The potential offered by digital banking and neobanks is immense. Large parts of the global population are un- or underserviced by the traditional financial services industry. What is more, the rest is unhappy with their existing banks and looking for more convenient and cost-effective services.
However, the competition is intense with new players entering the market. Thus you will only stand a good chance of claiming your share of the market if you cooperate with a technology partner that understands your needs and has the right experience and technology to build a distinctive and sophisticated digital banking solution. Critically, the solution must meet the security and scalability requirements that form the bedrock of any successful digital banking solution.
In an increasingly competitive digital banking industry, the must-have features of a white label banking platform are as follows.
Simple, intuitive design and navigation
A key selling point for a mobile banking solution or neobank will be how simple and intuitive it is to use. Thus the quality of the user experience and user interface is a critical determinant of whether a technology vendor is the right partner for you. Intuitive design understands and anticipates what the user is likely to do next, making the experience of the mobile banking solution simple, functional and enjoyable to use.
Instant account opening and onboarding
A digital banking solution should enable a consumer to open another account on a mobile device quickly and easily because this is fast becoming standard practice. Your technology vendor should thus be able to provide these applications so that customers can open an account and easily apply for services such as home equity loans and investment accounts.
Biometric security
Biometric features like fingerprint readers and facial recognition are becoming commonplace for digital banking customers. Thus it’s important that you choose a technology provider that is able to incorporate these advanced security features into the mobile banking and neobank platforms it develops.
Seamless P2P payment interface
Banking apps should integrate smoothly with person-to-person payment interfaces so select a vendor that offers these functionalities. The technology should make card payments to friends and family easy, fast and secure, including supporting NFC tap payment and allowing customers to fill in their card details automatically.
Automated savings tools
Vendors that offer automated savings tools will enable you to differentiate your digital banking solution from others that merely offer straightforward banking services, including payments, withdrawals and bank transactional statements. Automated savings tools open your business up to the personal financial management industry, which offers a wealth of other revenue-generating opportunities, including offering savings and investment solutions, budgeting packages and financial education tools.
Scalability
Digital banking solutions offer the potential to reach millions of un- or underbanked customers, as they can gear up to meet the demand. The technology systems upon which they are built need to be scalable to achieve this. Thus your technology vendor should have a digital banking system that is modular and easily scalable, allowing you to seamlessly meet the demand of a fast-growing client base.
Highly-customizable
The vendor should be able to customize the solution to your exact specifications and incorporate the flexibility you will need to adjust and add to your digital banking solution as customer needs grow and evolve. Also, with the pace of innovation accelerating continuously, competitive forces will remain acute, and you will need a vendor who can keep pace with advancements in digital banking and incorporate these into your existing platform.
API & Integrations
The vendor should have the experience and capability to handle all types of integrations with the customers’ and traditional banking systems. The vendor should also be equipped to test and train users so that they are comfortable using the banking software and are in a position to make full use of all the functionality it offers. The technology vendor should have sufficiently designated and expert resources to oversee the integration of the software.
Top-notch security
The security measures incorporated into the technology vendors’ digital banking solutions need to be carefully scrutinized to ensure that they are sufficiently robust to protect users from security threats and attacks. Cybercrime is at the top of the list of the financial sector’s major concerns going forward. Security features could include multi-factor authorization, NFC-inserted sim cards, complete end-to-end encryption and text and email notifications.