Digital Banking: Salient Feature in Today's World
With the advent of the digital era, everything went online from physical. The brick and mortar shops became websites and classrooms went online, books became digital. When everything has come online, banks are not an exception. All the traditional banking activities have been digitized and are now open to all on the go. The time when managing financial activity required visiting the bank has long gone. Like any other trend, digital banking is not a fad. It has improved the way the customer handles financial aspects. Digital banking was a revolution in the past decade and now it is in evolution.
What is digital banking?
Digital banking is the digitization of all aspects of the bank including front to the back end. Artificial intelligence is employed to automate most of the tasks associated with data processing and administrative tasks. You can perform various tasks including money deposits, withdrawals, and transfers, maintaining an account, applying the financial products, loan management, paying bills, and much more. With this, let’s jump into the features of digital banking.
Features of digital banking
Digital banking services offer various products and services. You can manage all transactions with salient features from the comfort of your home. Paying bills and money transfers can be done within a matter of seconds.
Many confuse digital banking and online banking and think that online banking is a synonym of digital banking but it is not. Almost all the banks provide round the clock online banking services. Also, they provide technological solutions to make banking easy and swift. With online banking services you can view account summary, print account statements and balance, set up online payments, transfer funds across multiple accounts and banks, and more.
One of the niftiest features of digital banking is mobile banking. Various financial institutions offer functional apps and mobile platforms to manage transactions remotely. Mobile apps can be used for 24/7 from anywhere in the world. These apps are equipped with trends like Chatbots and blockchain to provide hassle-free and sophisticated internet banking services.
Unified payment system
Transferring money to someone was considered to be a tedious process once. But the introduction of UPI has changed everything. Thanks to this digital banking feature introduced by NPCI which has made money transfer a matter of seconds process. Using VPA, mobile number, account number, and IFSC or Aadhaar money can be sent or received from any account. And the best part is that there are lot of UPI providers including Google pay, BHIM.
Digital or E-Wallets
Don’t want to carry cash everywhere you go then digital wallets come handy for you. With mobile wallets or virtual wallets you can just pay for anything from your Smartphone. It is one of the best and the finest innovations of technology that made people’s life easier. Also, the digital wallet provider will excite you with rewards and offers for each payment.
Customer engagement is another crucial point of digital banking. The banks offer various offers and rewards to retain the customer. This is a bonus for the customer when it comes to digital banking. You can find loyalty programs with digital platforms that are not available even in the physical bank.
Automatic payment of bills
The beginning of every month is hectic because of the line-up bills that have to be paid. Many online banks have the automatic pay bill feature in which you can link your bills to the account and the money will be paid directly without you worrying.
Digital Banking in India is seeing new heights daily with the birth of new features and innovations. Enjoy these benefits and have a hassle-free management of your financial system.