What to Lookout for When ‘Shopping’ for a Digital Banking Software
The need for a white-label banking software or platform may arise when a business switches services to offering banking services or when a financial enterprise needs to adopt specific banking capabilities not easily developed in-house. It then becomes necessary to leverage ready-made digital banking software.
Many factors can trigger a brand to seek a private-label banking platform. This may be down to market changes, high cost of software development, lack of technical knowledge, lack of resources required to launch and manage a fintech product, or simply the need to get to market faster.
And as customers’ demand for digitized and personalized banking processes outweighs the speed of delivery, adopting an agile banking system to enhance capacity to meet these demands becomes paramount.
However, choosing to adopt banking software to enhance business performance is just the tip of the iceberg. Selecting the best agile banking platform that caters for your business’s exact needs and ensures you run seamlessly is by no means easy. Many financial institutions do not know exactly what to expect from a banking software or at least the rudimentary capabilities a banking software should have.
Below are what you should consider when sourcing for a suitable banking platform:
A great banking platform should offer competitive prices that significantly reduces operating costs compared to building your bank from the ground up. It’s always helpful to compare costs against product offerings as well as comparing costs across different providers before selecting a provider.
A suitable banking software should present you with useful insight into clients’ portfolios – per client. This feature provides you with information vital for the preparation of portfolio management activities, advisory meetings, cash flow forecasting, asset monitoring, etc. If you operate a wealth management or private banking enterprise, this is indispensable as it enhances your relationship managers’ dealings with clients.
Multi-Currency and Multiple Accounts
A crucial feature of an ideal banking platform is multi-currency and multi-account capabilities. This is to enable your clients to create as many accounts and sub-accounts on your platform as they need and work with as many currencies per account as you support. Clients should be able to move money in a way that suits their lifestyles and businesses.
Accounts security is a vital feature to look out for in banking software. Considering how delicate banking is, you need a banking platform that offers ultra-security at both clients’ and staffs’ sides to protect client accounts and limit staff access to sensitive information. Some of the security features you should look out for include duplicate fraud detection analyzer, IP Whitelisting, authorization levels, and more.
Banking software with a multi-tenancy feature allows several clients to operate seamlessly on the server. You want software that accommodates several different activities of your clients on the central server all at a time without bridges.
Client-related components such as data management, user interfaces, and customizations that are client-specific should be made possible by your banking software.
Advanced AML/KYC Compliant
To avoid having regulators come knocking at your door, you need a digital banking platform that is in full compliance with modern AML/KYC compliant rules per country. AML/KYC compliant banking solutions usually offer smart risk-management tools for ensuring your business remains compliant.
An excellent banking software must be capable of omnichannel banking, providing the same set of services to customers across all digital channels from web-based channels to mobile devices.
Accuracy in Reports and Audits
No banking software is complete without accurate reporting and auditing features. Daily, monthly, and yearly transaction reports per client make it easy for banks to track records and prepare overall financial statements.
Integration is one of the most complex activities of any implementation project, yet it is necessary for business. Choose a banking software that offers extensive third-party API integration with service providers such as card issuers, exchanges and more.
Solutions You Need
Some platforms offer a wide range of solutions from remittance, others offer specific niche-based and closely related solutions. Others still are entirely focused on one solution. Your aim is to measure the solutions offered by selected banking software and determine which one meets your organization needs.
On-going Global Support System
Support is already an established feature you should expect from your banking technology partner. However, not every banking software provider runs a global support system let alone an ongoing support model. The importance of a banking platform with an ongoing global support system is to provide you rapid access to technical aid anytime, any day you need it, no matter what country you are in at that moment.
The Banking Software You Need
Modern banking business demands a lot from their chosen banking platform and such demands must be met in order to satisfy the end-users. The Spotbanc banking platform brilliantly helps FIs meet those needs.
Spotbanc is a comprehensive,cloud-based digital banking ecosystem that incorporates all of the features mentioned above and more. The platform combines state-of-the-art technology with every aspect of highly specialized banking to deliver the most flexible and agile online banking software available today.
Spotbanc partners with top global brands like Stripe, Interswitch, Coinbase, Klarna, Flutterwave, and the likes to provide unmatched service to a wide array of banks and financial institutions worldwide.
Check out the Spotbanc website to learn more.