If the financial industry has taught us anything in the past, it is that we can no longer postpone digital transformation in banks. Today, consumers expect to perform banking transactions from anywhere and anytime. The technological advancements that offer improved interface and inclination of customers for convenience drive the market of online banking. According to a research firm, Allied Market Analytics, the global online banking market is expected to reach $29.98 billion by 2023, with a compound annual growth rate (CAGR) of 22.6% during the period 2017–2023. The increased demand for digital versions of the traditional bank has caused several financial institutions to seek out better solutions to securely digitalize their offering and transactions while maintaining low costs.