Software development for the digital banking industry refers to the creation of software for online banking systems. The majority of the banking experience is performed online today, from account opening and closing to the daily management of funds, banking accounts, credit cards, debit cards, and checks.
Every online banking platform runs on custom web-based software that helps bank employees and bank customers perform basic banking functions from their phone or computer. Digital banks, and those creating online banking platforms, must focus on providing the banking industry with robust banking features under easy to use interfaces in order to stay competitive.
As more and more commercial banks and residential banks rely heavily on the online banking experience, and as some banks have transitioned entirely away from physical branches to online solutions, building a robust but simple online banking platform is increasingly important. As customers now have the majority of their interactions with banks online, investments in user experience for digital banks is imperative.
Online banks have to focus on many functionalities for bank customers, including account management, wire transfers, ACH transfers, digital issuance of credit cards and debit cards, digital check processing and issuance, credit score monitoring, account security, and much much more. It is important to maintain all of the features of a physical bank while moving them to digital experiences.
One of the most crucial aspects of online banking is the ability to easily funds. Transferring money between accounts, seeing available funds in each account, paying bills, managing credit card debt, performing wire transfers, and sending ACH transfers are just a few of the common features for online banks to provide their customers. The ability to easily manage funds is a staple to any digital bank.
The market for managing bank funds is robust. Tools such as Mint and Venmo encroach on this space with tools that make it easy to monitor and send funds. It's important for online banks to put customer experience first.