user
Blog

7 Best Digital Banking Platforms in 2024

Digital banking solutions are essential for any business poised to expand its finance offerings in today's market and fulfil customer expectations for digital accessibility. This list of the seven best digital banking solutions on the market will help you narrow down your top options, whether you're a banking institution adding to an already established digital banking solution suite, or a fintech needing reliable back-office solutions for digital banking..

October 28, 2024

Selection Criteria

We selected the top digital banking platforms of 2024 based on features that matter to financial institutions and fintechs across the board. For instance, customization and flexibility were criteria; the banking software should provide a tailored experience and functionality. Anyone using the software—from the C-suite to everyday casual users—should have access to what they need without frustrating roadblocks.

In addition, scalability was a crucial criterion. Any banking software should be able to scale with a growing institution, welcoming new users and features down the line without hassles or headaches. Similarly, the software should support expansion without bugs or complications.

Furthermore, while we evaluated a variety of features across vendors, we did not necessarily prioritize the platforms with the most features. Instead, we ranked features that are relevant in today’s landscape of accessibility and critical mass, especially for fintech.

For example, white-label solutions ranked highly because they allow fintechs and banks to brand and deploy digital banking quickly, without extensive development. This emphasis means that timely problem-solving took precedence over add-ons offered by solutions with less immediate relevance.

For Whom Is This List?

This list would benefit legacy banks aiming to digitize or expand upon existing digital banking solutions, as well as fintech startups seeking a comprehensive solution. These options are ideal for fintechs needing efficient client onboarding tools and a one-stop shop for digital banking, especially for those lacking the internal resources to build infrastructure.

In addition, these platforms would serve payment processors and large enterprises—such as telecoms with retail networks—by offering white-labeled solutions to operate financial services within their branded ecosystems.

Finally, startups and SMBs would benefit from the low-cost, scalable options available here. These solutions enable growth and adaptability, supporting banking essentials such as digital payments, card issuance, and e-wallet services.

List of best digital banking platforms

1. DECTA

DECTA's digital banking platform is a customizable, cloud-based solution designed for banks and fintechs to automate and expand their digital services. The platform supports custom financial features, standalone online banking, and cryptocurrency services, all without the need to rebuild core systems.

DECTA's Digital banking platform

Target Market

  • Traditional banks transitioning to digital
  • Fintechs expanding digital services
  • Financial institutions offering digital banking

Key Features

  • Customization: Tailor the user interface and functionality to match brand and customer needs.
  • Cloud-Based: Scalable and flexible, adapting quickly to market changes.
  • Security: ISO 27001 and ISO 9001:2015 compliant for robust data protection and quality management.
  • SaaS Offering: Includes real-time notifications, activity tracking, and automated onboarding.
  • White-Label Solutions: Institutions can leverage white-label solutions to offer personalized banking experiences.
  • Crypto Integration: Supports cryptocurrency wallets and transactions.
  • Soft-Ledger: Manages G/L accounts for streamlined financial reporting.

About DECTA

DECTA is a leading provider of digital payment services, offering payment acquiring, BIN sponsorship, card issuing, payment gateway solutions, and technical payment processing. Their customizable, cloud-based Digital Banking Platform supports rapid digital transformation, making it ideal for fintechs, telecoms, corporations, and businesses aiming to offer modern financial services.
 

2. Treezor

Treezor provides a modular, one-stop-shop solution for embedded finance, allowing companies to outsource their payment needs. This platform supports the entire payment cycle, from acquiring to issuing, and is designed to accelerate banking projects for fintechs and large businesses by easily integrating payments into their customer journey. Treezor's solution is API-based, providing flexibility and ease of integration.

Target Market

Treezor primarily targets:

  • Fintech companies
  • Large businesses
  • Industries include digital banking, financial management, employee benefits, mobility and utilities, gift cards, marketplaces, and savings.

