital Engagement
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
- Provides digitized customer onboarding
- Supports Robotic Process Automation for automating repetitive tasks
- Supports retail and corporation lending
- Personalizes different communication channel like email and messages for customers
- Creates customer-centric engagement architecture
- Loan origination management
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.
- Rule-based workflow automation
- Customer loan cycle management
- Supports loan origination and management
- Offers reporting and analytics
- Comes with in-built credit scoring for customers
- Automates and optimizes the debt collection system
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.
- Supports digital account opening
- Provides personalized customer service in terms of loans, interest rates, etc.
- Delivers financial wellness module for customers to track their financial health
- Manages ACH payments
- Delivers Payment Fraud Prevention to identify fraudulent transactions
- Supports automated billing
- Provides APIs, SSO options, etc., to customize the platform
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
- Personalized finance management
- Supports 24/7 bank deposits
- Provides commercial cash management
- Offers integration and compliance tools
- Allows AHC payments
Pricing of Q2 Platform: Available on its official website
Appway Digital Banking
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
- Supports self-account opening without any advisor
- Delivers risk-driven compliance case management for periodic and ad-hoc customer reviews.
- Creates automated customer onboarding workflows
- Conducts legal and compliance screening to stay compliant
- Offers integration with Salesforce, Microsoft Dynamics 365, Olympic, etc.
- Archives documents via integration with Box, Hyparchive, etc.
Pricing of Appway Digital Banking: Price is available on request on its official website
NETinfo Digital Banking Platform
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
- Supports internet and mobile banking
- Sends notifications to customers for transactions alerts, security issues, etc.
- Offers chatbot to address customers’ queries
- Integrates with various ATMs to promote cardless cash-out.
- Provides basic financial functionalities via smart watches to customers
- Integrate with various social media handles to get contact details and allow payments via a secure environment.
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.
- Supports single point data entry for entering critical info
- Manages the entire loan pipelines
- Automates customer relationship management tasks like responding to customer tickets.
- Creates and customize different types of reports
- Offers acquisition due diligence module to verify docs before purchasing any banks and loan pool
Pricing of BankPoint: Available on request on its official website
NCR Digital Insight
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
- Supports self-account opening for new and existing customers
- Enables users to quickly manage their finances through consumer banking module.
- Generates insights depending on customers’ behaviors
- Offers integration with multiple accounting software to manage expenses
- Digitizes all backend operations of your bank branch
- Provides face to face consultation to customers via audio and video interaction
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
- Enables users to deposit cheques by adding cheque’s scanned image
- Reflects payment within 2 days in account in direct deposit
- Automatically disables transactions when a user card is lost
- Provides real-time transaction alerts to customers
- Enables users to keep money aside with saving feature
- Keeps all the transactions encrypted for security
- Does not charge any monthly maintenance fee
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
- Supports 30+ currencies to accept and receive payments
- Issues special corporate expense card
- Offers advanced encryption to protect business data
- Registered and regulated under the Financial Conduct Authority
- Protects the deposited money through safeguarding module
- Provides digital onboarding for customer
Pricing of MultiPass: No free plan available | Paid plan for opening account starts from INR 4,620.15 onwards.
Top Features of Digital Banking Platform
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:
- Money Transfers: Enables customers to transfer money to any person directly via the platform.
- Account Opening: Facilitate customers to quickly open accounts by simply adding mandatory information.
- UPI Payments: This function lets users send money from one account to another through QR code scanning directly from the app.
- Message Alerts: Automatically sends message alerts to customers regarding loans, upcoming schemes, outstanding dues, transaction alerts, etc.
- Personalized Services: Enables banks to offer personized banking services related to accounts, credit limits, interest rate, and so on.
- International Banking: This feature enables customers to transfer funds and make secure & hassle-free international payments.
- Customer Onboarding Automation: It helps banks to automate the entire customer onboarding procedure including account opening, KYC details, welcoming emails, etc.
Benefits of Digital Banking Platform
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-
- Enables customers to open digital bank accounts with ease from their homes.
- Customers can print their monthly statements directly from their account.
- Banks can provide round the clock support to customers
- Helps customers automate payments with auto debit facility
- Keeps the customers data secure through various security protocols
- Helps banks to track and manage loan pipelines
Digital Banking Platform vs Traditional Banking
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|
What is the Digital Banking Platform Market Size?
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 2022 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.
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.
- What is a digital banking platform?
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.
- What are some examples of digital banking?
Some examples of digital banking include UPI payments, internet and mobile banking, mobile wallets, etc.
- What are the 4 pillars of digital banking?
The four pillars of digital banking include customer onboarding, customer servicing, customer loyalty, and loan origination.
- What is the benefit of digital banking platform?
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.
- What are the three digital technologies in the banking industry?
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
- What is digital vs mobile banking?
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.
- Is digital banking a Blockchain?
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.
- How are digital banks different?
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.
- Is digital banking safe or not?
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.
- How do digital banks work?
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.
- What is the basic pricing of a digital banking platform?
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.