The Convenience of Digital Banking

Hello Friends,

Hope the the day is going well for you and the coming weekend in India will be a long weekend because of Gandhi Jayanti on 2nd October.

Today I was reading about digital banking and how it is making things easy for people. I hope that many of you have a rough idea of what digital banking is all about and what it can do for us to make things easy. banking is an important part of our life and we need it to manage our money. this is not just a need to keep our money in a bank account instead there is a lot that we can do with the bank and some examples are getting a loan for different purposes and of course, various payment services that can be availed by the banking institutions. Now we have the online money transfer but we need a bank account to facilitate the transaction. I cannot say how it will be after a decade when maybe there is something comes up that can replace the need for a bank but to be honest I don't expect this to happen soon. I even don't think that crypto is going to replace the banking system however maybe they will take away some part of the banking business in Crypto but it will exist for sure.

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What is Digital Banking

As I already mentioned digital banking means we can perform various transactions online and we are not required to visit the bank branch for the same. in traditional banking, we need to visit a branch for any type of transaction because it does not provide most of the services online. This is very inconvenient to visit the bank branch and wait in the queue to get things done but with digital banking, we are not required to visit the branch since all these services can be performed using an online platform. We get an online portal or a mobile application to perform those services and this is how digital banking is making things easy for us. now even we can open the bank account online without visiting the branch and the document verification including the KYC can also be done using the form of technology and entirely through the online process.

In layman’s terms, a digital bank is a bank that operates online and provides its customers the services that were previously available only at a bank branch.

Banking on the go

with digital banking, we can do banking transactions on the go no matter where you are because we are not required to visit the branch in person. Money transactions can be done online. Some common transactions are-

• Balance Check
• Account Statement
• Money Transfer
• Bank account Opening
• Account Management
• Bill Payment
• Transaction monitoring
• Card Management

These are some of the examples that I have mentioned here but there is a lot you can do online and nowadays some banks also offer digital storage which is secured and can be used to store digital documents. We can also make credit card payments and even insurance renewal services are available with some banks so the overall portfolio is increasing slowly.

Many new fintech companies are providing these digital bank accounts and even some traditional banks have started a new segment where they offer this facility to the users. I think this is a good initiative where people are getting the convenience to use banking services as per their preference without visiting the branch which helps them to save time. even the banking transactions are free in most cases and some banks provide rewards for using a certain number of transactions if they meet the bank's criteria.

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I do not have any digital bank account at the moment but I am planning to open one soon. It is difficult to choose one that I will continue with to open the bank account so I am going through the study to see which one is better in terms of services and offerings and then I will think of opening one for me. these digital banks also provide the functionality to use the digital card and they also dispatch physical cards if required however in some cases the charge for the physical card is applied. the digital version of the card is equally valuable and they do not charge since there is no logistic expense involved on the online version of credit or debit card.

Digital banking is the Magic of Technology because everything is managed by this and it is evolving so we can expect much more in the coming years through banking. while cryptocurrency is a revolution the high-end technology is also making banking a great experience for everyone and I hope you will enjoy it more than traditional banking. I will be sharing more about my banking experience whenever I open a new digital account for me since I am also the one who will be opting to use more than the traditional account.

Thanks for stopping by

Posted Using LeoFinance Alpha