Rapid advances in digital technology are impacting almost every aspect of modern life. The banking industry is one of the sectors of the Indian economy that has been completely transformed and revolutionized with the introduction of digitalisation.
Digital banking services have made banking fast, hassle-free, and highly efficient. The following section provides a clear insight into his ten key features of digital banking.
Digital Banking: Top 10 Features
Some of the most convenient features of digital banking have helped make it more popular than traditional banking.
Thanks to Internet banking, you can access all kinds of banking services anytime, anywhere. Most banks usually offer some technological solutions to make banking hassle-free.
Online Banking gives you access to the following banking features:
- Transfer of funds
- Account balance inquiry
- Paying your bill by credit card
- electronic statement
- Charge DTH, Broadband, Mobile etc.
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UPI
Developed by the National Payments Corporation of India, the Unified Payments Interface provides real-time interbank transactions. Integrating UPI with digital banking services allows you to quickly transfer funds in just a few clicks.
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personal loan solutions
Most banks in India offer next-generation banking services that give customers access to a wide range of online tools. Tools like EMI calculator, eligibility calculator, FD calculator, etc. help you manage and organize your investments, credit, savings, and more.
Individuals can now participate in perks and loyalty programs offered by multiple banks. You can receive reward points based on your transaction activity with the bank or its partners.
You can later redeem such points to get attractive benefits like cashbacks and discounts.
Digital wallets, also popular as mobile wallets, have become extremely popular over the past few years. You can easily make the necessary transactions using your smartphone, so you don't have to carry cash all the time.
Please also read this, Will e-wallets replace physical wallets?
Financial institutions now offer superior mobile banking solutions that allow consumers to enjoy all banking features from the comfort of their home. Individuals must download each bank's app and log in with their credentials.
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Telephone banking without internet
Banking facilities are available to those who do not have an internet connection. In this case, you can access banking facilities through SMS, telephone or USSD services. This feature allows individuals to enjoy banking facilities even in remote locations for free.
One of the most important aspects of digital banking is secure message alerts. Individuals can receive instant alerts through messages whenever any activity occurs regarding their bank account.
Such alerts help prevent fraudulent transactions.
With remote banking, customers can now enjoy a seamless banking experience through services provided by a dedicated digital relationship manager. These executives will take care of your banking needs, even outside of normal banking hours.
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Automatic bill payment
Paying your bills is no longer a chore thanks to automatic bill payment features. Banks are now allowing customers to link their monthly bills with their own bills. digital bank account. Therefore, you can receive timely reminders about bill payments from your bank.
