How to Choose The Right Digital Banking Platform

August 2, 2021

Time to market, future-proof architecture, enterprise integrations, and more are key factors when selecting the right digital banking platform for your business.

The digital era has revolutionised the way we bank. Customers—the primary driver of change—now demand seamless, personalised experiences at all touchpoints. For banks, it’s evident that the winners in the digital race will be the ones who manage to stay closer to their customers in daily activities and important life moments. This means banks are fast becoming “one-stop shops” for their customers’ financial and non-financial affairs. 

Choosing the right digital banking platform for your business is no small decision. It depends on a combination of factors—including your digital roadmap, technical readiness, your budget, and platform requirements.

Below are the core features to look out for when choosing the right digital banking platform for your business.

Choosing the right digital banking platform for your needs

Consider these six key characteristics when making your shortlist for a digital banking platform:

1. Omnichannel customer experience

Omnichannel customer experience is a key enabler for your digital banking platform to support. The physical and digital worlds have blended and customers expect seamless, cross-channel digital financial journeys. 

Omnichannel is more than simply offering multiple access channels; it’s about consistent and integrated customer service at every touch-point. An omnichannel platform allows for the centralised orchestration of customer interactions across all touchpoints. 

2. Future-proof architecture

In a digital world, being customer-first goes all the way back to a bank’s technology stack and the ability to quickly roll out new customer-centric initiatives. Modular architecture plays a beneficial role in digital banking because it adds flexibility to a bank’s digital transformation journey. 

A digital banking platform with a modular architecture will allow the continuous delivery of software applications, regardless of the size and complexity of the project.  It also enables an organisation to quickly innovate on its technology stack, easily scale, and strategically extend the platform using modular building blocks.

3. Enterprise integrations

A digital banking platform shouldn’t turn into the next IT legacy technology headache. Rather, it should seamlessly integrate with your core banking system and modernise your infrastructure.

A robust integration framework is a key advantage of a digital banking platform that enables process, channel, and system integrations as well as unified customer data, central monitoring, business continuity, and IT asset reusability. 

Read more: What Are Digital Banking Platforms?

4. Out-of-the-box readiness and configurable capabilities

Off-the-shelf digital banking capabilities accelerate time to market for digital projects and provide you with the best tried and tested practices. Make sure your digital banking platform is out-of-the-box ready and highly configurable to empower you to follow your digital agenda.

Modular services to select and add on to a platform’s core architecture can include features such as debit cards, mobile apps, payment gateways, customer onboarding, and KYC and AML compliance.

5. Fast time to market

A best-in-class digital banking platform should give you the speed to respond to evolving customer needs. This means having the flexibility to launch digital financial products and services quickly. Variations for target customer segments can be achieved by managing fees, commission splits, limits, and other business rules.

A digital banking platform should also enable the easy creation of complex digital banking solutions—such as mobile wallets and virtual IBANs. A flexible platform architecture built on a modular design is a prerequisite for delivering these functionalities.

6. Security

Last but certainly not least, consider a digital banking platform’s security and stability. You need to be able to provide round the clock service availability with frictionless payments and processing regardless of the market conditions you operate in. 

Ensure your digital banking platform has a reputation for being a secure choice and has the necessary regulatory approvals. Make sure certifications are easily found on its website and are from reputable organisations.

Read more: What Products Do Digital Banking Platforms Offer?  

Digital banking platforms integrate traditional banking and digital assets

Digital banking platforms are even capable of connecting traditional fiat banking processes with digital assets and DeFi financial solutions. For instance, Baanx’s platform combines everyday banking products—including multicurrency Visa Debit Cards, IBANs, and payments—with digital assets. This means your customers can store their fiat and digital assets side by side in the same wallet and buy, sell, and exchange currencies directly from your platform.

Contact us to learn more and request a demo to see how adding our services can deliver the next generation of banking to your customers.