Streamlining Fixed Deposits with Modern Bank SDKs

Shaily Shah
November 12, 2023
800 Mins
Streamlining Fixed Deposits with Modern Bank SDKs

Traditionally, opening fixed deposits has been a cumbersome process, involving extensive paperwork and obligatory branch visits. Recent advancements in banking software, coupled with innovative integration solutions, are reshaping this landscape, making the creation of fixed deposits more streamlined and user-friendly. Let's delve into how these sophisticated tools contribute to the seamless convenience of fixed deposit investing, navigating the complexity beneath the surface.

In contemporary finance applications, the integration of middleware toolkits has become a game-changer for digitizing end-to-end fixed deposit transactions. These toolkits, offered by companies such as Tarrakki, facilitate fluid communication with core banking systems, eliminating the need for manual processes like traditional account opening forms and managerial approvals.

Rather than grappling with paperwork, customers can now effortlessly execute quick, paperless fixed deposit transactions through intelligent applications powered by embedded integration toolkits. Developers can harness the power of these toolkits to craft bespoke fixed deposit products, seamlessly incorporating features like adaptable interest payouts, automatic renewals, and real-time tracking of fixed deposit values, all seamlessly integrated into mobile and web applications.

Middleware SDKs play a pivotal role in banishing the need for mandatory branch visits for routine FD management. They bring automation and programmatic creation mechanisms to third-party apps, ensuring that customers enjoy attractive returns without the traditional hassles. These SDKs handle the integration complexity, allowing modern investors to experience seamless digital FD investing.

While fixed deposits inherently appeal to investors due to stable, predictable interest rates, outdated application procedures have hindered their wider uptake so far. Assimilation of banking SDKs with into consumer-facing investment apps with the help of companies like Tarrakki helps overcome this technology gap. Doing away with manual processes helps refine and optimize the entire FD investing experience!

For instance, opening an FD via a mobile app powered by bank SDKs would simply require completing digital forms, KYC, selecting FD options like tenure and interest payout frequency followed by online payment. The entire process could be finished in minutes without an inch of paper or human intervention!

Behind the scenes, the app utilizes Tarrakki's integration toolkit to programmatically create the fixed deposit account, seamlessly transmitting user details and investment preferences to core banking systems through APIs. Updates such as monthly interest credits also occur digitally, thanks to Tarrakki's toolkit-enabled automation.

Easy creation and seamless management of FDs through such apps can motivate more retail participation in fixed income investments. Millennial investors especially prefer digital channels over traditional manual procedures. Assimilating bank SDK functionality thus helps bring regulatory fixed deposits to modern investment platforms.

In essence, these integration toolkits serve as a bridge between the technology of contemporary apps and the legacy systems of banking, ensuring a smoother user experience. By abstracting complex integrations, companies like Tarrakki facilitate rapid digitization, providing customers with heightened transparency and convenience. This presents exciting prospects for the future of digital-first investment products like fixed deposits!

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