Technology has triggered the most significant change in the banking sector in hundreds of years, transforming the way that banks connect with customers and even with each other. Change is happening in established retail banks prompted by the challenge from fast, focused digital new entrants.

You must have heard the word “digital banking”.

Remarkably, most people have a different say on digital banking. There is a lot more than digital banking has to offer.

Digital banking is the digitisation of all conservative banking services and transactions that historically were done physically inside of a bank branch.

It includes activities like:

• Withdrawals, money deposits and transfers
• Account management
• Apply for financial products
• Loan management
• Bill payments
• Account services

Now, the internet is available even in remotest corners of the world, connecting people and organisation across the globe. It has affected banking with digital banking coming into the picture and redefining the style of the banking world.

Digital banking services are banking facilities that are provided to a customer on their internet-enabled devices like computer, smartphone, or tablet through banking apps. This form of banking is far better than visiting a bank.

Digital banking provides many comfortable features and possibilities for people. Top features are:

Online banking

The online banking feature offers you the comfort of banking anytime and anywhere. Throughout the year, online services are provided round the clock for internet banking. Most reputed banks that offer online banking provide a variety of high quality; technological solutions that make your banking experience convenient. Some services offered are:

• Have a look of the operation history
• You can view your account balances
• Set-up online payments and direct deposit services
• Request checks for your account online
• Deposit funds from one account to another which saves a lot of time and money for you.

Personal finance planning

Due to a lot of competition in the banking sector, and most banks want to have the edge over other banks. Therefore, the banks upgrade their websites that offer loan calculators, tools to help analyse investments, budgeting, forecasting, premium calculators, financial planning tools, and tax preparation, etc.

Mobile banking

Mobile banking is a service proposed by a bank that lets its customers carry out financial transactions remotely using a mobile device such as a smartphone or tablet.

Usually, an app is provided by the bank for the purpose. Net banking apps are accessible 24X7 basis.

Mobile banking is also an environment-friendly option. With the help of banking apps, a lot of paper is saved and other resources like office space, time, etc.

Digital banking is offered by every bank today with investments rising with a shift in technology and innovation.