March Madness – Picking a Digital Banking Platform

Banking Platform Choices - Picture of basketball

It’s March, so that means tournament time – the Zags, Cavs, Blue Devils, KCats, Heels and, of course, our dark horse, FL State. Along with college basketball, it also means we update our strategy on bank delivery transformation. This year, we focus on taking a look at all available digital banking platforms to see which fits what type of bank. We will do this in an NCAA college basketball format (‘Tis the season) with the goal of choosing the best platform given a set of predefined criteria. In this article, the first in a series, we present our methodology and the universe of choices in hopes of saving you time if you are going through a similar exercise.

 

Our Methodology

 

To start, we have identified the following ranked criteria of what is important for this competition. We don’t expect every platform to handle all 18 of the below criteria, but we can hope. Each platform will be ranked on a scale of 1-10, ten being best and the criteria will be weighted in the opposite of their ranking. Thus, Security will carry a weight 18x that of currently being compliant with the latest Revised Directive on Payment Services (PSD2) standards.  

 

In utilizing this methodology, we have weighted both the customer experience and our ability to grow with the product in terms of the level of future customization that a platform might allow. While we are looking for something that is as close to “out of the box” that we can get, we are placing more emphasis on our ability to build out certain components as we grow which may not be an objective for every bank. In addition, we point out, we are also huge believers in a true native cloud-based solution for both efficiency and security reasons. This, we know, is controversial, so many banks may want to amend the below list.  

 

Ranked List of Digital Banking Selection Criteria

 

Available Bank Digital Platform Choices

 

Currently, there are about 30 solution providers worldwide that could possibly deliver a digital banking solution. Of these, the 20 below are the ones we felt had a chance at a robust enough solution to make a US community bank happy. All these firms handle some or all of the aspects of above, and all were chosen because they excel at one of the competitive criteria. We also note that many of these firms are not in the US which may be a non-starter for some banks, but our logic is that since banking is more evolved in many parts of the world compared to the US, in this competitive environment, we need the best solution available. 

 

Digital Banking Madness - bracket of available Digital Banking Choices 

Your Turn

 

If you have any thoughts, additions, insights or questions on any of the above, we would love to hear from you. No matter if you are a bank, credit union, consultant or solution provider, we are open to good ideas where ever they emanate from. One of our objectives with this article today is to hone our methodology and make sure we didn’t miss any potential solution providers. To the extent you can make us better, please do not hesitate to reach out. 

 

In the future, we may open up our whiteboarding sessions, development workshops, project meetings and provider demos for any bank interested in coming on this journey with us. Regardless, if channel transformation and the future of banking is important to you, stay tuned as this tournament plays out and watch for some expected upsets.