Digital banking products and features: what can be included in digital banking?

Digital transformation is a priority for almost every bank, and today it’s impossible to imagine a world without digital banking. The most popular benefit is the convenience it gives to manage finances at any time and place with just internet connection and a mobile device or PC. No doubt one of the most popular features is Online Banking which in most cases are provided to customers free of charge. In addition to online banking, digital banks offer additional financial tools like loan calculators, financial planning tools, tools to help analyze investments, budgeting, forecasting, etc.

As more users have accessibility to smart phones, it becomes easier to roll out services to help them out. With the rise of Banking-As-A-Service (BaaS), accounts can present options for customers to work within their digital space. Banking-As-A-Service (BaaS) using a mobile device such as a smartphone or tablet with the help of advanced apps, that way making banking even more user-friendly.

Thanks to the integration of one more feature — Unified Payment System (UPI) and the digital banking solutions, the customers are now able to transfer money from one account to another with much ease.

Gone are the days when people used to carry cash, now millions of people are using Mobile wallets (M-Wallets). Digital wallets are one of the best innovations in the field of technology.

In modern banking there are two performance differentiators: product uptake and customer engagement. Digital rewards and loyalty programs can fulfill both needs at once. Digitally integrated programs can challenge traditional methods of customer acquisition and retention by introducing cost-effective and measurable, reward and incentivization capabilities.

Popular features widely offered by digital banking — Digital Coupons and Cash Back. Almost all popular online banks offer discounts through coupons and different cash back options.

One of the most important features of digital banking is that you can receive notifications in close to real-time. Secure Message Alerts can be used, for example, when transactions are completed or denied, a bill payment date is approaching, your bank balance has reached a specified target amount, details of your account were changed, there were failed attempts to log into your account, etc.

Crassula is significantly changing Digital Banking enviroment adding simplicity and efficiency to customer journey and back office management process, which makes our approach different from incumbent Core Banking solutions providers.

Crassula is a software platform that helps businesses and financial institutions to build their own payment systems, wallets, online, mobile banking and more.