Digital banking is a new banking system that is better for the people. It is convenient and secure in today’s banking. The best thing about digital banking is that it is paperless and time-saving. With digital banking, account holders can send and receive the money within minutes and even check account summaries from the phone.
Now no need to go to the bank physically to check account statements or request services; just do that from mobile with a single click.
Do you know how the digital banking system has become popular among people? Let us have a look at these points:
- Saving Time: Digital banking is a boon for people these days because everyone is busy in their lives in this present world. With digital banking facilities, people can save traveling money and Time to go to the bank physically. They can get mainly banking services at home with their mob.
- Banking Availble 24X7 : With Digital banking, you need not wait in lines for bank work. You can make transactions 24×7 from anywhere; you just need an internet connection.
- Account Statements : Before you visit a bank branch, print an account statement of financial transactions and keep records with papers statements. Now you can get funds transactions history via emails; you need not keep paper statements. You have to log in to your bank account through mobile or net banking to see statements history.
- Payments Alert : Before traditional banking, you had to keep in mind or mark calendars to pay bills. With digital banking, you get notifications for payments through emails and applications. You need not remember and fill in details again and again to make payments, and Apps will save details automatically of your payments. With one click, you can pay electricity bills, gas, water bills, phone bills and many more.
- Block debit card : If you lost your debit card or someone stole your debit card, you no longer need to go to the bank. You can block your debit card through App or Net banking.
- Online Shopping : Before, If you wanted to buy something, you were visiting a mall or shop. But now, buy anything from your phone with digital banking from home.
- No worry about fake Currencies : Now, you do not need to worry about the counterfeit currency running in markets. Just do transactions or pay bills with digital banking.
1. What are the features of digital banking?
Ans: Features of digital banking are below:
- Convenient account opening in minutes
- Scheduled payments
- Trustworthy security
- Timely notifications
- Personal Finance Management
2. What are the digital services provided by banks?
Ans: Digital services provided by banks are below:
- Mobile banking
- Bill payments
- Manage cheques
- Bank statements
- Monitor transaction records
- Transfer of funds
- Cash withdrawals etc.
3. What is the importance of Digital Banking?
Ans: digital banking importance is below:
- Saving Time
- Banking available 24X7
- Online Shopping
- Payments Alert
- Scan & Pay
- Transactions in a minutes