Top 8 Digital Banking Platforms in 2024

Envisage receiving your salary. Imagine if your banking application could seamlessly allocate your funds into savings, expenditure, and investments. This represents the essence of digital banking, and it is no longer merely theoretical. Financial technologies forms across the globe have already made this a reality through a diverse array of digital banking platforms.

Presently, even the leading banks are transitioning towards digital banking systems. The growing customer preference for a more sophisticated banking experience, coupled with the substantial profit potential for institutions, are the principal factors propelling the advancement.

According to Statista, the revenue banks generate from interest income is projected to increase by 13.39% annually from 2024  to 2028, with an anticipated total of $1,219.00 billion by the end of 2028. Consequently, it is imperative for banks to identify the most suitable digital banking software to capitalise on this opportunity.

How can the appropriate software facilitate this? It enables banks to streamline their operations and provide customers with a more efficient and enhanced banking experience. Therefore, we are examining the top eight digital banking platforms for 2024.

What Is A Digital Banking Platform?

Digital banking software is employed by numerous financial institutions, including banks and credit unions to provide online banking services. This technology enables the transition of traditional banking activities to digital platforms.

Such software solutions are beneficial for various types of financial enterprises, regardless of their size. The following are some of its applications and features:

• Management of loan and asset accounts with minimal human involvement.
• Oversight of routine banking activities, including deposits and lending.
• Facilitation of fund transfers from current accounts to various types of savings accounts.
• Automation of marketing processes and management of client database.
• Integration of additional functionalities into the bank’s core operations through no-code and low-code tools.

Digital banking software enables smaller banks to attract a greater number of customers, while large international banks can reduce manual tasks by converting them into automated workflows.

Advantages of Digital Banking Platforms

Digital banking software offers numerous advantages to banks and financial institutions. Some of the key benefits include:

Cost efficiency

Digital banking software provides substantial cost saving in several ways: 

• Reduced staffing requirements: By allowing customers to platform tasks such as opening accounts or checking loans online, banks can operate with fewer staff members.
• Decreased physical space: As online banking becomes more prevalent, the need for physical branches diminishes, resulting in savings on rent and other associated building expenses.
• Paperless transactions: The adoption of digital banking significantly reduces the use of paper, thereby lowering costs for office supplies.
• Automated processes: Automation streamlines tasks, leading to increased speed and efficiency, which in turn reduces labour costs.
• Lowered transaction costs: Processing digital transactions is generally more economical compared to traditional methods.

Convenience

Digital banking tools offer customers the ability to manage their banking needs at any time and from virtually any location, including their mobile devices. For instance, account  registration can be completed without the need to visit a physical branch; customers can accomplish this directly from their phones within minutes. This significantly accelerates the process of onboarding new clients, requiring only a few clicks to complete.

Additional conveniences include:

• Scheduled transfers
• Rapid customer service via chat or call-backs
• Budget tracking and management tools
• Digital loan applications and approvals
• Access to financial insights and advice
• Cross-platform accessibility (desktop, mobile, tablet)

Management of loan application

Enhanced security

Concerns about the safety of digital banking are understandable; however, it is, in fact, highly secure. For instance, digital banking platforms can utilise advanced technologies such as facial recognition or fingerprint scanning to ensure that only authorised individuals can assess accounts. Consequently, in numerous respects, digital banking offers a level of security that is more stringent than that provided by traditional banking methods.

Efficient cash management

Cash management functionalities are crucial for both banking institutions and their customers. Digital banking software acts as a meticulous overseer of all cash flows, akin to having a vigilant assistant. This capability enables both banks and their clients to manage their finances with greater precision and efficiency.

Streamlined decision-making

Digital banking software excels in analysing extensive datasets to reveal critical insights. It facilitates the tracking of effective strategies and those that require adjustment. The clarity of data presentation ensures interpreting these insights is a straightforward process. Furthermore, many advanced digital banking platforms leverage artificial intelligence (AI) and machine learning (ML) to conduct real-time and risk analysis.

How Digital Banking Platforms Are Utilised

Digital banking software is not merely a contemporary enhancement but indispensable for any banking institution. It significantly improves the banking experience for both customers and professionals within the industry. Here are a several specific use cases that illustrate how digital banking software is transforming the sector:

Online account management

Bank managers can optimise lengthy procedures, such as account opening, by utilising digital banking solutions. Conversely, customers are no longer required to visit a physical branch or contact the call centre. They can efficiently check balances, view personalised statements, and transfer funds online.

Mobile banking

Mobile banking features bring the banking experience directly to your mobile device. Customers can check account balances on the move or transfer money while shopping. For bank managers, this translates to fewer customers visiting branches, resulting in shorter queues and less congestion within the premises.

The younger generation is also embracing mobile banking. Statista reported in 2021 that 74% of individuals aged 15 to 24 utilised mobile banking applications.

Bill payment and invoicing

Handling bill payments and invoicing becomes remarkably straightforward with digital banking platforms. Customers can pay bills, set up recurring payments, and manage invoices with ease. For banks, this means fewer errors and a streamlined process requiring fewer human resources.

Cash flow forecasting

Effective cash flow management is crucial for the success of any financial institution. Banking professionals need a clear visualisation of cash inflows and outflows. Modern digital banking software provides real-time data and insights into cash reserves, enabling better financial planning. Customers, too, benefit from understanding their income and expenses, creating a mutually advantageous situation. 

