Gadgets surround every corner of the world. They have made it easier for humans to complete their tasks and submit them on time. The digital technology keeps evolving with every passing day. New inventions, discoveries and innovations rule the digital world to make human-made efforts less and increase the load on machines. Banking services have progressed and evolved drastically. Since all the sectors are available digitally, why should banking be left behind? Digital banking is the availability of all banking services like balance enquiries, fund transfers, etc. on the internet with the help of smartphones, desktops, laptops, etc.
What are the features? Digital banking services are convenient for many people as it saves lots of time and is hassle-free. Digital services for banking are reliable, fast, and user-friendly.
- Availability on the internet: Customers need not face long queues to deposit cheques or enquire about loans. The facilities of video calls help customers enjoy customer support at their convenience.
- Banking services are always available: Whether locally or internationally, banking services need to be operational at all times for the well-being of customers.
- DIY banking services: Banks enable DIY banking services for customers interested to open their account. Employees do not repeat the instructions and guidelines for new customers all over again.
- Personalised services: Customers who are addicted to technology want digital banking services to operate as per their convenience. Banks can suggest offers that may attract such customers.
- Beyond the physical branch: These banking services go beyond the physical offices of banks and make services accessible to one and all.
- Secured banking: Banking practices are secured when there are regular software updates, reviews of security measures, and solutions to issues faced by customers.
How does it work? Digital banks do not allow unauthorised access to bank accounts. Secured login credentials help open the account for internet and mobile banking. A person with valid login credentials only, like the bank account holder, can access it. The functions are as follows:
- UPA request: Customers initiate a UPA request in the banking software via mobile banking apps and bank websites to enable this banking facility.
- Request approval: The bank acknowledges the request once the KYC (Know Your Customer) gets validated and processed for user signup. The credentials are shared with the customer by SMS or email without getting disclosed to others.
- Banking service activation: Once the user receives the signup and login credentials from the bank, digital banking gets activated automatically. The services are accessible from the website or bank app.
Conclusion Many banks are adopting digital solutions to attract customers and increase their reach. They are making efforts to listen to their customers’ feedback and act accordingly. Online banking has got a bright future and a positive response from everybody. Banking has never been this easy and secured, ever.