The digital era has revolutionized the way the bank provides its services and the customer is the primary driver of change because of more seamless, personalized experiences. It has become evident that the winners in the banking digital race will be the ones who stay closer to their customers in daily activities and important life moments.
Digital banking platforms for bank operations facilitate digital customer interactions and allowing banks to offer a host of digital financial products. With a digital banking platform, banks can jumpstart and ensure the transition from brick and mortar to a multichannel, digital bank. Today, choosing the right digital banking platform is an important solution that helps banks compete in the digital era.
How to choose the best digital banking platform for banks?
Choosing the best digital banking platform for your business depends on a combination of factors, including, but not limited to your bank’s digital strategy, technical readiness and budget, vendor criteria, such as the global and local experience of the vendor, the proposed implementation time, the vendor’s product strategy and roadmap, etc.
1. Fast time to market with digital initiatives
A best-in-class digital banking platform should give you the speed to respond to ever-changing customer needs. It has the flexibility to quickly launch digital financial products and services and their variations for target customer segments. Besides, it should enable the easy creation of more complex digital banking solutions, such as mobile wallets, end-to-end self-service digital channels, and more.
2. Digital banking capabilities
It is the vendor’s experience. Digital banking capabilities can help accelerate time to market for digital projects. They can comprehensively drive bank activities such as customer onboarding, digital identity, strong customer authentication, loan origination, different payment types, workflows, integrations, notifications and more.
3. Omni-channel customer experience
Today, customer expectations could use with seamless digital financial journeys across channels. It is about consistent customer service regardless of where the interaction started.
An omnichannel platform allows for the centralized orchestration of customer interactions across multiple touchpoints, following the principle of creating once – distribute anywhere. It is the central hub from which, and to which customer data flows, providing a 360-degree view of the customer.
Omni-channel customer experience is therefore another key enabler to be supported by your digital banking platform.
4. Microservice architecture
Microservice architecture plays a beneficial role in the business of digital banking because it adds flexibility to a bank’s digital transformation journey.
A digital banking platform with a microservice architecture will allow the continuous delivery of software applications, regardless of the size and complexity of the project.
5. Enterprise integrations
A robust Integration Framework is a key advantage of a digital banking platform, enabling process, channel and system integrations, unified customer data, central monitoring, business continuity, IT asset reusability, and more.
With the help of an Integration Framework, you can connect your business end-to-end to increase its efficiency and focus on what really matters – growth.
The Best Digital Banking Platforms
Here are the top 4 Digital Banking Platform can empower banks with the foundation for digital transformation, the flexible capabilities for exceptional omnichannel experiences, and the technology to leverage open banking at its best. It is deployable on-premise or in any public or private cloud.
1. Temenos Infinity
Temenos Infinity is a product of Kony DBX– a banking software company. Temenos Infinity is a digital banking platform focused on customer experience. Temenos Infinity delivers a cloud-native, cloud-agnostic, independent digital banking solution, supporting personal financial management and customer servicing. Temenos Infinity is designed to ensure uninterrupted digital services even when core systems are unavailable.
Temenos Infinity is the first to offer banks an API driven product delivery, where the banking platform is delivered as a set of API accessible services. Its cloud-native, cloud-agnostic standalone distribution microservices allow banks to focus on differentiating customer experiences while benefiting from a packaged set of services for the difficult data collection, security, AI-based personalization. Temenos has helped over 3,000 clients accelerate their digital transformation by offering proven implementation strategies.
2. MuleSoft, LLC
MuleSoft, LLC. is a software company that provides integration software for connecting applications, data and devices.
Mulesoft digital banking platform allows banks to create composite applications that connect apps, data, and devices through API-led connectivity to form a flexible application network. Mulesoft’s Anypoint Platform is a unified solution for iPaaS and full lifecycle API management, both on-premises and in the cloud. With MuleSoft and its Anypoint API Community Manager, banks can build APIs that securely unlock access to core banking products to enable collaboration with partners, accelerate innovation and open new revenue channels.
3. nCino Bank Operating System
As a secure cloud-based solution, the nCino Bank Operating System empowers bank employees and leaders through an end-to-end solution combining customer relationship management (CRM), loan origination, workflow, enterprise content management, and instant reporting capabilities. nCino integrates with the bank’s core and transactional systems while replacing point solutions and manual-based processes. nCino Bank Operating System is designed by bankers who understand how financial institutions operate, nCino delivers ROI by Driving revenue growth and efficiency, Expanding customer relationships, Improving regulatory compliance, Enabling data analytics and business intelligence, Attracting and retaining top talent, Delivering a true competitive advantage.
4. AppWay Digital Banking Platform
Appway Digital Banking Platform supports real digital transformation through intelligent process orchestration, enabling authentic human interactions across all touchpoints in the physical and digital worlds. Appway Digital Banking Platform Capabilities:
- Drive Digital Transformation: Process-driven approach enables effective digital transformation and combines existing systems (such as CRM, core banking, and mobile banking and internet banking) with new ones, creating extra revenue streams and improving overall productivity.
- Support Glocalization: With the compliance by design approach, banks can customize global solutions with regional-specific variations, in order to rapidly comply with regulatory changes and take advantage of the innovative potential of new regulations.
- Enable Process Automation: Empower employees by reducing manual and operational tasks across departments, freeing up time for them to focus on value-adding activities.
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