During the olden days, banking was considered as time – consuming business. Even for withdrawals or deposits of cash, people had to visit the bank branch and wait in long queues to process their requests. They were given tokens and could go only when the cashier called out the token number. Banks were densely crowded with customers, and every service used to take lots of time.
Everything has changed today. Banking methods have become accessible, secure, fast, reliable and user friendly with the help of digital banking. Cash transactions can be made by going to the nearest ATM and using the debit or credit card that is linked to the account. It also offers a paperless banking experience where transactions are recorded on the bank's server without the requirement of storing papers with written statements.
Banking digitally without any paperwork like cheques, pay-in slips, demand drafts, etc., has made life less stressful and hassle-free. All banking services are now available online. Customers have the luxury of accessing the bank services 24*7 without personally visiting the branch or the ATM for their tasks. There are also digital banking apps to gain access to these services.
What are its advantages?
Digital banking services have lots of advantages and benefits. Not only do they simplify the banking process, but also attract people towards opting for the service. Listed below are a few advantages:
- Fund transfers: The ability to transfer funds is one of the essential services of banking. Usage of cheques or drafts can be avoided for transferring funds. Instead, people can do so through NEFT, RTGS, IMPS, and the mobile banking app.
- Cash withdrawal: ATM services are available everywhere around the country. Transactions can be done using them without visiting the bank branch for every monetary requirement. They are open 24/7.
- Bank statements: With the help of these banking services, account holders can download their bank statements from their devices conveniently. They can use it whenever they need and wherever they go.
- Bill payments: Banking digitally does not only limit users to transactions but also gives them access to many other facilities, including payment of bills. All kinds of bills, including gas, telephone, electricity, amongst others, can be paid through the app. Mobile recharges for prepaid numbers are also supported.
- Investments: Account holders can now open fixed deposits using their smartphones within a few seconds. They can also invest in mutual funds, buy insurance products, or even apply for loans.
- Mobile banking: Smartphones enable people to conduct all kinds of bank transactions in one go, even while ravelling. Many payment apps are provided by banks, especially for fund transfers and other types of payment. Digital banking can also be used for tracking transactions.