10 Digital Banking Features You Need to Know About

The rapid advancement of digital technology has impacted almost every aspect of modern life. The banking industry is one sector in the Indian economy that has been completely transformed and revolutionised with the introduction of digitisation.

Digital banking services have made banking activities fast, hassle-free and highly efficient. The following sections offer a clear insight into the ten major features of digital banking.

Digital Banking: Top 10 Features

Here are some of the most useful features of digital banking that have helped it become more popular than conventional banking:

• Online Banking

Owing to online banking, a customer can avail of all kinds of banking facilities anytime, anywhere. Most banks usually provide several technological solutions to make banking a hassle-free experience.

One can access these banking features with online banking:

• Funds transfer 
• Account balance enquiry 
• Bill payments through credit cards
• E-statement 
• Recharge DTH, broadband, mobile, etc.

• UPI 

Unified Payments Interface, developed by the National Payments Corporation of India, provides real-time inter-banking transactions. After the integration of UPI and digital banking services, one can quickly carry out fund transfers with a few clicks.

• Personal Financing Solutions

Most banks in India offer next-gen banking services, which allow customers to access a wide range of online tools. Tools like EMI calculator, eligibility calculator and FD calculator enable one to manage and organise their investments, credits, savings and more.

• Loyalty Programs

Individuals today can participate in rewards and loyalty programs offered by several banks. One can receive reward points based on the transaction activities one carries out with a bank or its partners.

They can later redeem such points and get attractive rewards such as cashback or discounts.

• Digital Wallet

Digital wallets, also popular as mobile wallets, have become quite popular in the past few years. Individuals do not have to carry cash with them all the time as they can easily carry out necessary transactions with their smartphones.

Also read, Are E-Wallets Replacing The Actual Wallet?

• Mobile Banking

Nowadays, financial institutions offer superior mobile banking solutions allowing consumers to avail of all banking features from the comfort of their homes. Individuals need to download apps of the respective banks and log in with their credentials. 

• Phone Banking Without the Internet

Banking facilities are also available for those without an internet connection. In this case, one can access banking facilities through SMSs, phone calls or USSD services. Through this feature, individuals can avail banking features free of cost, even in the remotest areas.

• Message Alerts

One of the most crucial aspects of digital banking is secure message alerts. Individuals can get instant alerts through messages whenever any activity takes place with regard to their bank account.

Such alerts are useful in preventing fraudulent transactions.

• Dedicated Remote Advisor

With remote banking, customers can now enjoy a seamless banking experience through services offered by dedicated digital relationship managers. These executives take care of one’s banking needs even beyond regular banking hours.

• Automatic Payment of Bills

Bill payments are not a cumbersome task anymore, owing to automatic bill payment facilities. Banks today let customers link their monthly bills with their digital bank account. Thus, one can get timely reminders about bill payments from the banks.