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Transformation from Internet to Digital Banking

Illustration: Andrey Suslov via iStock

Online or digital banking is the first thing that comes to mind for today’s clients when they think about banking.
People often mistake “online banking” and “digital banking” as the same, but they are distinct.
In this essay, we will look at digital banking as a concept and the characteristics of a genuinely digital bank.

The unexpected worldwide epidemic prompted a transition to the digital era for many types of organizations. Banking is no different. The number of customers visiting a bank office for financial services has decreased significantly in recent years. Let’s take a look at how digital banking is changing the banking business in this post.

When one thinks of the digitalization of global financial infrastructure, the word “online banking” comes to mind. What distinguishes it from digital banking? People may use words innocently without fully comprehending their meaning. This is why many individuals mix up digital with online banking.

Internet Banking

In essence, they are two distinct concepts. In internet banking, banks make their basic components available online. These include deposits, withdrawals, fund transfers, and bill payments. However, everything beyond this requires a visit to a branch. As a result, internet banking is a technology that complements traditional branch banking.

Digital Banking

In digital banking, customers access the entire banking service over the internet via an app or website. It offers their services through a convenient app or website. All of the services that a customer may get in a typical bank branch are available through the app. It embraces automated processing of customer requests and eliminates the burden of paperwork entirely. Digital banking employs high levels of automation, including the use of application programming interfaces (APIs) that facilitate cross-institutional services. Financial data can be accessible via desktop computers, mobile phones, or ATMs.


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