Know the importance of Digital Banking
January 07, 2020
Digital marketing has helped the growth of every industry, including online banking. The growth of digital marketing has enhanced not business returns, but also customer outreach. From a customer’s perspective, it has made banking simpler.
People can now transfer, invest, apply for loans and use a range of other features through their laptops or mobile applications. Online booking for train/plane tickets, movie tickets, events, etc. has also seen immense growth because of the evolution of digital marketing. There are plenty of rewards for online banking; for example, banks offer online booking benefits in the form of rewards or discounts to encourage customers to avail of their online services more often.
How to do Digital Banking (Online Banking)?
Digital Banking has two major branches – online and mobile application. And to do either, you have to first register yourself by following the steps below:
- Enter details like name, date of birth, etc. and enter the account details of the concerned bank.
- Select a username and password to start online banking.
- Finally, enter the username and password created and begin online banking.
What are the benefits of Online Banking?
- Individuals can use online banking to pay utility bills, phone bills, etc. These bills can be paid through the website or mobile application of the bank.
- Customers can also create auto-debit for their bill payments. This way, the customer needn’t worry about keeping track of the billing cycle.
- Checking transactions online is another feature offered by online banking. You don’t have to visit a bank or worry about updating your passbook; your account statement is always updated.
- It also keeps track of pending transactions, giving people the room for correction in case of an error.
- One can transfer money within the country or internationally through online banking. But while transferring one should be vigilant about the amount being sent and the number of transactions allowed in a day.
- Mobile applications help you do similar transactions just by logging into the app. This allows you to check your funds or do an urgent transaction, anytime, anywhere.
Online banking could be prone to malware attacks or phishing if the necessary steps are not taken. Online hackers are constantly looking for ways to hack into your system. Hence, it is essential that you secure your devices before initiating online or mobile banking. The best measure for protecting your device is to install an anti-virus. Apart from that, never save any important details, password or details related to banking on your phone. Ensure that your phone is password protected. Finally, avoid third-party apps as they could cause troubles by stealing your phone data.
Click to know more about digital banking.
The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.