Choosing digital banking software: 10 factors to consider

Digital banking is the core of the payment-heavy business. It binds different functionality into one solution making the actual ecosystem for payment acceptance, remittances, services offering, and client management. In most cases, digital banking software does not offer all the functionality in one product. It mostly was a module to combine third-party contractors, such as analytics, KYC tools, and automated CRM.

Picking up a specific banking software requires a thorough understanding of the product and the company’s business needs. First of all, any established business has a legacy of code and data processing. When the company considers swapping to another banking software, it can not stop the business process. Think of a coffee shop network, where the banking system is responsible for client management and payment access plus a loyalty system. Can you stop the business for 3-4 months just to re-platform the new software? Will the new solution work long and fix all the old issues? 

Do not forget about the price and resources too. An ordinary copy of the product may cost from 100 to 250k on-premise. 

Strategic factors to consider when choosing a digital banking software

Knowing now about digital banking software, let’s point out the key aspects you should discuss and figure out before the final purchase decision. 

  1. Consider the features offered

When choosing a digital banking software, you should consider the features offered. Some features to look for include: the ability to view account balances and recent transactions, transfer money between accounts, pay bills, and deposit checks. You should also consider the security features offered by the solution, such as multi-factor authentication and encryption. Finally, you should consider the ease of use of the solution and whether it is compatible with your mobile device.

  1. Consider the price
  • Budget Insight offers a variety of pricing plans, from free to paid, to fit the needs of its clients and their end-users.
  • Budget Insight’s Open Banking and Open Finance technologies power 230 companies, from major banking institutions to fintech startups.
  • Budget Insight offers a free consultation to help users determine the best solution for their needs.
  • The price is an important factor to consider, just remember it should be a profound calculation of P&Ls, where you think not only about buying the software but the infrastructure, maintenance, and development team.
  1. Consider the user experience

User experience is important when choosing a digital banking solution because it can affect how users feel about the product and whether they continue to use it. It should be easy to use and allow users to get the most out of the product. It is also important that businesses have robust entitlements and automated reporting to grow their business.

  1. Consider the customer service

Customer service is crucial when choosing a product for a few reasons. First, online and mobile channels give customers more freedom to monitor their finances and make decisions. This reduces dependency on customer service representatives. Second, online banking can help reduce wait times for customer service inquiries. Finally, online banking can provide automated support for simple tasks, such as account balances and transaction history.

  1. Consider the company’s reputation

A reputable company will offer an innovative experience and unparalleled support to its customers. When considering a digital banking solution, be sure to research the company thoroughly to ensure you are making the best decision for your needs.

Things to look into the digital banking software functionality

  1. Consider the ease of use

It is important to consider the ease of use when choosing a supplier. A digital banking solution should be easy to use to be successful. It can be difficult to create a similar product to the market, so it is helpful to use a list of products to compare your idea against. 

2. Consider the compatibility

Retail digital banking solutions can save you time and money by being compatible with the systems you already use. This compatibility saves you time and money by allowing you to use the solution without having to replace your existing software.

  1. Consider the scalability

Scalability is an important factor to consider when choosing a digital banking solution for your business. A scalable software will be able to connect and transform your business into a digital bank, with both vertical and horizontal scalability. This will allow you to meet the needs of your business as it grows. In addition, there should be API-readiness and GDPR-compliant, as well as security-by-design. This will ensure that your digital bank is compliant with regulations and secure from cyber threats. Finally, the product should have a central administration and monitoring system, which allows for easy management of multiple tenants. This will make it easier to manage your digital bank as it grows in size.

  1. Consider the security

When choosing a product, you should consider the security measures that are in place to protect your information. A good digital banking platform will provide password protection and 2-factor authentication to keep your account safe. You should also consider biometric identification methods, such as facial recognition, voice recognition, and fingerprint recognition, when choosing a product. These methods will help to ensure that only authorized users can access your account. 

Additionally, choose a digital banking solution with multi-factor authentication and immediate alerts so that you can be notified if someone attempts to log in to your account from an unfamiliar location.

Digital banking solutions are the variety of options available to build your ecosystem out of the basic ledgering and API modules. offers 400+ endpoints in the module for flexible adoption of the services and third-party providers into one functioning real-time system. Combined with the transactional core capable of calculating hundreds of thousands of transactions a day, you get a reliable retail banking solution you can use either for e-commerce or retail digital bank. Do not limit yourself to traditional options of product delivery. Try digital banking software that has an infrastructure-agnostic architecture that allows you to deploy it on AWS, Azure, or Oracle-powered servers. Set up and run services in-house or on the cloud, our product offers any option you consider.

Christopher Stern

Christopher Stern is a Washington-based reporter. Chris spent many years covering tech policy as a business reporter for renowned publications. He has extensive experience covering Congress, the Federal Communications Commission, and the Federal Trade Commissions. He is a graduate of Middlebury College. Email:[email protected]

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