10 Key Aspects Required in a Digital Banking Platform

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Smartphones have dominated all our daily life, friends like calendar, clock, watch and even music player. Users are now availing of the payment through their digital banking app which is another important activity of the day to day life. It does not only save their time and worry about carrying the cash but also providing a secured operation.

Since COVID 19 pandemic, digital wallets have witnessed a noticeable surge. Across the globe, businesses, consumers and retailers have shifted to the mobile money system. As per the report, by 2025 there will be a gush of 14.2% in the digital payment market.

However, some aspects are important to shape the digital banking platform to be robust and more user friendly. If you are curious to know they continue with your reading here.

10 Features that is required in a digital banking platform

While transforming from the traditional method to a digital one, the bank must keep in mind the following features. These points are important to consider when choosing.

1 Security through biometric technology:

Any customer provides personal information to the bank with complete trust. Hence, it is natural that they will expect high security in return. Fortunately, the advanced biometric solution has made this process quite simple and fast. The dependable vendor must also provide the e-KYC with biometric solutions. The biometric solution is also responsible for the superior customer experience across all the payment channels.

2 Security with Elliptic Curve Cryptography – 256 bits:

There is exceptional growth seen in digital financial transactions. With the same, there could be a possibility of leaking sensitive information. The best option for the digital financial solution is the Elliptic Curve Cryptography that can work efficiently in low computing. The bank must try to integrate world-class security to make zero frauds in the financial transactions.

3 QR code Payments:

QR code has gained so much attention from mobile users due to its simple and quick approach. With simple code scanning, one can make the payment within a second. Now many reputed banks have incorporated this concept in their mobile banking solution. QR code has been proved to be a great alternative for those who face the issue while making the payment.

4 Advanced Security with alerts:

Without advanced safety features, the platform of mobile banking is incomplete. Every user who accesses mobile banking will expect the best security against cyber theft and hacking. To work on this concept, the app should have better sign-in functionality. The sign in function should be easy, fast and secured.

5 P2P Payment interface:

The growing bank operated a P2P network. In the bank app process, the P2P interface provides smooth integration. The chase app can have different phone numbers and emails.

6 Digital payments and mobile wallet access:

The mobile payment is day by day getting the first choice to make the payment. Therefore, every mobile banking app must allow the customer to access the wallets like PayPal, GooglePay and Apple Pay. This makes the attraction of the customer the highest. The bank should ensure that accessing the mobile wallets should be a simple, fast, secured and highly effective one.

7 Expertise in the regulatory process:

Regulators around the world impose heavy penalties on the banks and financial institutions when it is about non-compliance. Therefore, to prepare for regulatory needs, the banks need to stay in sync with the deviations. A dependable vendor of the digital financial service guarantees that the system is compliant with the latest requirements.

8 Omni-channel Banking:

Due to the increasing trend of smartphone use and innovation in IoT devices, more and more users try to access the baking service. Today customers demand a seamless transition between channels for the banking services or agency banking solution. For example, the KYC process can be initiated in one device and resumed from another device. This is how there should be a seamless Omni-channel experience in the digital banking solution.

9 Locate and find ATM

This factor is very important for those who travel from one destination to another unknown place. This feature is mainly beneficial for people to save time by cutting down the asking for ATM concept. Using Virtual Reality technology, the user can easily look for the nearest branch or the ATM.

10 Mobile cheque deposits:

This is another interesting feature that saves the user’s time. Their mobile cheque deposition includes the scanning of the cheque digital image and transmitting it to the baking for further process. The time saving and the quick result are the primary advantages of this concept. This feature replaces the traditional method of cheque deposition.

Verdict:
Well, digital banking is day by day making its roots strong in the market. People love to enjoy technology-based services. Still, people will expect a more advanced strategy from the digital payment point of view. Banks have stepped up to provide financial services effectively.

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