What is Digital and Crypto Banking?

Digital and Crypto Banking

Digital banking has been used for many years and has made things much easier for banks and their customers.

While banking on the go saves bank customers valuable time, digitizing large parts of their customer service operations can save banks money on physical infrastructure and hiring costs. Requirements for the social distance that have come up recently have made it impossible to provide qualified banking services to customers remotely.

Digital banking has given banks and credit unions new ways to market themselves, make money, and serve their customers.

Our digital and crypto banking solution with multi-layered security architecture helps financial institutions take advantage of digital transformation by ensuring a frictionless user experience, customer trust, and regulatory compliance.

As the first line of defense, we make sure that strong customer authentication and robust risk management work together to create an online experience that is both safe and easy to use.

What is Digital Banking?

Digital banking also called “online banking” or “web banking” is an electronic payment system that allows customers of a bank or other financial institution to make financial transactions, get bank statements, and do other related tasks.

The customer will be linked to the central banking system, which is run by a bank, through the online banking system. Most banks have been changing their products and services over the past few decades to fit into the digital age, making them easier to use, understand, and manage.

What is Crypto Banking?

The term “crypto-friendly bank” is new in the world of finance. Businesses and people who deal with payments made with cryptocurrencies have started using them to store value and make cross-border payments more manageable.

With PayPal’s adoption of Coinbase, moving money from Bitcoin, Ethereum, and other cryptocurrencies to bank accounts is now an established financial product.

The term also refers to the new type of regulated cryptocurrency banks that pay interest on savings accounts and offer other financial products and services to people who own cryptocurrencies.

Our digital and crypto banking software services with multi-layered security architecture help financial institutions take advantage of digital transformation by ensuring a frictionless user experience, customer trust, and regulatory compliance.

What can you do with software for digital and crypto banking?

You can run a next-generation online crypto banking platform with easy-to-access government-issued currency assets and a new breed of digital cryptocurrency assets.

In many ways, distributed ledger technology can be used in banking.

InheritClassic Financial Products: 

Support all traditional banking products, such as deposits, withdrawals, transfers, checking and savings accounts, insurance products, loan management, bill payment, and accounting services.

Instant Cross-Border Transfers: 

With both traditional and cryptocurrencies at your fingertips, it has never been easier to move money from one country to another or convert one currency to another.

Access to a Growing Cryptocurrency Market: 

Direct access to the Blockchain ecosphere gives cryptocurrency holders access to a whole new market where they can buy fresh and old banking products.

Personal and Business Accounts in Different Currencies: 

The exchange and circulation of money keep banking systems going. When new cryptocurrencies emerge, the need for crypto banking customers to exchange money for them goes to a new level.

Verification of Identity and Compliance: 

As a regulated financial service, you can handle client verification in-house or use convenient API endpoints to enable any third-party verification service, such as Identance for Know Your Customer (KYC) and Bitfury Crystal for monitoring the source of crypto funds.

Debit and Credit Card Management: 

You can quickly issue and manage virtual and physical debit and credit cards for your customers by adding an extra application to the server. This lets you connect to a third-party debit card provider or use an in-house solution.

Large-Scale Investments: 

Because digital bank account holders have access to Blockchain smart contracts technology and regular financial flows, they can make small and large investments managed by the digital banking system.

Financial Analytics, Planning, and Advice: 

Give your business and customers precise analytics and advice for banking management, investment opportunities, retirement planning, insurance products, credit programs, debt repayment, tax planning, and other financial products.

The OpenBank Digital and Crypto Banking Platform is a powerful way to deploy a secure and highly customizable FinTech software-as-a-service (SaaS).

Since the platform is modular and uses open-source code for private libraries, it is easy and cheap to support in-house maintenance and development of new features to keep up with changes in the financial market.

Let’s talk about your project to create a digital bank!

OpenBank is a great way to power your digital banking platform with fast, stable, and scalable technology. It also handles risks well.

Talk to technical sales to learn more about the platform’s architecture and get a free demo of the online banking platform.