Top 10 Digital Banking Solution Providers for Australian Companies

Big banks are hopping on the digital banking train too since customers crave innovative banking experiences and the potential profits for banks are huge. And to do that, they need digital banking providers. So, get ready to meet the top players in this game!

What Is a Digital Banking Platform?

Digital banking software is the secret weapon of many financial institutions’ online services. Banks, credit unions, and other financial players use it to shift traditional banking activities onto digital platforms.

This software is a game changer for any financial business, whether it’s a small local bank or a global giant. Here’s a breakdown:

• Loan and Asset Management: Automate the nitty-gritty of loan and asset account management with minimal human touch.
• Daily Banking Activities: Simplify everyday tasks like deposits and lending, making them faster and more efficient.
• Funds Transfer: Seamlessly move money between different accounts, including savings and checking.
• Marketing Automation: Streamline marketing efforts and manage client databases without a hitch.
• Add New Functions: Use no-code and low-code tools to enhance primary operations quickly and easily.

Read more: Top 20 Digital Marketing Examples In 2024

How digital banking platforms are utilized

Digital banking software isn’t just a flashy add-on. It can benefit any bank. Here’s how digital banking software is shaking up the industry:

Online Account Management

Gone are the days of long account opening processes. Digital banking lets managers streamline these tasks. Customers don’t need to visit a branch or call the center. They can check balances, view customized statements, and transfer funds in a snap.

Mobile Banking

Mobile banking puts the bank in your pocket. Check balances on the go, transfer money while shopping – it’s all possible. For managers, it means fewer branch visits and shorter queues. In 2021, 74% of people aged 15-24 used mobile banking apps, showing that the young generation is all in!

Bill Payment and Invoicing

Forget heaps of paperwork as digital banking platforms make bill payments and invoicing a breeze. Customers can pay bills, set up recurring payments, and manage invoices with a few clicks. Banks benefit from fewer errors and streamlined processes, cutting down the need for human resources.

Cash Flow Forecasting

Managing cash flow can make or break a financial institution. Digital banking software offers real-time visuals and data-driven insights into cash reserves. Customers get a clear view of their income and expenses, making it a win-win for everyone.

Remote Check Deposits

Remember when depositing a check meant a trip to the bank? Not anymore. With digital banking software, customers can snap a picture and authorize a check deposit remotely. For banks, this means fewer staff needed to handle these tasks.

Read more: Top Core Banking Platforms

Top 10 digital banking solution providers

Creatio

Creatio offers a killer unified CRM and no-code solution, perfect for banks wanting to supercharge their digital operations. With Creatio, banks can streamline their processes and deliver a top-notch banking experience, making customers’ lives easier.

Oracle

Oracle Banking Digital Experience is a  SaaS-based platform packed with features. Its hot-pluggable system lets banks, insurance companies, and financial institutions quickly add or remove features, making it super flexible and easy to customize.

Appway (FNZ)

Since its 2003 inception in Wellington, New Zealand, Appway has evolved under FNZ’s umbrella. FNZ’s intelligent workflow management process boosts efficiency and helps financial institutions improve their cost-to-income ratio.

nCino

Founded in 2011 in North Carolina, nCino Bank Operating System is a user-friendly digital banking platform. It’s designed to simplify retail banking and loan management, making life easier for both banks and their customers.

Sopra

Sopra Banking Platform offers a cloud-based, programmable, and customizable solution for banks. It handles payments, loans, asset management, and compliance, making it a versatile tool for financial institutions.

Finacle

Since 2000, Finacle has been a go-to for medium and large banks worldwide. Known for its reliable online banking platform, Finacle focuses on enhancing customer experience and streamlining operations.

Finflux

Finflux is a cloud-based platform serving over 20 million individuals and 60 institutions in 15 countries. It makes delivering financial and banking services smoother and more efficient.

Velmie

Velmie has been around for over a decade, offering backend, mobile, and web solutions. Their neo-bank solution caters to retail and business banking, wealth management, payments, and digital wallets. They also leverage AI and blockchain for secure, innovative services.

Blend

Blend’s cloud-native platform simplifies the process from application to close for any banking product. With solutions for mortgages, consumer banking, deposits, home equity, vehicle loans, and credit cards, Blend ensures a smooth, compliant customer experience by integrating with various data sources.

NCR Digital Insight

NCR Digital Insight provides a future-ready, customer-focused banking experience. Its unified app and API-driven customization let banks easily add or tweak features, ensuring a seamless service.

Conclusion

With digital banking software, small banks can attract more customers by offering advanced features. Meanwhile, big international banks can cut down on manual processes, turning them into automated workflows for better efficiency.

Above are 10 top digital banking solution providers we recommend. You can also contact us right now for a reliable, experienced partner to up your digital banking game.

SmartOSC is a global digital transformation agency specializing in digital banking solutions. We have helped many banks and financial institutions worldwide achieve their digital goals and grow their businesses. We can also help you to join the digital revolution, too.