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What is Digital Banking in Detail

Digital Banking is the automation of traditional banking services. It is defined as banking done through the digital platform, doing away with all the paperwork like cheques, pay-in slips, Demand Drafts, and so on.

This includes activities like :

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  • Money Deposits, Withdrawals, and Transfers
  • Checking/Saving Account Management
  • Applying for Financial Products
  • Loan Management
  • Bill Pay
  • Account Services

This form of consumer banking ensures the availability of all the banking services online , thus eliminating the need of physically visiting the banks.

Read Also:- Retail Banking Notes for CAIIB – Part 1

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DIGITAL BANKING PRODUCTS

  • Fund Transfers :- With digital banking, funds can be transferred to anyone at any time & from anywhere. There is no need of issuing cheques or using demand drafts. It can be done easily through NEFT, RTGS, IMPS or through Mobile banking App.
  • Obtain Bank Statements :- It enables the customers to view & download their bank statements for any specific period through online banking system.
  • Cash Withdrawal :- ATM’s are now available in every area or corner of the country . It allows the customers to withdraw cash from ATM at any time.

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  • Bill Payments :- Most online banks provide the auto debit facility to link your bills directly to your account and have them paid on time automatically be it electricity, gas, phone bills or mobile recharges etc.
  • Finance :- Opening a Fixed Deposit with banks, raising loans or investment in any other instruments can be done easily through this system . As a result, most of the financial planning can be done efficiently without the need to personally visit a bank.
  • Keeping track of transactions :- Transaction records can be easily monitored through this system. Transaction alerts are sent by the bank to the customer’s linked mobile number or e-mail address so as to prevent any unlikely event of a fraudulent transaction.
  • Manage Cheques :- Digital banking makes it very easy to stop the cheque clearance if needed.Read Also : Syllabus of DIGITAL BANKING IN RETAIL BANKING

    BENEFITS OF DIGITAL BANKING

  1. It offers the convenience of performing the banking activities from the comfort of homes without the need of visiting the branch.
  2. It allows the user to perform the banking services at any hour of the day. Thus, the customers now have 24*7 availability of access to banking functions.
  3. Digital banking has reduced the dependence on the use of paper since now all the banking functions can be done digitally. Hence, there is no need of paperwork.
  4. It services are also available in the remote areas of the country which has contributed to the holistic development.
  5. By promoting a cashless society, digital banking restricts the circulation of black money as the Government can keep a track of fund movements.

Important Topic:- IIBF DIGITAL BANKING Notes PDF Free Download

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It has become an integral part of banking and aims to provide enhanced customer services & experiences effectively and efficiently.

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