Business Operations

The Top 8 Digital Banking Engagement Solutions: Digital Transformation For Banks

Explore the top digital engagement banking solutions facilitating full-service digital banking experiences, user-friendly interfaces, robust security experiences integrations, automations and more to improve the digital banking experiences.

The Top 8 Digital Engagement Banking Solutions include:
  • 1. Backbase
  • 2. FIS Digital One
  • 3. Fiserv Digital Banking
  • 4. Infosys Finacle Core Banking Solution
  • 5. nCino
  • 6. NCR Voyix Digital Banking
  • 7. Oracle Banking Digital Experience
  • 8. Q2

Digital transformation solutions for banks enable financial service providers to offer digital experiences to clients. They facilitate modern digital banking experiences for account holders including seamless transactions, real-time analytics, and easier onboarding. They also allow banks to modernize their own architecture and automate key banking processes as well as building better customer experiences and improved operation efficiency.

Customers now expect their banks and financial institutions to support digital experiences, like digital wallets, online loans and payments, and digital onboarding, for all of their devices. The digital engagement banking solutions listed in this article provide unified digital banking platforms with solutions for multiple use cases, including consumer banking, retail banking and business banking. These platforms can then be ‘white-labelled’ by financial institutions to deliver modern banking services to the end-user.

Key capabilities of digital banking platforms include digital account experiences, such as online account management, digital wallets, online loans, payments, and investments. They also provision secure digital onboarding, seamless identity management, and enable banks to automate key processes, and integrate with other leading solutions.

The digital banking space has become competitive, as financial services continue to move toward customer-focused digital solutions. In this guide we will cover the top digital banking solutions, considering factors such as their integration capabilities, features, overall effectiveness. 

Backbase Logo

Backbase is a banking solutions provider offering an innovative Engagement Banking Platform. This unified digital banking platform enables banks to gradually move away from traditional banking systems and implement a modern customer engagement orchestration architecture around these elements. This approach helps eliminate operational silos and enhances customer experience.

The platform allows for easy, quick building and deployment processes for digital banking experiences. Eliminating vendor lock-in efficiency is further supported by Backbase’s Model Bank accelerators, geared to jump-start a bank’s digital transformation journey. Key functions of the platform include identity and entitlement management, customer experience management, digital banking services, process automation, integrations, and customer service operations.

The platform delivers broad applications across various types of banking. For retail banking, it simplifies everyday banking experiences from onboarding to self-service features. For business banking, the platform provides a unified and easy-to-use integrated solution combining banking, payments, accounting, and payroll capabilities. For private banking and wealth management the platform provides tools for intuitive investment management. For credit unions, the platform enhances the member experience from online account opening to personalized advice.

Backbase further supports the implementation process by empowering developers with comprehensive training, detailed documentation, and a full design system, besides access to well-documented APIs, SDKs, and other developer tools. The company’s products focus on the entire customer lifecycle, aiming to help banks excel and grow through customer acquisition, service, retention, and cross-selling.

Backbase Logo
FIS Logo

FIS Digital One is a cross-functional digital banking engagement platform. It’s comprised of a unified suite of solutions that offer customer-centric banking experiences, ensuring consistency across various mediums such as digital and mobile self-service and banker-assisted channels. This holistic platform focuses on transforming the digital banking experience, offering real-time access to customer, account, and transactional data.

The platform sports a modern user interface with a responsive design, efficient menus, and improved navigation, facilitating seamless bank management on any device. A centralized workflow for approval of templates, transactions, and user administration reduces management time and enhances customer engagement. The open platform design simplifies integration and facilitates future updates with automatic activation.

FIS Digital One is suitable for regional and community banks. The platform enables delivery of robust digital experiences that attract and retain customers. Features include digital account opening on any device, support for digital business banking, and provision of personalized insight based on customer activity and spending.

