What is Digital Banking and How Digital Banking Works?
I wonder if “Right to go digital” should be included as the seventh fundamental right in India. What do you say? Be it a shop, a salon,or cobbler everyone is aspiring to register its digital presence. And why not when “money” can move digitally,even individuals, organizations,and most importantly banks need to sail via a digital ship. While newer trends suggest Neo Banking making a mark, we discuss a bit about the basics of Digital Banking — what and How. Let’s get started -
Define Digital Banking
Digital Banking is availing of banking services like balance inquiry, funds transfer,etc. via smart devices over the internet like smartphones, laptop, desktop,etc. The services could be expanded via Open API’s,and individuals could even manage their financial portfolio, check credit score, get a preapproved loan,etc.
What is Digital Banking?
Digital Banking is -
- Availing of banking services via smart devices over the internet
- Now your customer need not queue up in front of the bank branch to deposit a cheque or discuss about
loan facility. With Digital banking, you are offering all these services via phone or computers. Even the facility of video call/voice call when integrated can help your customer in enjoying customer support at their convenience. - More personalized services at customer’s convenience
- Time is crucial for your customers, and so are the services, the digitally savvy customer looks for organizations that offer seamless digital services at their “time.” Lay down the offerings that attract the
digital nomads and propagate via digital channels when they wish.
How Digital Banking Works?
The working of the digital bank is simple enough -
Imagine a cloud [ yes the blue colour one], now on that cloud draw a bank with your account details and money, secured with a big lock. How do you access that? For that, you would be provided secured credentials from your bank to login via mobile banking or internet banking. As soon as you punch your valid credentials that big lock on bank opens up and what next? It also opens up a bouquet of banking services for you to avail.
However, technically it’s bit complicated, but let’s make it simple -
So you as a customer have requested “Digital Banking services” what happens -
If you are willing to craft “ banking as an experience” for your customer, we would be glad to assist you with our banking solutions of Digital Banking, Mobile Banking, Data Analytics, Reconciliation and Neo Banking.
Give us a shout; we are just a call away!
Originally published at http://blog.teknospire.com on July 11, 2019.
