Digital Banking Platforms

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Digital Banking Platforms Overview

What are Digital Banking Platforms?

Digital Banking Platforms are financial services that are provided solely online as opposed to online banking that refers to online components to banking systems that also have brick-and-mortar operations (also known as traditional banking). Digital banking relies on process automation and web-based services. In some cases, digital banking platforms also allow for cross-institutional It offers the ability for users to access financial data through desktop, mobile, and ATM services.

Digital Banking Features & Capabilities

The banking features common to most products in this category are as follows:

  • Standard checking and savings account with competitive interest rates to traditional banking
  • Mobile apps
  • Real-time transaction alerts
  • Digital wallets (cardless/checkless payment systems)
  • Person-to-person payments
  • Remote deposit
  • Financial management tools
  • Deposit insurance
  • Free ATM transactions with participating sister branches
  • Data encryption and compliance with international security regulations

Digital Banking Platform Comparison

When on the market for a digital banking platform, consider these key characteristics when making your shortlist:

  1. Futureproof: Look for a digital banking platform with an emphasis on adapting to the quickly changing landscape of digital banking. This ensures you won't have to switch platforms as new features and capabilities come along.
  2. Security: This may seem like a no-brainer, but ensure your digital banking platform has a reputation for being a secure choice. Make sure certifications are easily found on its main website and that said certifications are from reputable organizations.
  3. Customer service: Given that you won't be able to speak with representatives face-to-face as with traditional banking, make sure your digital banking platform has a strong customer service component. While many of these platforms are designed for self-service, you may still run into some issues, or simply have some questions, that you'll want to be addressed quickly and easily. Customer service contact information should be posted prominently and made easy for you to access.
  4. Integrations: Your digital banking platform should have integration with other third-party finance apps such as digital wallets or even your other financial institutions. Open banking is becoming more common and is a great way to manage your finances across accounts.

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Pricing

As with traditional banking, personal digital banking accounts can be opened for free with no fees. Business accounts can also be opened for free without any annual fees as well, which is a major draw of this category. However, in some cases, for premium features such as financial management and reporting or analysis, there may be associated fees.

Digital Banking Products

(1-12 of 12) Sorted by Most Reviews

Ally
Ally Financial headquartered in Detroit offers online banking, via full service auto finance operations, and boasts a complementary auto-focused insurance business, a growing wealth management and brokerage platform, and a trusted corporate finance business offering capital for equity sponsors and …
MoneyLion
MoneyLion, headquartered in New York with offices in Sioux Falls, Salt Lake City, San Francisco and Kuala Lumpur, is a mobile finance platform described by the vendor as a tool to enable consumers to take control of their financial lives through better products for borrowing, saving, and investing.
Radius Bank
Radius Bank is presented by the vendor, the company of the same name in Boston, as an innovative full-service bank offering a full complement of consumer and business products and services.
BlueVine
BlueVine headquartered in Redwood City offers digital banking for businesses, boasting flexible funding, payments, and checking built for businesses.
Chime Online Banking
Chime is an online banking solution from the company of the same name in San Francisco, allowing users to track account balances, daily transactions, and savings from anywhere with the Chime mobile app, and get daily balance notifications and instant transaction alerts any time for use of the includ…
CARD.com
CARD.com offers affinity themed prepaid cards support by direct deposit or loaded cash, manageable through a mobile app, and can produce alerts (SMS or email) when activated and used.
Axos Bank
Axos Bank is a digital banking provider headquartered in San Diego, offering both personal and business digital banking solutions.
Zero
Zero is a digital banking experience that aims to combine the simplicity of a debit card with the cash back of a credit card, from Zero Financial in San Francisco. Zero is powered by a checking account (Zero Checking) to hold money, a credit card (Zerocard) that makes rewards possible, and the Zero …
Azlo
Azlo is presented as an easy, free online banking solution for entrepreneurs and freelancers, from the company of the same name in San Francisco.
Novo Platform
Novo, from Novo Platform in New York, is a banking platform that provides business deposit accounts to companies and is supported by a network of FDIC-insured community banks. Novo states their goal is to bring small business banking into the modern age with easy-to-use tools for founders on the go.
BankingOn Mobile Banking Platform
BankingON is helping credit unions & community banks transform their mobile web apps into native mobile banking experiences. Modernizing legacy online banking systems to deliver a Mobile 1st user experience by tapping into smartphone functionality & API connectivity. Better Brand Interaction…
ThreatMark
ThreatMark provides fraud prevention solutions. The vendor states major banks use ThreatMark's AI-powered technology to build secured banking experiences by validating their legitimate users across all digital channels, all while keeping the fraudsters away. ThreatMark aims to make sure that the e…

Frequently Asked Questions

What are digital banking platforms?

Digital Banking Platforms host financial services solely over the internet, as opposed to online systems operating as extensions of traditional brick-and-mortar banks. They offer users access to financial data through desktop, mobile, and ATM services, frequently utilizing process automation.

How does a digital bank work?

A digital bank is essentially a virtualization of customer needs and requirements offered in a physical bank. Customers will interface with the banking services via software and applications, which will facilitate secure transactions and forwarding data traffic end-to-end to the bank. The bank owns and manages all steps in this process. The physical fundamentals of traditional bank architecture (teller, vault, security etc) are transformed into web services.

What is the difference between digital banking and online banking?

Online banking describes how customers transact with legacy institutions of physical banks, and is more like a service arm of the bank;s suite of products. Typically there is still a need for customers to interface with tellers for more complex issues and financing. Digital banking encapsulates the dynamics of traditional banking into web-based interactions and service integrations. They package the core banking services into as many internet-enabled options as is operationally possible.