Digital banking is all about transformation, putting the consumer in control, not the technology, and that’s important.
It involves digitally depositing, withdrawing, and transferring money through Digital Banking from one account to another. It also includes account management to manage loans to pay all bills digitally.
Digital banking essentially consists of a technology lever, where banking is offered over the internet, with highly automated internet-based processes and services.
What is the digital bank?
In digital terms, you simulate in simple terms 90% of the services of a conventional bank counter, digitally, via a mobile application, or via internet banking in the browser of your computer.
digital banking channels
Once the word “virtual” is published, you may wonder what channels are available to make these services available. Let’s take a look at a few.
The main channels for digital banking are currently the Android and iOS applications of the respective banks and their browser-based websites. These apps are easily available from various app stores like Amazon Appstore, SlideME, Samsung Galaxy Apps, Mobile9, and so on.
the block: neo-shore and challenging benches
In this race we also have the company of Neo Banks and Challenger Banks (read “Bank of Tomorrow”) such as Revolut, N26, Monzo, Atom, Yolt, WeBank, Moven, Fidor, and my bank, just to name a few. These banks are an important part of the emerging FinTechs group, which puts the customer first.
These are the banks that are rediscovering traditional banking practices and processes. A new kind of digital banking (which usually only works via a mobile app) that exists without branches.
They are 100% digital banks. Neobanks is not licensed and relies on a partner bank to operate. On the other hand, Challenger sofas have a full banking license and offer a full range of banking products. They compete independently and on an equal footing with traditional banks or digitally manifested traditional banks.
Digital bank balances
An overview of some of the many features:
• You can open a savings account or an online checking account on your computer or mobile phone. This is followed by a manual call from a bank representative, who completes the check-in at a remote branch.
• Proceed with OTP, video authentication and uploading scanned documents. This protects an account with a low zero balance.
• 24/7 advice solutions via chatbot are available in your app or internet banking.
• Provides highly secure and encrypted money transfers.
Activate 24/7 money transfers with minimal or no extra costs and check your details if necessary.
Electronic payment of bills to pre-registered beneficiaries.
• Presentation of personal, full, and pre-approved credits to the customer through a digital channel.
Advantages of the digital bank
Some of its many advantages will certainly help you get an idea of the digital bank and its versatile uses:
• Site visits and expensive working hours are eliminated.
• It’s easier to pay bills, track transactions, and control expenses online.
• Personalized credit approval through artificial intelligence with CIBIL within minutes for a customer.
• Take advantage of discounts on your favorite activities directly from your banking program.
• Digital Banking offers a virtual debit card if you want to create one. Without permanent CVV and with a run time of 24 to 48 hours, it is much safer.
• Real-time interbank payments are now the norm via IMPS, while OHIM (Bharat Interface for Money) and UPI (United Payment Interface) improve the security of interbank payments.
Do’s and don’ts of digital banking
While banks and FinTechs take every precaution to ensure security, it is always wise to know what to do and what not to do with digital and online banking services.
Here are a few:
• Always save it with a password.
• Change passwords and security settings regularly.
• Always visit your bank’s secure internet banking website.
• Always check your domain name.
• Log out of your internet banking as soon as you have completed the transactions.
• Use only dedicated/secure WI-FI networks.
Safety tips when using a mobile banking application:
• Never store your mobile banking login and password on your phone.
• Never leave the device unattended.
• Always connect your phone