Why you need one, what to look for and how to select the best digital banking platform to support your digital banking strategy heading into the new year.

The concept of digital transformation in banking has evolved from simply offering a web or mobile version of the branch, to being able to provide digital banking services that add value to customers’ lives.

Digital banking trends show a movement towards personalized digital banking services that can adapt to changing customer needs and provide the right offering, to the right customer at the right time.

What does that mean when it comes to selecting a digital banking platform?

To adapt and compete in the future of digital banking, banks and financial institutions need to look for a next-generation banking platform that can help them react to changing customer needs, and that offers the level of flexibility needed to adapt their digital banking solutions in an agile and cost effective way.

What Is a next-generation banking platform?

Next-generation banking platforms are cloud native, API-centric and have a microservices-based architecture. They have a digital banking foundation that is built on data, and they are insights-driven so banks and FIs can better understand their customers down to a segment of one, enabling them to facilitate one-to-one personalized banking experiences. A next-generation digital banking platform should also offer off-the-shelf capabilities that can be easily extended, provide a simple way to adjust products and support the creation of new business capabilities.

With a next-generation banking platform, banks and FIs can extend business capabilities and realize new revenue streams by building digital ecosystems. They can take advantage of the Open Banking opportunity and integrate with third parties to provide new, disruptive digital banking services that add even more value to the customer experience.

How can a next-generation banking platform support changing customer demand?

As the needs and demands of banking customers continue to evolve, driven by an increasing reliance on digital channels, your digital banking strategy also needs to evolve beyond simply delivering the same products and services online, to leveraging omnichannel banking to keep share of wallet and realize new revenue streams.

If your strategy is to move away from servicing banking transactions to facilitating consumer interactions, then you need to look for next-generation digital banking solutions that facilitate agile ways of working and that can reduce time-to-market.

Learn more about next-gen banking core.

What is the best next-generation banking platform?

While there are a number of banking technology providers who claim that they have a next-generation banking platform, in reality, many of those platforms are legacy platforms that have undergone a series of updates and are not truly next-generation.

Next-generation banking platforms have been specifically designed for the future of digital banking. They are designed to help you differentiate by adapting to changing consumer behaviors. They can help you become an integral part of your customers’ lives by offering the right digital banking services to the right customer at the right time based on data. And they help you provide those digital banking services seamlessly across all channels.

But the ability to truly and dynamically adapt or adjust the right financial service offering to the right customer at the right time can be challenging. Simply implementing a digital platform on top of a core isn’t going to work. Neither is relying on a core digital banking platform – no matter how advanced – that doesn’t have a consumer-centric digital engagement and orchestration layer.

Banks need a next-generation banking platform that provides an integrated approach. If a bank’s core and digital platforms are not seamlessly integrated, it will not be able to provide the level of flexibility needed to identify and dynamically adapt to changing consumer behaviors and create new or adjust products and services in a timely fashion.

The digital banking platform difference

Cyberbank Digital is a next generation digital banking platform. The digital banking platform has been designed around the concept of structural flexibility which can help banks to differentiate by enabling them to provide capabilities beyond the typical business capabilities required. By leveraging structural flexibility with our digital banking platform, banks and FIs can:

• Gain a competitive edge with a flexible system that drives dynamic product and service innovations.

• Create and launch new digital banking services at market speed.

• Improve customer service by providing omnichannel banking with a seamless interface across multiple platforms.

• Gain an integrated customer view across all points of contact, with a client-tailored data repository that combines customers’ information, products and transactions at a multi-dimensional level.

• Minimize operational risk by implementing a system designed around industry compliance standards.

• Use monitoring, control and corporate governance tools to trace and resolve transactional issues.

• Keep systems updated on regulatory changes with intuitive rule management tools. 

• Align the technology with business needs, making it easier to introduce new services and operations with a minimal impact on IT resources.

Cyberbank Digital is designed to help you differentiate

The Cyberbank Digital next generation banking platform is designed to help banks and FIs differentiate with:

• The ability to define new products, services and customer journeys through business-oriented tools 

• An extensive and powerful digital ecosystem

• Empathic banking customer experiences with adaptive CX in every point of interaction

• Integrated data gathering and transformation capabilities

• An API-centric platform and microservices based architecture

To find out more about Cyberbank, the digital banking platform, request a demo with one of our digital banking experts.

Note: This article was originally published on technisys.com, which was acquired by Galileo parent company SoFi Technologies in February 2022.