FIS Digital One also offers solutions tailored for larger financial institutions, focusing on innovative customer experiences and embedded functionalities. A leader in digital technology advancements, FIS provides native smartphone applications with a focus on user experience and customer assistance for multiple banking application. FIS has over 20,000 clients and more than one million merchant locations in over 130 countries.

FIS Logo
Fiserv Logo

Fiserv offers digital banking solutions tailor-made to meet the unique needs of financial institutions. Known for its security, resilience, and reliability, Fiserv’s offerings are designed to engage consumers, streamline operations, and foster growth in customer relationships.

Fiserv’s innovative digital banking tools support digital banking functions such as account opening, money management, payment processing, and financial advisory services. The platform offers highly customizable digital experiences, ensuring institutions have complete control over their digital features, including SDK options and connectivity to fintech. In addition, Fiserv offers a complete, UI-rich turnkey solution – Corillian Online & Mobiliti, facilitating faster implementation and swift market entry.

Fiserv’s robust platform offers a comprehensive digital banking experience with over 100 popular integrations, all developed, tested, and managed by Fiserv. The platform’s features include user-friendly account opening for consumer and small business customers, multichannel customer service options, and a wide range of payment options.

Finserv Digital Banking also has a strong focus on security. To ensure safe and secure digital banking, Fiserv provides real-time cybersecurity and risk management solutions, using machine learning, behavioral analytics, and risk scoring.

Fiserv Logo
Infosys Logo

Infosys Finacle specializes in digital banking tools, working with both established and emerging financial institutions across more than 100 countries to improve their banking experience. Finacle’s services range from core banking solutions, lending, and digital engagement to payments, cash management, wealth management, analytics, AI, and blockchain, serving over a billion customers worldwide.

The Finacle Core Banking Solution provides a robust platform for digital strategy in banks. It offers extensive parameterization, product bundling, and reusable business components. These help accelerate innovation-led growth through real-time processing, open APIs, and customer insights. The broad capabilities of this product make Finacle an advanced digital banking foundation to serve a global customer base.

Finacle’s platform includes flexible deployment models, and risk-mitigated transformation. The platform supports customer-focused solutions like the ability to create and launch products at times of demand as well as ensuring seamless adoption and configuration for third-party products. This platform offers a componentized design, robust security, data analytics, and other high-end technology features for seamless banking transactions.

Finacle enables banks to easily connect with customers, offer customer-centric products, and gain real-time customer insights, as well as enabling automation to increase response speeds and cut costs. These factors contribute to driving customer engagement and efficient global operations, creating a reliable banking experience for customers across different regions worldwide.

Infosys Logo
nCino Logo

nCino is a global leader in cloud banking technology. Their unified digital banking platform offers financial institutions a single Software-as-a-Service (SaaS) platform for effective client onboarding, loan management, and account opening. With more than 1,800 financial service providers as partners, nCino is a trusted name in the banking technology space.

nCino’s platform assists with vital bank onboarding processes in one compliant system. Users can upload key documents, verify their identity, and provide personal or business information efficiently. The platform provides custom reports and real-time analytics to provide a comprehensive view of client relationships.

nCino simplifies the process of establishing various types of bank accounts for commercial, consumer, and small business clients. The platform’s nCino IQ (nIQ) tool uses artificial intelligence, machine learning and data, to provide insights that optimize decision-making and revenue generation, reduce costs, and mitigate risk.

The nCino platform also provides a comprehensive loan origination system. It manages a wide variety of lending products. The platform’s document management, automated workflow, and real-time reporting capabilities ensure that all loan activities comply with regulations. It also offers a digital loan file accessible to all stakeholders, enhancing loan management efficiency.

nCino’s platform can also integrate with core systems, credit reporting agencies, and other third-party applications, utilizing open APIs and productized integrations. This functionality enables nCino to centralize banking data, creating an integrated data hub and warehouse for the institution.

nCino Logo
NCR Voyix Logo

NCR Voyix Digital Banking is a digital banking platform designed with an API-first approach, aimed at enhancing the digital banking experiences for both consumers and businesses. This platform offers the flexibility of banking anytime, anywhere and in any preferred manner.

