The Difference Between Digital Banking and Internet Banking
You may be mistaken to think that digital banking and internet banking are the same. Actually, there is a difference you need to know about it.
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Customer and Digital Banking
Internet banking has brought convenience recently. We are often given the option to manage all of our transactions online, no need to go to a bank. Digital banking is taking one step further. Focus on the customer and the growing demand for digital banking services from the customer. This focus is mainly around convenience and user friendliness. How many times have you tried to manage your bank online and encountered confusing links? Or simply can’t find the information you need? Digital banking aims to change all of that.
The banking system as we know it is undergoing some drastic changes. Managing and maintaining internet banking can be difficult and often depends on highly skilled staff. The internet banking app has limitations. For example, you cannot apply for mortgages or high value loans online. The initial application can be completed, but you must present yourself and all relevant paperwork at the branch for your request to be completed. Hence, internet banking is often used to complement your real banking needs. It is not a substitute or a replacement, but merely an aid.
This is the main difference between e-banking and digital banking. The entire banking process is online. No online support is needed as the entire banking system is digitized.
Digital Banking and The Future
Digital banking is largely built by IT professionals, not financial experts. Therefore, the entire interface is specially designed for convenience and flexibility for users. Customers are still in sight, so digital banking rapidly evolves according to their needs as they happen. The bank doesn’t have to be digital, it can also have a physical branch, but their services can be managed entirely online. The app is very easy to use, has all the information a customer may need, and changes according to need.
Digital banking saw a gap in the market and quickly filled it. The traditional, stuffy image of the bank no longer meets the needs of the people. This is what internet banking is all about.
Where will that take us in the future? Many digital banks are currently trying to implement easier means of payment. You can also chat with the assistant in real time. This is something e-banking has been trying to do, but many answers to questions require a trip to a branch. Digital banking hopes to get rid of this. The future could see digital banks partnering with social media and instant messaging services to send money quickly. This will take advantage of the fast-paced instant communication world in which we live. The world is lived through the mobile phone screen, so why not your bank?
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