Know the importance of Digital Banking 

January 07, 2020

Know the importance of Digital Banking 

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:

  1. Enter details like name, date of birth, etc. and enter the account details of the concerned bank.
  2. Select a username and password to start online banking.
  3. 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. 

Safe Banking:

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.

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