Technology caused the biggest shift in the banking sector over the years. It changed the way they engage with customers and each other. The shape of established retail banks is changing, driven by the challenge of fast, focused digital new entrants capturing the market. They made processes and applications convenient to access for everyone worldwide.
Digital banking is the digitisation of all traditional banking activities and programmes historically available to customers when physically inside the branch. It includes money deposits, withdrawals, transfers, Bank Account management, financial product applications, loan management, bill payments, and other account services.
Features
Digital banking in India is accessible on PC, smartphone, or tablet. It is also far better than visiting the bank branch. There are several features you enjoy by adopting this method.
Online banking
It provides you with the luxury of banking anytime, anywhere. Website services offered are available 24*7. To facilitate online use, banks provide online banking apps with a host of high-quality technology solutions to make the banking experience easy and fast. Some services include account summary, transaction history, checking account statement and balance, online payments, and fund transfer.
Personal finance planning
There is lots of competition in the banking sector. Hence, they come up with advanced websites and processes to ease online Saving Account opening. Some features include loan calculators, premium calculators, financial planning tools, investment tools, budgeting, forecasting, and tax preparation. It becomes simpler for you to select the Bank Account and calculate the interest rates.
Mobile banking
It is a service provided by a bank or financial institution, allowing customers to conduct financial transactions remotely using a smartphone or tablet. Unlike internet banking, it uses software or an app provided by the financial institution for this purpose. Mobile banking is usually accessible anytime.
Unified Payment Interface
Nowadays, you make transactions from your mobile phone from any location. Thanks to the integration of UPI and online banking solutions, customers transfer money between accounts easily. UPI is an instant real-time payment system developed by the National Payments Corporation of India facilitating inter-bank transactions directly to the Saving Account.
Phone banking
It is famous for people with a primary phone without a data connection. The services include SMS, missed call, and USSD banking. Those who lack an online Bank Account use them from anywhere. They are free services offering cashless transactions.
Digital wallet
Mobile wallets are popular too. They are the best technological innovations and allow you to pay directly from your smartphone. Millions of people use them for payments. Some popular options are PayTM, MobiKwik, JioMoney, State Bank Buddy, etc.
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