Key Features

Treezor's platform offers several key features:

  • Comprehensive Payment Services: Covers the entire payment cycle, from acquiring to issuing payments.
  • API-Based Integration: This allows for easy integration of services through REST APIs, enabling companies to embed payments into their offerings.
  • Regulatory and Security Expertise: Provides clients with compliance, security, and regulatory support.
  • White-Label Solutions: Offers customizable solutions that the client can brand.
  • Support for Multiple Use Cases: Includes digital banking, financial management, and more.
  • International Card Scheme Membership: Treezor is a key member of international card schemes, enhancing its payment capabilities.

3. Banking Labs

Banking Labs offers a cloud banking platform to enhance customer experience and drive growth while reducing risk. The platform leverages artificial intelligence and data science to provide innovative solutions tailored to the banking and financial services sector. It integrates various technologies such as robotic process automation, banking analytics, cloud engineering, and applied machine learning to deliver a comprehensive digital banking experience.

Target Market

Banking Labs' cloud banking platform's primary target market includes banks and financial institutions in North America. The platform is aimed at organizations seeking to modernize their operations, improve customer engagement, and streamline processes through advanced technological solutions.

Key Features

Robotic Process Automation (RPA): Helps banks set up best practices and centres of expertise for automation.
Banking Analytics: Provides enterprise AI products and solutions to enhance data-driven decision-making.
Cloud Engineering: Offers scalable and flexible cloud-based solutions for banking operations.
Applied Machine Learning: Implements machine learning techniques to improve banking services and customer interactions.

4. Integrated Finance

Integrated Finance provides a platform that enables fintech companies to launch and scale their digital banking products rapidly. The platform offers a range of APIs, allowing businesses to integrate various banking services into their products, such as account opening, client onboarding, and card issuing. This infrastructure helps fintechs maintain a competitive edge by simplifying the complexities of financial operations and compliance.

Target Market

The primary target market for Integrated Finance includes:

  • Digital banks
  • Lenders
  • Investment fintech

Key Features

Integrated Finance's platform includes several key features:

  • Account Issuing: APIs for quickly issuing bank accounts that integrate seamlessly with fintech products.
  • Transaction Processing: Local and global transaction processing APIs connecting to networks like Faster Payments, SEPA, ACH, and SWIFT.
  • Transaction Orchestration: Workflows for monitoring, aggregating, and reconciling payment data across multiple banks and accounts.
  • Compliance and Risk Management: APIs to optimize customer onboarding, ensure AML compliance, and manage safeguarding.
  • Card Issuing and Processing: Solutions for offering personalized virtual, physical, and tokenized cards.

5. Mambu

Mambu's platform is API-first and fully composable, allowing financial institutions to create customized banking experiences. It emphasizes agility, scalability, and customer-centric design, enabling institutions to deploy new financial products and services rapidly. The platform supports a wide range of financial services, including lending, deposits, and transactional banking, and integrates seamlessly with a broad ecosystem of partners for enhanced functionality.

Target Market

Mambu targets a diverse range of financial institutions, including:

  • Banks
  • Fintech companies
  • Retailers
  • Corporates
  • Building societies
  • Credit unions

Key Features

Mambu's platform offers several key features:

  • Composable Architecture: Allows institutions to assemble and reassemble independent components to create tailored financial solutions.
  • Cloud-Native: Built on a modern cloud-native stack, offering scalability, security, and reliability.
  • Lending and Deposits Engines: Supports a wide range of lending products (e.g., mortgages, SME loans) and deposit offerings (e.g., savings accounts, prepaid cards).
  • API-Driven: Provides extensive integration capabilities through RESTful APIs, Webhooks, and Streaming APIs.
  • Low-Code/No-Code Interface: Facilitates rapid product configuration and deployment with minimal technical resources.
  • Partner Ecosystem: Connects with various technology vendors to enhance service offerings and ensure seamless integration.

