Let’s rewind a few decades. One thing most people fretted about was going to the bank every month, because of the sheer time & energy involved.
For instance, if you wanted to withdraw cash, you had to first go to the bank branch, and stand in a queue in order just to give your cheque to the banker. The banker would eventually give you a token and ask you to wait until the cashier called out loud your token number.
I still remember my grandfather getting all suited up every first day of the month, to go to the bank to withdraw his pension and update his passbook. It was almost a ritualistic sight.
All that today is, thankfully, a thing of the past. Digital banking has transformed the way things are done, and with that, simplified our lives manifold. Now to get cash for your needs all you’ve to do is go to the nearest ATM, swipe your card, and get cash in minutes! In fact, with cardless cash withdrawals, you don’t even need to carry your ATM card. All you need is a valid registered mobile number.
Digital Banking allows you to enjoy paperless banking, where you do not have to keep track of your transactions or banking history through physical documentation. By going digital, one can transact with higher speed, ease, and convenience.
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Conducting all kinds of banking activities online doing away the need of paperwork like cheques, pay-in slips, demand drafts, etc. comes under the ambit of digital banking. Online banking allows you to conduct traditional banking activities 24x7 without having to physically visit a bank branch. You can use a laptop, tablet, or your mobile phone to do it.
1. Fund transfers: Say goodbye to the hassle of issuing cheques or Demand Drafts. Now you can instantly transfer your finds anywhere, anytime to anyone. Multiple options exist like IMPS, RTGS, NEFT, and so on to help you transfer funds online. Your MobileBanking App, makes it all the more easy.
2. Cash withdrawal: With ATMs lining every nook and corner of India, you don’t have to visit a bank branch to withdraw cash anymore- that too 24*7.
3. Getting statements: Download your bank statements for any period at any time online. There’s absolutely no need to visit a bank branch, and get your passbook updated. All you need is a device and active internet banking.
4. Paying bills: With digital banking, you can pay all your bills at the tap of a finger. Whether it’s utilities or groceries, recharge, or top-ups, all you need to pay is via logging in. There’s also an auto-debit facility for paying your bills automatically. There is no doubt that digital banking has transformed the everyday lives of individuals!
5. Investments: Opening a Fixed Deposit, Recurring Deposit or making SIP payments takes just a few seconds. Additionally, you can use Digital Banking to invest in other instruments. As an example, HDFC Bank NetBanking lets you invest in Mutual Funds, buy insurance products, and even apply for loans.
6. Mobile Banking: Digital Banking Revolution 1.0 happened through the Internet. In phase 2 came mobile phone platforms. And after the introduction of smartphones, Digital Banking took off in an enormous way in India. With smartphones, customers can now conduct bank transactions on the go. Most banks have their apps for customers, such as MobileBanking App and PayZapp amongst many others.
7. Tracking transactions: Wondering if your salary has been credited to your account? Or, that long pending refund has finally been released by the merchant? Just take out your smartphone and check in a matter of seconds. In addition, banks send SMSes when your account has been debited. As a result, if there is a fraudulent transaction, you will be alerted right away.
Digital Banking has completely reimagined the way banks and customers interact with each other. In a rising technological and financial economy like India, today an increasing number of individuals are being connected to Digital Banking Platforms every minute.
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Q1. Is it safe to use digital banking?
In contrast to the notion that digital banking poses many security concerns, digital banking is considered much safer than traditional branch banking. Yes, digital banking portals are prone to hacking & other cyber attacks, but banking and other financial institutions are investing a lot of money to enhance their security.
Q2. Why are message alerts sent in digital banking?
Whenever a transaction or an activity takes place in a person’s bank account, he/she receives instant alerts through messages. Such notifications help in preventing any fraudulent or suspicious activities from taking place.
Q3. What are some of the different kinds of digital banking services for businesses?
Popular digital banking services include UPI (United Payment Interface) transactions, mobile wallets, multi-currency transactions, and Point of Sale Machines (PoS), to name a few.