Digital Banking Development
Enjoy the synergy of banking innovation, the flexibility of existing digital banking solutions, and ready-to-join teams with expertise in Fintech transformation.
Enjoy the synergy of banking innovation, the flexibility of existing digital banking solutions, and ready-to-join teams with expertise in Fintech transformation.
Digital experience in customer-centric banking solutions available today is mainly built around card products that provide an array of corresponding financial services of the highest demand (card issuance, payments, transfers, crowdfunding, tax reporting).
This is often a startup that functions on its own or on the basis of the existing partner bank, has limited functionality compared to a conventional financial institution, and is basically a card product wrapped in an attractive front end. Nevertheless, some digital banking solutions do grow in time to extend loans and offer deposits or mortgages and other financial products.
The following features are typical for the retail part of the digital banking platform. We perform regular monitoring of the trends and innovative financial projects around the world. Contact us to get more insights on more advanced functionality to enhance customer experience.
We can add virtually any feature you'd like but the following ones are typical for SMB and corporate segments.
We may offer you the possibility to support several different customer profiles within one and the same account. For example, a user can be a private individual, an entrepreneur, a director of one company, and a deputy director at another.
When approaching the development of the digital banking platform, we take into consideration that the solution should allow for easy and smooth integration of third-party services leading to its extended functionality.
The evolution path of the digital experience service may vary depending on business goals. However, we recommend our clients rely on the following core milestones.
The key task at this stage is to implement 2 or 3 vertical user operation scenarios, e.g. login, card list view, transfer between cards, etc. At the same time, you observe the integration design of all components involved (front end, core banking, card processing, authentication, and so on).
As a rule, the nature of the PoC is purely technical, so no end users are allowed to get access to it.
In addition, at this stage, as an established digital banking vendor, we advise financial institutions to create the CX/UX design of the future project.
Your goal here is that the minimum set of functions would go live. Then you test them via different digital channels and get feedback from real customers.
As the leading digital banking vendor, we recommend including at least the following functions:
Extra functions can be released at later stages.
The development of digital banking software solutions is a constant process that is better off with regular releases of features so that your target users could see the growth. As an experienced innovation provider, we advise arranging the backlog and CI/CD processes.
As a rule, this task is under the supervision of the dedicated digital banking team. We surely can help you both with the implementation of digital banking projects and the subsequent handover of the developed online banking platform to your own team. Or, we can create a joint hybrid team to evolve your software in cooperation.
The second vital point here is the construction of the service ecosystem. You don't need to develop all services yourself — there are plenty of them already available. You'd better learn how to integrate engaging services into the digital bank's ecosystem for a fast extension of the functionality (e.g., accounting service for SMBs, personal/business finance management, etc).
No need for individual staffing. We have already assembled, balanced, and focused engineering teams ready for onboarding.
Service Team (Micro-team) – group of engineers who already worked together and know how to do certain task/project.Service Team (Micro-team) – group of engineers who already worked together and know how to do certain task/project.
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Depending on the project conditions and limitations, the team structure and the number of team members may significantly vary. However, our engagement shows that the implementation of a middle-sized digital banking project requires the following team members:
Project Manager
Back-End
Developers
Product Owner
Front-End
Developers
System Analysts
Mobile Developers
(iOS + Android)
Technical Architect
QA Engineers
UI/UX Expert
DevOps Engineer
Our company may promptly send you a team profile for digital banking development. We expect to have a lot of questions requiring clarification.
Get the inclusive insights from our experts regarding how much financial institutions may pay for having a digital project developed.
We know how to approach a digital banking project effectively, so we've implemented a set of modules and components as well as some typical architectures. From the technical angle, they ensure that all your scalability, maintainability, performance, and security requirements are met.
Also, we may arrange a white-label implementation of the business logic for a range of components which makes the project rollout faster and cuts risks.
From the technical perspective, the digital bank may be defined as a set of microservices (however, the microservice architecture is not a must-have here).
Using the Agile approach, we created a digital banking solution that united mobile and online banking. Thus we lessened the burden on retail banking branches and provided clients with more personalized services via smart analytics.
As a global digital banking provider, we can use any tech from our expertise pool. However, for solutions used by banks and credit unions, we prefer those listed below.
More detailed info on the list of technologies is here.
The major advantages of the digital banking platform we offer are its effective horizontal and vertical scalability. Thanks to them we secure the conformity with the performance requirements in case the load on the system rises due to the upgrade of server hardware and the increase in the number of the server cluster nodes.
a. Apply clustering and load balancing technologies.
b. Employ a web framework efficient in resources.
c. Minimize the volume of session state data.
d. Utilize stateless components.
e. Effectively use the client state approach.
f. Minimize the volume of data sent with each request.
g. Use asynchronous operations and Java NIO to minimize time and server data flows.
a. Apply asynchronous operations.
b. Ensure effective data access.
c. Arrange caching at various levels (data access, integration, UI).
To put it simply, there are two secure options:
We can go over both alternatives for you depending on the demands of your digital banking platform. As one of the global online banking software providers, our company suggests considering the following factors:
Safety and security measures must be cost-effective and coordinated with the cost of the property to be protected or the amount of damage that can be caused.
We identify possible threats to the systems and platforms of our customers and devise countermeasures to address those that are worth our attention.
We do not reinvent the wheel for our customers and use recognized and tested solutions. Some new commercial platform may seem attractive but we opt for reliability.
We prefer to integrate with the solutions used by the customer or products from recognized vendors instead of enforcing our own digital banking solution.
Surely we provide our insights to banks and credit unions but we never impose them. It's the customer who makes the final say.
Just like with any other type of software, to build a user-friendly payment solution, you need to be aware of all its traps and industry best practices. Rest assured that we are experts in this sphere and deliver only top systems to our clients.
You should build your solution with the omnichannel approach in mind, although this functionality may seem unnecessary to you at the initial stage. This will save you time and money in the future.
It is of essential importance to introduce transformation and related changes into the production environment asap. So choose the project architecture and processes that allow it.
Such platforms as AWS or Azure come with a range of ready-to-use technical modules that can be used in online banking development. This is a good option to consider to speed up the project.
No matter what, you will need an interface for the service provider, administrators, content managers, and so on. We advise considering these options as a must in the backlog and include them at the MVP stage.
Feel free to get in touch with us! Use this contact form for an ASAP response.
Call us at +44 151 528 8015
E-mail us at request@qulix.com