Digital banking solution is a complex product that covers a lot of functionality of the business ecosystem. The banking product allows one to connect with the payment providers, services, card issuing, and client management into one funnel or platform. It also allows connecting it with third-party providers where the API module offers additional flexibility. This is the flexibility of incorporating various functions into one real-time working platform.
Digital solutions are working on the basics of the banking core. This core is mostly built out of the retail banking solution with the regarded level of the securing and payment processing standardization according to certain ISO certificates.
What is the difference between the on-premise and on-cloud digital banking software?
Some companies create drastically different versions of cloud and on-premise solutions. They differ in the number of API endpoints in the module and in the payment processing capacities. SDK.finance followed a different approach. Our company decided to offer a distributed digital banking software solution delivered on a subscription basis from the cloud.
We create separate entities for the client accounts available on distributed AWS servers. We manage the accounts and look into the integrations with the clients’ businesses. We do not collect the data itself but restructure and enrich it. Surely, we help with the databases and their setup on the client’s servers, so we can extract them, transform them within the banking solution we present, and load it back to the original source.
Benefits of digital banking software on the cloud
1. Speed up client onboarding
Digital banking can help speed up client onboarding by providing self-service options and automating routing and checklists. By using digital banking, you can eliminate user friction and ensure a positive first impression.
2. Enhance security
Digital banking offers several benefits that can help to improve security for users. For one, digital banking can help to reduce fraud by allowing users to perform security risk evaluations and take mitigation actions in real time. This can create a better customer experience, as well as help you to comply with regulations more easily. Additionally, digital banking makes it easier to react dynamically to changing customer behavior, which can further help to improve security.
3. Deliver a modern user experience
Digital banking can provide a modern user experience by making it possible to access banking services and account information through a variety of digital channels. This means that users can bank using their computers, mobile devices, and even smart TVs. Digital banking is convenient and fast, making it easy for users to keep track of their account balances and transactions. In addition, digital banking can be used to cross-sell other products and services to customers.
4. Boost client engagement
Digital banking can help boost client engagement in several ways. By aggregating financial data and documents, Budget Insight makes it possible for clients to share financial data with their end-users. The Finacle Digital Engagement Suite helps banks to provide better customer experiences across multiple channels, including core banking functionality, trade finance, and more. And the platform offers a range of features to help boost client engagement, including Deposit Management, Retail, and Corporate lending, Bank account management, Digital wallet, notifications, and real-time triggers.
5. Provide 24/7 service
The benefits of digital banking are many and varied. One of the most significant is the ability to provide 24/7 service to customers. This is a huge advantage over traditional brick-and-mortar banks, which are typically only open during business hours. Other benefits include reducing dependency on customer service representatives and increasing access to resources that can supplement your in-house team.
- The platform and all integrations are monitored: Around-the-clock monitoring of the platform and all integrations.
- You can access resources to supplement your in-house team: Access to our senior leaders, including our CEO, and Support resources available to supplement your in-house team, such as our User Direct support option.
- Reduce dependency on customer service representatives: Reduce dependency on customer service representatives for simple processes that don’t require complex consultations – such as opening accounts, keeping track of loans, or submitting applications and payments
Cloud digital banking software solution gives the flexibility that vastly accedes traditional banking products. SDK.finance works on the balance between service accessibility and price. We build up the subscription model that is bound to the business profits per transaction. So, we develop the product based on its most functional suitability for small businesses as well as medium re-platforming ones. The digital banking software is infrastructure agnostic by its design. So, though we offer the instance for the business on the AWS infrastructure, SDK.finance made the product the way it unplayable on Azure or Oracle, or any other less popular provider. Build or re-platform your running business without stopping the ecosystem itself. Going into the cloud may be the solution for the business struggling without a robust consolidated product.