The 3 Most Important Features to Focus on When Selecting a Digital Banking Platform

Your IT solutions define how your bank operates. They impact the speed of each process, define your capabilities, and may even shape your customer experience. Therefore, making the right choice is paramount.

How to choose your digital banking platform? What do you need to concentrate on? Take a look below.

Cybersecurity

With the rising number of cyber threats, cybersecurity in banking is the utmost priority. Without it, you will lose the trust of your customers, expose yourself to fines, and get the worst PR. Therefore, this is the first aspect you need to focus on.

What should interest you the most? Regular testing and updates. Proper cybersecurity requires constant vigilance and adapting to new types of threats, so you shouldn’t trust platforms that believe that their security measures are perfect. Instead, you should opt for solutions that are constantly evaluated and improved.

Data Processing

Knowledge is power, and knowledge is data. These two truths define modern banking and the best digital banking platforms. Having limited your research based on cybersecurity, you should now focus on data processing.

A good platform for personal banking should be able to integrate data from different sources within the rest of your IT stack. Moreover, it should have an AI-powered, ML-based system for processing information. Thanks to this, you will be able to extract insights from your data, automatically categorize your clients, and even generate smart product recommendations, predict churn, and prevent customer problems before they occur.

An additional perk that you may be interested in here is automated document processing—the ability to extract information from unstructured documents. This feature is typically based on OCR and AI and can be a real game-changer. After all, you know how much time it takes to input all the data in your systems, and this simple functionality can release all that time, reducing your operating costs significantly.

Apart from that, you should look for platforms that can merge your channels. This enables your organization to adopt an omni- and optichannel approach, where your clients can switch between different channels seamlessly, without any friction, and select the one that suits them most at a given time.

Other Features

Having looked into the two features above, you can focus on additional perks digital banking platforms provide. Modern technology offers numerous opportunities, so you should look for functionalities such as:

• Automated banking customer onboarding with the use of AI, OCR, and biometrics.
• AI-powered chatbots and prompters to serve your clients and your customer service agents.
• Secure video banking features that enable your employees to talk to the customers remotely.
• Automated, AML-compliant anti-fraud features that will help you detect threats and report them.

LiveBank24—The Best Digital Banking Platform

You know how to choose a digital banking platform, so now let’s discuss the best one available: LiveBank24. Our solution checks all the boxes, providing you with:

• robust security that we improve daily to ensure your data is protected,
• excellent data processing capabilities—you will know your clients inside-out and build a positive, optichannel customer experience,
• a plethora of additional functions, including:
  • advanced reporting,
  • autonomous digital onboarding,
  • workflow and case management,
  • AI Assistant and a video bot,
  • co-browsing and other video banking capabilities,
  • and many more.

Our platform was created to meet the needs of modern banking and to help you provide your customers with exceptional services that outperform your competitors despite them rising in numbers. Contact us at LiveBank and test our platform—we know you will be satisfied with it!

The Takeaway

How to choose the best digital banking platform for your organization? You need to start by evaluating cybersecurity, then data processing capabilities, and only after other features. This might be a time-consuming process, but it is an investment for years to come, so it is worth the effort. After all, the better the platform, the better your services, and when it comes to the best platforms, LiveBank24 is a true leader among similar solutions.

You may also read: Key Features of Case Management Software for Banks