Digital Bank Solution

The demands of a completely connected world with smartphone apps and cloud Banking as a service is transforming banking from a branch led face-to-face model to a completely digital experience all at the palm of one's hand. Novopay’s “Digital Bank” solution provides a fully digital experience from app download, to account creation with digital KYC, to providing deposit accounts to lending and other products with 100% digital experience. Whether your bank manufactures the financial products or you integrate with other partners for Insurance and Mutual Funds, you can deliver a Digital Banking solution in a matter of months using the Novopay “Digital Bank” solution.

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"I think the future bank is going to be in the palm of your hand', says Lucy Gazmararian, associate director, PwC"

Save

Support a fully digital Checking, Saving account with fixed deposit and recurring deposit products. UPI and other payment methods could be used to transfer funds into the savings accounts.

Borrow

Various lending products, can cater to the needs of a diverse customer base of a digital platform. Depending on the demographic, deposit and KYC levels of the customer, specific lending products are served up to the customer. Each lending product will front end a 100% digital LOS (loan origination system) experience including supporting various digital KYC and verification flows.

Invest

Often investment instruments such as Mutual Funds or SIPs are offered through partnerships with other financial institutions. The Digital Bank solution will offer these through API integration with partners in order to provide a seamless customer experience.

Insure

Insurance products are also often offered through partnerships with insurance companies. The Digital Bank solution will offer these through API integration with partners in order to provide a seamless customer experience for various products whether it is as small as a smartphone, 2-wheeler insurance or all the way to health or life insurance products.

Cards

With the rapid growth of digital payments the card ecosystem while useful will also undergo a virtualisation. As a transition from a physical form factor of debit and credit cards, increasingly these cards will be virtualized inside the Digital Bank of the customer’s smartphone. hence Novopay’s card support includes virtual and physical debit and credit card support. Transactions both online and offline are supported through virtual and physical cards.

Pay/Collect

Various digital payment systems globally have made huge progress in moving from cash to digital payments. Novopay Digital Bank solution provides both ‘Pay’ and ‘Collect’ digital transactions supporting RTGS, NEFT, IMPS, AePS and UPI payment protocols.

Manage

Personal Finance Management is a key feature of the Novopay Digital Bank solution. The ability to get a birds-eye view of your personal finances on your smartphone is central and very attractive feature of the digital banking experience. The ability to take control of your spend, ability to save towards target purchases and see the return on investment all within the convenience of your smartphone is the way of the future.