Digital Banking Disrupting the Payments World

The digital disruption has had a great impact on our everyday lives — from the way we communicate to the way we deal with money. The latter created a big shift in the banking industry that now contributes to a more expedient paperless economy.

Cashless transactions are becoming the most favourable payment method throughout the world, already taking the lead in Europe and the US. The projections show that the expanded awareness of benefits of making online transactions will lead to a mass adoption of digital economy. The digitization of financial services contributed to development of online banking.

Progress of digital banking

Before, performing any actions with money involved going to the bank or other sorts of physical human interaction. Since the appearance and acceleration of online banking, it is no longer a necessity and only involves a person and their device. The convenience of it all now allows to make payments and transfers from any point of the world and at any time.

Digital banking allows to store all of the evidence of transactions and other banking activities online, which enables a quick access to it in case of any claims or law violation. Banking industry has been becoming more and more corrupt with years, and digitization is a big step towards fighting this issue as all activities are now tracked and those that are questionable are addressed instantly.

For same monitoring reasons online banking contributes to a more reliable customer safety. Banks initially appeared to provide a safe place for people to store their money, with other features being just an addition to the service with time. The online banking disruption is in the ability of tracking suspicious activity. Authentication avoids the possibility of accessing the account by third parties. The customer is notified about any unusual behaviour on their accounts.

The shift from traditional to digital creates a number of expectations. It gives financial institutions an opportunity to transform their legacy and challenge the business. The disruption of digital banking will improve global money movement.

And with the appearance of White Label services, it has never been easier for businesses to build their own online banking solutions. Crassula contributes to the online banking development by providing a full product, including administrative panel and client interface.

Our Banking solution represents a software for creating online banking or e-wallet for users, businesses and eCommerce clients that allows to create accounts, issue cards, make SEPA and WIRE transfers.

Find out more at crassula.io