Digital Banking Platforms

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

(1-25 of 30) Sorted by Most Reviews

Rebank

Rebank provides a single dashboard for international startup founders and CFOs to manage all their business bank accounts, understand spend and send payments. Users can replace multiple logins with one secure login and see cash balances in real-time across all accounts. Users can…

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…

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…

Quppy

Quppy’s all-in-one, all-digital financial solution aims to combine money, markets, and payments in a way that makes sense and fits in with the future. • Functionality:Quppy allows users to keep cryptocurrency in different accounts within the same wallet and conduct transactions,…

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…

DynaPay

DynaPay is a UK-based Fintech platform providing multi-currency payment accounts for businesses worldwide. The world of cross-border business transactions gets increasingly complex. DynaPay is set on a mission to develop a neo-bank solution that will meet the need for reliable and…

ABLE Origination

End-to-end loan origination platform for banks and FinTechABLE Origination software automates the entire lending process end-to-end. Financial organizations can operate the system with little to no human interaction and make personalized offers based on a 360° customer view. ABLE…

StashFin

StashFin is a digital lending platform that offers online applications for personal loans, providing simple and fast approval and disbursal for loans. It was started by a team of former financial services professionals in the industries of consumer finance and capital markets. It…

DriveWealth

DriveWealth is a digital trading technology company that develops cloud-based, API-driven brokerage infrastructures.

Sybrin Apex

Sybrin is a global technology company in the provision of payment and information processing solutions with particular emphasis on Voucher Processing, EFT, Day 2, Automated Clearing Houses, Mobile Commerce, Host Banking enhancements, and KYC amongst corporations, banks, and clearing…

Fluency

Fluency is a CBDC proprietary blockchain platform.

Atlas

StreetShares Platform is a saas technology that powers banks, credit unions, and non-financial organizations.

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…

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,…

Nymbus

Nymbus, a digital banking solution from the company of the same name in Miami Beach, aims to enable any size financial institution to launch a full-service digital bank in under 45 days, convert an existing bank or credit union to a technology and services ecosystem, and innovate…

Advapay Macrobank Digital Core Banking

Macrobank - is a Digital Core Banking platform that enables fintech companies, digital banks and e-money institutions to launch their businesses. The platform delivers banking functionalities, including: A multi-functional back-office, consisting of 10 modules (IBAN generation…

HES Lending Platform

HiEnd Systems (now presented as HES) headquartered in Toronto with offices in the UK and Balrus, offers loan lifecycle management and servicing software for a range of needs like commercial lending, alternative or microfinance lending, or peer-to-peer lending.

Blend

Blend is a digital lending platform that simplifies applications for mortgages, consumer loans, and deposit accounts. The company enables customers to process more than $4 billion in mortgages and consumer loans per day. Erin Collard, Eugene Marinelli, Nima Ghamsari, and Rosco Hill…

Xoom, a PayPal Service

Xoom, a PayPal Service, is an online money transfer service for quickly sending money internationally.

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,…

Kasasa

Kasasa is an Austin-based online bank. The Kasasa suite provides digital marketing and account management products with marketing and access to training, compliance, research, support resources, and customized consulting.

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…

Temenos Infinity

Temenos Infinity is a digital banking solution supporting a digital front-end for banks to interact with their customers.

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.

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.