Finance

All you Need to Know About Digital Banking, its Benefits and Future

Digitization has led to significant changes in the banking sector. Right from opening a bank account online to carrying out online transactions, everything can be done easily from the comfort of your home. All of this is possible due to digital banking. Ahead, we have outlined some of the most important benefits of digital banking and its future in India. But first, let’s understand what is digital banking?

What is digital banking?

Digital banking refers to the digitization of traditional banking activities and services that were previously available to customers only on a physical visit to the bank branch. With digital banking, all the banking services can be availed online through digital platforms. This, in turn, provides the customers the luxury to access and perform all traditional banking activities online in a hassle-free way. Digital Banking can be done using a laptop, personal computer, tablet, or even a smartphone.

Some of the major benefits of digital banking are enlisted below:

Benefits of digital banking

Easy online banking

Be it cash deposit and withdrawal, making investments or keeping a track of your transactions, with digital banking, you can easily avail any of these banking facilities without physically visiting the bank branch.

Transfer and receive funds

Digital banking allows you to transfer and receive funds instantly, and this can be extremely helpful in times of emergency. Previously, customers had to go through the hassle of issuing cheques or Demand Drafts for transferring funds. However, with digital banking, you can make use of facilities such as IMPS, RTGS, NEFT, etc. and carry out online transactions within minutes.

Online shopping and paying bills

You can easily pay your utility bills such as gas, electricity, phone bills, etc. with your digital savings account. Moreover, digital banking also allows you to enjoy online shopping through various e-commerce platforms in a hassle-free way.

Mobile banking

Digital banking has gained even more popularity after the introduction of smartphones. Customers can now enjoy banking on the go with the help of mobile banking. They can transfer funds, invest in fixed deposits and mutual funds, apply for a loan, pay bills, etc, conveniently by using their smartphones. To make banking even more seamless, most reputed banks have launched their own personalized apps. These mobile apps allow customers to check their account balance, get statements, place requests for a chequebook, manage their investment portfolio, etc.

Future of digital banking

With a greater number of people becoming tech-savvy, digital transformation has become a top-priority for every bank in today’s time. From employees and small business owners, to entrepreneurs running multinational companies, digital banking revolution has benefitted people from various sectors. Thus, it can be safely concluded that technology will continue to evolve rapidly and developing concepts like data analytics and artificial intelligence will further redefine banking services.

Therefore, to avail swift and seamless banking services, you must consider opening a digital bank account online. Make sure that you verify the credibility of the bank before opening a bank account with it. This will help you avoid any inconvenience later.

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