Digital Banking System Requirements | First Bank (2024)

FAQs

What are the requirements for a digital bank? ›

Typically, the main requirements for digital banks are to accommodate real-time and 24/7 on-demand availability of services, flexibility and scalability of infrastructure, a 360-degree customer view on their profiles through leveraging data from various touchpoints, and efficient omni-channel stage management.

Computers used to access online banking must meet the following minimum requirements: - Standard PC or Macintosh® with at least 1-GHz processor and 1GB of RAM. - Available browser updates applied for improved security and greater anti-virus and spyware protection.

To take advantage of online banking, you'll need an electronic device, an internet connection, and perhaps your debit card or account numbers.

Key players in digital payment systems include the merchant (payee) and the consumer (payer), whose interactions initiate the digital payment process. Both parties require a bank account and online banking to engage in digital transactions.

To set up basic online payment processing for your business, you will typically need a combination of a payment processor, a payment gateway and a merchant account to accept credit and debit card payments and digital wallet payments.

Requirements for a mobile banking app include robust security features, user-friendly interface, transaction functionality, account management, customer support, compliance with financial regulations, and integration with existing banking systems.

Stay in charge of your finances with a personal checking account at First Bank and Trust Company. We offer a variety of checking account options that are sure to meet your unique needs and keep your finances secure. The best part—you can open your checking account instantly online.

Make sure your password is at least 12 characters. Include upper-case and lower-case letters throughout. Avoid keyboard paths like 45678 or asdfg.

Valid email address and phone number. Standard PC or Macintosh (at least 1-GHz processor and 1 GB of RAM) Available browser updates applied for improved security that provides anti-virus and spyware protection.

Scammers can't access your bank account with just your bank account number; however, they can set up direct debits or transfers via EFTs.

How to become a digital bank? ›

Building a digital bank from scratch involves defining your business model, selecting technology partners, developing customized solutions, obtaining regulatory approvals, and launching and marketing your product. It's a complex process requiring banking, technology, and compliance expertise.

To open a virtual account, you need to connect with a bank or a fintech, depending on your business requirement. You will be required to submit documents for verification and customer onboarding. Once the onboarding process is completed, your virtual account will be set up.

Provide the relevant personal details in the digital Savings Account opening form. Attach scanned copies of your ID and address proof, e.g., PAN Card, Aadhaar Number etc., for completion of KYC process.

A new-age digital banking project developed on a basis of an existing bank will cost you $700,000 - $1,000,000. In case you are a FinTech start-up operating as a standalone orga- nization, add up to this an amount that your financial partner is billing you for core banking and card-processing software.