What Products Do Digital Banking Platforms Offer?
Improved customer experiences, interconnected banking channels, unified customer data, and more: the wealth of products and features digital banking platforms offer financial providers.
Digital banking is rapidly growing and offering several advantages to both organisations and end-users including end-to-end banking solutions, improved onboarding, and personalised digital experiences. These digital banking platforms provide financial services solely online—as opposed to online banking which refers to the online components of brick-and-mortar banking systems (i.e. traditional banking).
Digital banking platforms allow users to access their financial data primarily through an app on their smartphone as well as via desktop, and certain ATM services. They achieve this digital-first approach through process automation and web-based services and many digital banking platforms facilitate cross-institutional collaborations where financial providers offer their services via one another.
But what products can a digital banking platform offer consumers as well as financial institutions who choose to integrate their services with their own?
Digital banking platform products
Digital banking platforms manage multiple digital banking products including commercial accounts, retail accounts, investments, and transfers. Banks are increasingly relying on digital banking platforms to meet their customers where they live and work to offer a wider range of financial products and become their primary financial provider.
The main products offered by digital banking platforms are:
- Standard checking and savings accounts with competitive interest rates compared with traditional banking accounts
- Seamless mobile apps
- Real-time transaction alerts and other smartphone notifications
- Physical or virtual debit, credit, or prepaid cards
- Digital wallets for cardless payments
- Person-to-person payments
- ATM deposits and withdrawals
- Financial management tools including spending analytics
- Option to open foreign currency accounts with competitive FX fees
On the provider’s side, digital banking platforms digitise bank operations and facilitate digital customer interactions, which enables banks to offer a host of digital financial products. Banks can jumpstart their digital-first migration by using a digital banking platform and use their services to transition away from being a brick-and-mortar provider to a multichannel digital bank.
Digital banking features and capabilities
In addition to the features listed above, digital banking platforms have several overarching benefits for customers and banks. They include creating personalised digital experiences, end-to-end banking solutions, and transforming how banks manage processes—such as onboarding and credit decisions.
Arguably the most significant advancement in digital banking is the facilitation of personalised digital experiences. Banks can connect their users’ digital experiences across their web, mobile, social, and other touchpoints to create seamless, highly personalised banking experiences. By combining banking channels in this way, providers also gain a deeper understanding of their customers through unified analytics. For example, Liferay Digital Experience Platform and Geezeo both provide customers with a holistic view of their financial assets, liabilities, and budgets at their fingertips.
Digital banking platforms also provide banks with an end-to-end cloud solution that combines CRM data with workflow processes and enterprise content management for instant reporting capabilities and insights into their operations. For instance, nCino Bank Operating System and Avaloq both provide cloud banking solutions that streamline banking management processes.
Digital banking platforms also improve how banks make credit decisions, perform due diligence checks, and onboard new customers. By using a digital banking platform, financial institutions can put their data to work to make loan origination, account onboarding, and KYC checks straightforward for their staff and customers. For example, Numerated and Oracle Banking Digital Experience both enable banks to onboard and service customers with their customisable, context-aware, and omnichannel digital banking solutions.
Connecting traditional banking with digital assets and DeFi
Digital banking platforms are even capable of connecting traditional fiat banking processes—including checking and savings accounts, payments, transfers, and FX—with the growing digital assets and DeFi sectors. For instance, Baanx’s platform combines everyday banking products (multicurrency Visa Debit Cards, IBANs, payments, etc.) with digital assets so customers can store their fiat and digital assets side by side in the same wallet and buy, sell, and exchange currencies at competitive rates.
Contact us to learn more and request a demo to see how adding our services can bring value to your customers.