6. Swan

Swan offers a cloud banking platform allowing businesses to embed banking features such as accounts, cards, and payments into their products using APIs. This white-label solution is designed to integrate seamlessly into existing workflows and user experiences, providing a smooth and efficient banking service for end-users.

Target Market

Swan primarily targets European companies that wish to integrate banking services into their digital products. This includes a wide range of tech companies looking to enhance their user experience by embedding financial services directly into their offerings.

Key Features

API Integration: Swan provides simple APIs for embedding banking features, allowing companies to integrate services like accounts, cards, and payments quickly and easily.
White-label Solutions: The platform offers white-labeled interfaces, enabling companies to maintain their branding while providing banking services.
Regulatory Compliance: As a licensed financial institution, Swan handles payment and fraud risk, allowing partners to leverage Swan's e-money license without needing to build their own compliance departments.
Quick Deployment: Companies can start building and testing their integration with Swan's free public sandbox, reducing time to market significantly.
Comprehensive Support: Swan supports various payment methods, including Apple Pay and Google Pay, and offers a developer-centric platform with GraphQL APIs.

7. Dzing

Dzing offers a cloud-based banking platform enabling businesses to create neobanks. This platform provides a fully customizable white-label solution, allowing partners to integrate financial services into their existing products without significant investment in infrastructure or expertise. Dzing's platform supports a wide range of banking and payment services, leveraging a developer-first API for ease of integration.

Target Market

Dzing primarily targets businesses looking to establish their own branded neobanking solutions. This includes companies that want to offer financial services as part of their product offerings, such as digital payments, card issuance, and foreign exchange services. Dzing's platform is designed to cater to businesses of all sizes and structures, operating globally.

Key Features

  • White Label Neobank: Fully customizable solution for businesses to launch neobanks.
  • Card Issuing: Ability to issue branded payment cards, including credit, debit, and prepaid cards.
  • Payment Processing: Comprehensive digital payment solutions, including support for multiple currencies and AI-enabled payment optimization.
  • Foreign Exchange Services: Access to foreign exchange services covering over 30 currencies.
  • Developer-Friendly API: Easy integration of banking services into existing applications.
  • Corporate Accounts: Support for corporate accounts, including mass payments and local UK IBANs.

Key Considerations from the List

Business Model Alignment

The limitation of selecting a digital banking platform is that it must align with the current business model. Each platform anticipates features and functions. No matter which path is chosen, it must align with the overall intention of having the service—either as an additional digital service to a long-standing, in-person banking institution or a fintech entity with specialised resources and digital existence. The platform should enable the company to do what's needed without stripping too much from what's currently offered, including key aspects like handling international payments or accommodating credit cards.

Feature Prioritization

No platform offers all existing features in the market, so make sure the platform has everything it needs for your particular operation. For instance, some platforms support many currencies for cryptocurrency needs, while others are better suited to fiat operations that need payment processing and banking accounts, potentially involving cash management and fees considerations. Create a comprehensive inventory of features that would be deal-breakers for your operation. Will you need mobile banking and onboarding? Do you require integrations with other services?

Customer Base

Think about who your client is. For example, if your client is a retail investor, you need a solution for rapid client onboarding, mobile apps, and excellent e-commerce functionality, perhaps including credit cards or options for international payments. If your average client is more corporate and institutional, compliance requirements are critical, suitability and flexibility are required, and omnichannel support is required. Knowing your client helps you distinguish features useful to your average consumer versus everyone else.

Choosing The Right Digital Banking Platform For Your Business

Summary

In 2024, digital banking platforms are more important than ever for financial institutions and businesses aiming to stay competitive in a rapidly evolving market. Best solutions will allow providers to service their clients better, improve internal structure, and meet client demands for virtual accessibility. Yet, with most of these platforms being the best digital banking offerings in a saturated market, your decision will ultimately fall to your business model/revenue-generating potential and, which features are most vital to you based on expected use and which client demographic will resonate most with your chosen platform. Regardless, your preferred option will only enhance your business now and in the future, provided you review the required caveats.