With the assistance of a digital banking platform, banks can deliver their customers with a digitized banking experience that involves all standard banking services, involving online and mobile banking. In addition, it proposes different banking features such as money transfers, bill payments, money withdrawals, bill deposits, savings account management, loan management, and financial product applications. In addition, it promises its end users multichannel and omnichannel banking services. Additionally, different banks use this platform to decrease human error and finish challenging tasks more speedily and proficiently. Further, different banks and financial institutions are generating cutting-edge, intelligent banking platforms to cut costs and foster account security. The foremost aspects propelling the market’s enlargement are an augment in internet users and a move away from traditional banking toward online banking. The market is increasing owing to more individuals using cloud platforms, which advances scalability.