Remote check deposits

Until recently, depositing a cheque necessitated a visit to the bank. However, digital banking software has revolutionised this process. Customers can now simply capture an image and remotely authorise a cheque deposit. The benefit for banks is clear: fewer human resources are required to serve customers, leading to increased efficiency.

Top Eight Digital Banking Platforms in 2024

Selecting the appropriate digital banking software is paramount for providing seamless online banking services for your clients. With countless options available, we have curated the top digital banking software solutions, assessed on user-friendliness, security, and innovative features.

Let us explore the top eight digital banking software for 2024:

1. Creatio

Creatio offers a state-of-the-art, unified CRM and no-code solution that enables financial institutions to transform their digital banking operations. By adopting Creatio's solution, banks can not only enhance their operational efficiency but also offer an exceptional banking experience to their customers, ensuring their financial needs are addressed with precision and ease.

Some of the core features include:

• Customer onboarding
• Account operations
• Lending
• Verification and underwriting
• Know your customer (KYC)
• Compliance and risk management 
• Omni-channel engagement
• Customer experience management
• AI-powered analytics and decisioning
• No-code tools for solution customisation and bespoke application development

Advance your digital banking operations with Creatio's robust banking platform

Get a demo

2. Appway

Founded in 2003 and headquartered in Wellington, New Zealand, the FNZ group acquired the Appway Digital Banking platform, which is known as FNZ. This platform serves numerous banks and financial institutions globally, enabling the development of intelligent workflow management processes. FNZ aims to provide financial institutions with tangible improvements in their cost-to-income ratio.

The FNZ app offers the following features:

• Know your customer (KYC) management
• Regulatory reviews of the customers and loan applications
• Client administration
• Compliance management
• Integrations with external applications

3. Oracle

Oracle Banking Digital Experience is a comprehensive, SaaS-based digital banking platform. One of Oracle’s primary strengths lies in its hot-pluggable features, enabling banks, insurance companies, and financial institutions to swiftly add new functionalities to their banking solution menu or remove less essential ones.

Key features include:

• Document upload, storage, and management
• Unified customer touchpoint experience
• Integration of retail, corporate, and SME banking sevices within a unified framework
• P2P payment management
• Integration with iMessage, Siri, and social media platforms
• Digital wallet with comprehensive wealth management tools

Oracle serves three main areas as a digital banking platform: retail origination or customer onboarding, payment management and transfers, and platform-based solutions through a self-service portal.

4. Sopra

Sopra Banking Platform provides financial institutions and banks with a cloud-based, programmable, and highly customisable service. The digital banking platform delivers a range of banking services, including payment handling, loans and asset management, and compliance management.

Key capabilities include:

• Payment processing with seamless integration to external payment platforms such as Google Pay and ApplePay
• Regulatory reporting and adoptable compliance management
• Compatibility with extensive API platforms such as AWS and Axway

5. nCino

Established in 2011 and headquartered in North Carolina, the nCino Bank Operating System is an intuitive and user-friendly digital banking platform designed to streamline retail banking and loan management processes.

Core services provided by nCino include:

• Account opening and onboarding
• Management of consumer, SME, and corporate loan
• Portfolio insights and analysis
• Document management tailored for large enterprises
• AI-enhanced banking operations, known as nCino IQ or nIQ, offering low-code automation solutions

6. Finflux

Finflux is a cloud-based platform specialising in automation and digital banking. The company serves over 20 million active individual customers and more than 60 institutional clients across 15 countries. Finflux is committed to enhancing the efficiency of financial and banking service delivery.

The platform offers the following services:

• Automated debt collection system
• Loan management
• Lending operations
• Detailed liability and asset management with actionable insights
• Optimised gold loan system for effective portfolio management 
• Holistic management of the customer journey 

7. Finacle

Established in 2000, Finacle has been a leading provider of banking software, catering to numerous medium and large banks and financial institutions worldwide. As one of the oldest and more reputable solutions in the industry, Finacle continues to uphold its distinguished reputation with its digital banking platform. 

Finacle online banking offers a range of services designed to enhance and streamline the customer experience:

• Cash management
• Corporate banking
• Digital engagement tools
• Trading management platforms with automation capabilities
• Payment handling and fund transfers
• Liquidity management
• Automaton of Lending processes

8. NCR Digital Insight

NCR Digital Insight offers a forward-looking, customer-centric banking experience for financial institutions and services. The digital banking platform enables you to consolidate the full spectrum of banking solutions into a single, cohesive application. With its API-driven customisation and automation capabilities, you can seamlessly integrate or program new features as required.

Key features of NCR Digital Insight include:

• Account management
• Automation of banking workflows
• Advanced data analytics and business insights
• An integrated communication interface

Conclusion

Digital banking software solutions have become indispensable for contemporary financial institutions. Both retail and business customers increasingly favour digital banking platforms due to the exceptional convenience they offer.

However, many banks and financial organisations face challenges in adapting to these solutions, primarily due to its stringent IT requirements. This is where Creatio proves invaluable. The no-code digital banking automation platform allows for swift and straightforward automation of a wide range of banking activities, from lending and compliance management to marketing and customer service. 

Unlock the full potential of digital banking with Creatio

Get a demo

FAQ