With technology taking over every sector, it is no surprise that the banking system adapts it too. From using cheques and passbooks to making transactions online, banking has come a long way. With the advances made in technology every day, there is still ongoing development in the banking system.
Digital banking, as the name suggests, is the digitalization of the banking system. With this, everything bank-related comes to your fingertips. Now you do not have to go to the bank and wait in line just to send money to someone, you can do it via digital banking within minutes. Digital banking has revolutionized the old banking system and it has become easy not just for the consumers but also for the bank to maintain everything.
There are various features of digital banking and new ones are being added frequently. Here are the top 10 game-changing digital banking essentials that you would like to know about.
Digital Banking Apps
Every bank has an app that has helped the consumer. No matter whichever bank you prefer, you will be provided with an app service. With this app, you can make use of the banking services at your fingertips. Some of the advantages of a digital banking app include.
- You can check your account balance and transaction statement anytime you like.
- You get to control the status of your credit or debit card.
- You get to make payments online and easily send money to anyone.
- You can make use of other bank services such as insurance and loans from your phone.
- You can pay your utility bill and even book a flight.
Connected Customer Services
With the advances in technology, it is now easier for customers to reach out to bank services for help. Gone are the days when you have to wait for a while just for your problems to be heard. You can now complain online or call customer service online and they will help you with it.
The customer now does not have to wait every time to avail themselves of services, they can self-serve themselves and get their work done. It has also become easier for the bank to check all the complaints and queries of the customers and solve them as soon as possible.
Automation
Automation refers to the technology of doing things automatically, which means less human intervention. Banking systems use automation to reduce human task and to increase proficiency and faster response. It comes in handy in various services such as banking reports or customer services.
The particular automation that is used in the banking system is known as branch automation. It helps in connecting the bank’s office desk to the customer’s banking records for an easier flow of data. It also provides automatic transactions so that the customer can pay their bills and installments automatically from the account.
Use of Biometrics
Biometrics technology has provided a new way to security. Now customers’ details remain safe even if someone gets to know their password. Digital banking makes use of biometrics technology to access services. Here are some of the benefits of biometrics.
- It ensures that only you get to check your account and maintain security.
- With biometrics, you can easily access your digital bank and make payments via your fingerprints.
- Your account remains secure and inaccessible.
Application Programming Interface
API has revolutionized the way financial operations are carried out. It helps connect the banks to a third party to interface with the bank’s tools and services. This helps both the bank and the third party to expand their specialties and services to more customers than they can provide.
Notifications and Alerts
Customers stay up-to-date with activities regarding their bank account. With in-app notifications and SMS services, banks let you know about your transactions. You will be notified instantly about any money credited or debited from your account which makes it easy to keep in check.
Data Insights
The advances in technology let banks know not just what their customer is using but also why. This helps them to get a proper insight into all their customers and deliver each one of them their personalized marketing. This helps the bank get information about how their customer interacts with the product and use it to further improve services. As a result, customers get what they desire and the banks receive engagement and loyalty from them.
QR Code
The Quick Response code, as the name implies, delivers faster responses with security. With this technology, it has become easier for customers to make purchases in an efficient and faster way. This technology has helped rechange the way people make purchases and has given advances to contactless payments.
Cybersecurity
Since everything in digital banking happens online, it is essential to adopt online security methods. Cybersecurity helps prevent the customer’s sensitive and personal data from leaking or getting stolen. It is not only a loss for the customer but also for the bank to get affected in case of any hacking or breaching of security. Thus, strong security is required and cybersecurity promises to protect the data from getting hacked online.
This concludes the ten best game-changing digital banking essentials that prove to be very helpful. Digital banking is evidence that our world with its technology is advancing every day. We are heading towards an even more advanced future that would reshape the way we look at banking at the moment. This is for sure that digital banking will revolutionize further and there will be a lot of apparent interesting features.
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