Digital banking vs digital banking platforms—the difference explained plus their features and how they work.
Today, fintech firms and digital banks have become major disruptors of banking services and have transformed traditional banking and payments methods of old. But what exactly lies behind the scenes, what are the main functionalities, and what to expect next from digital banking platforms?
What are digital banking platforms?
Digital banking platforms are financial services provided solely online—as opposed to online banking which refers to specific online banking components that also have brick-and-mortar operations (known as traditional banking). Digital banking platforms rely on process automation, web-based services, and APIs to create fully digital banking services.
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