Overview of Digital Banking

by Arjit Chalmela Finance Student

In the past, a lot of time was consumed by banking. For example, if you wanted cash, you had to visit the bank branch, give bank staff a check, get a token and wait until the cashier calls you. The waiting time was longer during the first week of a month when there was a need for cash among customers.

All of that is a thing of the past now. Digital banking changed the way stuff was done. Now to get the cash you have to go to the nearest ATM, use your card and get some money in immediately! Additionally, going digital allows you to enjoy paperless banking, where you no longer require to keep a record of your transactions through paper documents.

What is Digital Banking?

Digital banking is banking done through the digital platform, doing away with all the paperwork like cheques, demand drafts, etc. Digital Banking allows you to freely access and performs all traditional banking activities 24x7 online, without having to visit a bank branch to get your work done. Digital banking will enable you to open digital savings account instantly.

Here are the advantages:

Transfer of funds

The ability to transfer funds is one of the most important advantages of digital banking. You do not need to go through the stress of issuing cheques or demand drafts. All you need to do is use a digital savings account to transfer funds to anyone, anytime. You just require the correct account number, and you can transfer funds immediately.

Cash withdrawal:

With ATMs present around every corner, you do not have to visit a bank branch. Digital banking allows to you withdraw cash from the ATM at 24x7.

Getting account statements:

You can use digital Banking to access bank statements for any period at any time. You are not required to visit a bank branch to get a printout

Paying the utility bills:

Digital banking has made it easy for you to pay your bills. Whether it’s electricity, water, gas, phone or other bills, all you need to pay is through online. You have the option of auto-debit facility that allows your bills to be paid automatically as and when they incur.

Helps in investments:

Investing is made easier, thanks to digital banking. Opening a Fixed Deposit with the bank will barely take a few minutes. Plus, you can use digital banking to make investments in other financial tools as well.