Digital Banking – Meaning, Features, Benefits

Brief Guide on Digital Banking in India

Key Takeaways

Digital Banking has essentially automated the banking processes in India.
Digital Banking allows you to conduct transactions on devices like computers, laptops, tablets, and mobile phones.
You can open a digital bank account without visiting the bank branch.
You can also make utility bill payments and set up billers.
With Digital Banking, you can access your bank account 24x7.

The world we live in is speedily transitioning into a digital one. Can you remember the last time you visited your bank after opening your account or waited in a queue to withdraw money at your bank branch? Such is the impact of technological advancements that the banking sector has been completely revolutionised. Let us find out what is Digital Banking and why is it more sought after than your brick-and-mortar bank branches.

What is Digital Banking?

Digital Banking means automating conventional banking through digital platforms like the web and internet-enabled systems like mobile devices. With Digital Banking, you can access almost all financial services at the tip of your fingers, all year round, irrespective of national or bank holidays. It entirely eliminates the need for you to visit the bank.

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Digital Banking – Features and Benefits

Compared to traditional banking, which requires you to visit the bank for every big and small transaction, you can conduct digital banking services from any corner of the world. Here are some of its best features and benefits.

Convenient remote banking platforms: You may access your bank account digitally via internet banking or eponymous mobile apps of the bank, that you download on your smartphone to access your account anytime.
Easy onboarding: You can now complete the account opening and the subsequent KYC process online and digitally via a video call. The Reserve Bank of India has permitted banks to conduct a Video KYC to open a bank account on par with a full KYC bank account.
Speedy fund transfers: Digital Banking comes with a host of online fund transfer provisions. You can transfer any sum of money to any bank account in India via NEFT, IMPS, RTGS or UPI or make overseas wire transfers.
Time-saving auto-debit facility: You can recharge your mobile and DTH subscriptions online and enable auto-payment facilities, so you do not miss any payment. You can also pay off outstanding credit card dues by setting up the auto-debit facility.
Faster utility bill payments: You can also consolidate all your utility bills and set up billers instead of bothering with physical bill payments by logging in on the internet or mobile banking platforms of your bank to complete the payments.
Quick investment solutions: You can easily open fixed and recurring deposits, buy insurance, make investments or apply for loans on digital banking platforms.
24x7 account tracking: You can check your account balances and get mini statements. You can just as easily monitor your transactions and sign up for SMS alerts and notifications after every transaction by registering your mobile number with the bank.
Convenient online shopping facilities: You can pay for expenses on online shopping websites via net banking or by entering your debit card details like card number, expiration date, and CVV and authenticating payments via OTP.

Final note

Digital banking is one of the most significant breakthroughs of the banking institutions and financial sectors in India. Like all online banking transactions, digital banking works only if you have a secure and stable internet connection. While digital banking is primarily secure, it is not risk-averse. As such, you must not share your account login and password details with anyone.

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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.