From opening a new account to carrying out any deposit or withdrawal into that account, every aspect of a customer’s engagement with a bank used to involve face to face interaction with the personnel at the bank branch. The branch was the primary channel for financial transactions, query resolution and fraud intimation and resolution. Then banks came up with ATM machines to reduce the need for a customer to walk into a branch for money. The next wave was the widespread introduction of internet banking channels, which facilitated the usual banking transactions from the comfort of one’s home or office. For the last few years, we have moved into a completely personal banking channel – the mobile phone.
What Is Digital Banking
The completion of banking transactions with the help of banking software to completely do away with the need to walk into a branch is called digital banking. People often use the terms digital banking and internet banking interchangeably. But internet banking is actually one component of the digital banking experience. Digital Banking goes beyond the deposit, withdrawal and transfer of funds from or to an account. It encompassed elements of customer service, fraud prevention as well as non-banking investment avenues.
The last decade has seen great strides made by banking software services which have placed the customer firmly in the driver’s seat. They can now control every aspect of their banking, which earlier needed multiple visits to the bank, and dependence on bank staff. Most people express satisfaction at the convenience of digital banking, but the real change that it has brought about is that there is no longer any dependence on bank personnel for most banking activities. Let us look at some of these changes and how you, as a customer, get better control over your banking activities.
Have you noticed that when you browse the current ticket prices for a flight, your Facebook feed shows you the current offers from travel aggregators? That is the magic of algorithms and artificial intelligence. When you access your bank through your mobile app, the details of your regular transactions are crunched and you will see intelligent suggestions being provided.
You don’t need to log in to your bank’s website to transfer money or make payments anymore. Aided by good banking software services firms like www.finacus.co.in and others, the UPI helps transfer money from bank account to bank account conveniently. The app would facilitate such payments on the go using just your mobile phone, so you are in complete control of where and when you want to make payments.
Remember those days when you needed to call up the bank to inform about extended travel so that they could expect account usage at locations outside the usual. With the advanced banking software, we have today, the mobile phone app would automatically keep updating your location.
The control of banking services by a customer is now literally in the pocket of the customer, and banks are redesigning their product offerings to stay relevant to this paradigm shift.