This platform provides a modern, accessible, fully featured digital banking experience. NCR Voyix is function-rich, equipped with a highly adaptable API-driven platform. It can be either hosted or deployed on-premises, providing large banks with the benefits of reduced costs, simplified operations, and quick innovation.

NCR provides solutions catered towards all types of financial institution. For community banks and credit unions, there is NCR Voyix DI. This is a highly configurable SaaS solution designed to boost engagement and promote growth. It offers a personalized experience and combines both retail and business banking on a single platform, further supplemented with potent integrated marketing solutions.

NCR Voyix Sense is positioned as a next-generation digital banking accelerator. This SaaS platform assists banks, credit unions, and building societies in launching and operating digital banking services. It is cost-effective, easily deployed, connects to common core banking services, and provides a wide array of features to please both retail and business customers.

NCR Voyix Digital Banking extends various functionalities to its users including consumer banking, business banking, account opening, marketing and communications, data analytics, and administrative control. The aim is to provide a comprehensive and satisfying digital banking journey for customers and members, while also ensuring the growth of the banking business with technological advancement.

NCR Voyix Logo
Oracle Logo

Oracle Banking Digital Experience Cloud Service is a Software-as-a-Service (SaaS) platform that facilitates modern digital banking. It interfaces with existing core banking systems, enabling enhanced customer experiences in a cloud-based environment designed for accessibility, security, and scalability.

The platform provides an intuitive experience across various banking channels, equipping retail banking customers with features such as instant account opening through AI and ML-powered know-your-customer, payments, digital wallets, loans, investments, account aggregation, and personal finance management tools. Corporate customers benefit from AI and ML-powered self-service capabilities such as cash management, liquidity management, trade finance, supply chain finance, and lending, resulting in significantly reduced processing times.

Oracle’s service is highly configurable, with personalized dashboards that align with individual branding guidelines, coupled with capabilities for user management, identity management, security, and access management. Users also benefit from a multi-entity, multi-host environment, offering flexibility in deployment across different geographies, entities, and core systems. All these factors make Oracle’s digital banking solution a preference for banks aiming to effectively meet regulatory requirements regarding data hosting and retention.

The cloud-based nature of the Oracle Banking Digital Experience Cloud Service simplifies the migration of critical enterprise applications as well as offering high availability and autonomous services to manage security, performance, and scalability. Oracle’s solution provides integrated components to offer advanced SaaS capabilities for the entire banking value chain. This combines with continuous deployment and technological advancements, making Oracle’s solution a strong choice in the digital banking landscape.

Oracle Logo
Q2 Logo

Q2 is a global provider of digital banking and lending solutions. The company specializes in serving banks, credit unions, alternative finance, and fintech firms in the US and worldwide. Q2 offers end-to-end solutions that enable its clients to provide modern digital banking experiences with their account holders, whether they’re individual consumers, small businesses, or large corporations. Based in Austin, Texas, Q2 maintains multiple offices and is listed on the NYSE.

Q2’s digital banking platform provides an omnichannel user experience. It focuses on delivering simple, intuitive workflows across all devices – ensuring a consistent representation of the client’s brand. Extensive research, testing, and validation are used to fine-tune the user experience provided. The platform integrates directly with Salesforce, enabling clients to manage user profiles, reset passwords, and perform similar functions seamlessly.

Q2 ensures account holders have the features they need. These include personal financial management and flexible goal-based savings options. The company also utilizes machine learning technology to create targeted content and services. Its consumer solution set is further complemented by lending solutions, offering a fast, automated, and configurable process, driving both user convenience and revenue for the client.

Q2 ensures strong security measures, providing peace of mind for end customers, without complicating their digital experiences. Overall, Q2 aims to empower financial institutions to nurture more meaningful and loyal relationships with their account holders.

Q2 Logo
The Top 8 Digital Banking Engagement Solutions: Digital Transformation For Banks