All You Need To Know About Digital Banking

Banking is a part of our daily errands. There was a time when people visited the local branch to conduct their transactions such as checking the account statement, transferring money, opening an account, applying for a loan, etc. Thanks to advancement in technology, digital banking takes care of all these via the computer or smartphone.

How does digital banking work?

Digital banking services are of two kinds – personal and corporate. The features include tracking account balance, receiving e-statements, checking recent transactions, and payments. Earlier, digital banking was only limited to online-only banks. Today, almost every bank has joined the bandwagon.

• To use the digital banking services, you have to set up your account on the bank’s portal
  
  
• You have to enter details such as name, date of birth, postcode, and account details of the concerned bank
  
  
• You have to use your customer ID as username and select a password
  
  
• You can enter the bank website or use your mobile banking using the username as well as password
  
  

What are the features of digital banking?

• You can download m-banking applications, perform other non-transactional tasks
  
  
• You can move funds from one account to the other, apply for loans, etc.
  
  
• Some financial institutions offer internet banking services such as personal accounting software. Online banking also supports account aggregation as it allows customers to monitor their account in one place
  
  
• These digital banking facilities cost less than brick and mortar accounting. Plus, the rates are competitive. You can also do away with maintenance fees
  
  

What are the advantages?

• You can make online bill payments and pay it directly through the website or smartphone. You can also set up automatic billing schedule. However, this system comes with a fee
  
  
• You can check your transactions real-time. You could also track the pending transactions and correct the errors if any
  
  
• You can check if you have enough money before splurging further. Also, before making any transaction, you have to remember the limit. You can use the online budgeting apps to manage your money easily
  
  
• You can sync your mobile banking apps automatically with your digital banking information
  
  
• Digital banking also enables you to subscribe for push and in-app notification to receive regular updates on any fraudulent activities. It is the best way to secure your money from digital banking spams
  
  
• Banks have two-factor authentication system nowadays to keep you away from malware practices
  
  
• Customers, too, have to be aware of such frauds by switching off their data in public places. Follow the password guidelines and change the passwords frequently

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Created on Mar 8th 2019 06:58. Viewed 434 times.

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