Digital Banking: The Talk of the Town
- By : Vandanaa A Kaul
- Category : Financial Inclusion, FinTech, FinTech Trends, Open Banking
- Tags: ArtificialIntelliegence, BaaP, Banking, Banking as a Platform, Challenger bank, customized solutions FinX, Digital Bank, digital banking, FinTech, Fintech bank, Finx, Lastmilebanking, Neo bank, Open banking, PaymentBanks, PayTM, Teknospire
Digital Banking is all about the transformation, where the consumer rather than the technology, is in the driver’s seat, and this MATTERS.
It’s about digital money deposits, withdrawals and transfer of money from one account to another. It’s also about Account Management to loan management to paying all your bills digitally.
Digital Banking essentially entails the leveraging of technology, where banking services are delivered over the internet, by involving high levels of process automation and web-based services.
What Is Digital Banking?
Digital banking, in simple words, is emulating 90% of the services provided by a conventional bank branch digitally, via a mobile app or through net banking in your computer browser.
Welcome ‘Digital Banking’. Welcome to the virtual world of banking services!
Channels of Digital Banking
Just as the word “virtual” is put up, you might wonder about the channels existent to avail such services. Let’s take a look at a few.
Today, the main channels of digital banking are the Android and iOS apps of the respective banks and their browser-based websites. These apps are easily available in different app stores like Amazon Appstore, SlideME, Samsung Galaxy Apps, Mobile9 and so on.
For example, SBI has SBI Yono, SBI Anywhere; ICICI Bank has iMobile. HDFC has HDFC Mobile and Pay Zapp. Kotak Mahindra’s Banking app is Kotak 811, while Axis Mobile provides Axis Mobile.
We also have Payment Banks committed to the inclusion and service to the last mile like PayTM, Vodafone m Pesa, Airtel, Fino, Indian Post, Jio and so on.
Babies on the block: Neo banks & Challenger banks
In this race, we are also joined by Neo banks and Challenger banks (Read ‘Tomorrow’s Bank’) like Revolut, N26, Monzo, Atom, Yolt, WeBank, Moven, Fidor, and MYBank to name a few. These banks are an important part of the emerging cohort of FinTechs which puts customers at the center of everything.
They are the banks which are reinventing the practices and processes associated with the traditional banking. A new type of digital bank (often working solely through a mobile app) which exists without branches.
These are 100% digital banks. Neo banks don’t have the license and they rely on a partner bank to operate. On the other hand, Challenger banks have the full banking license and offer full suite of banking products. They compete independently and on equal terms with traditional banks or digitally manifested traditional banks.
All these to ensure simple, secured and seamless transactions!
Digital Banking Features
Listing some of its many features:
Advantages of Banking Digitally
Some of its many advantages will surely help you in forming a fair view of digital banking and its multi-faceted applications:
Cons of Digital Banking
Like any other novelty, digital banking also comes with its own set of disadvantages:
Few Dos and Don’ts in Digital Banking
While banks and FinTechs take all precautions to ensure security, it’s always advisable to know the dos and don’ts of digital and online banking. Here are some of them:
Safety tips while using a mobile app for banking transactions:
How FinTech companies can help banks in laying the foundation of a digital bank?
With FinTech being touted as the future of digital banking, understand how in reality it helps:
Planning to MAKE THE SWITCH?
From Monolithic applications to client-server technology to components and services, to the latest in the offering ‘ Banking as a Platform (BaaP)‘, the banking industry is ever evolving. And it’s definitely for better business offerings via better services, more agility, and viability.
If you want to stay competitive in the financial market by meeting sophisticated customer expectations, we at TEKNOSPIRE gives you that power and provides strength to your seamless transformation to the digital world, so that your services are agile, adaptive and scalable, so that your solutions to your customers are simple, convenient and consistent – hardware ‘independent’.
Our ‘FinX’ is a Digital Banking suite, integrated into your core banking system, helping you and your customers to engage with each other ’round the clock’ through convenient and engaging digital features. We work alongside you so that the customer gets secured, seamless experience – Anytime and Every time.
With Banks and FinTechs coming together, banks and FIs can be rest assure that the Regulations, the Security, the Real-time assessment, the Risk management, the agility and the ever evolving ‘innovation’ is well taken care of.
Did I mention, that FinX main features include:
Just Wait, It’s Going to Get Better
Digital banking is surely the “next big thing” to watch out for in the ‘near and far’ future!
Thinking of the loan disbursements and collections, or value-added service delivery, or it is about B2C and agency network interfaces, Teknospire’s Digital and Mobile Financial Platform is the answer to your requirements.
Whether it is about catering to army and farmer’s ecosystem or providing secured and seamless shopping experience to your customers, whether it is about managing and analyzing the data to realigning your business strategy so that your customer gets what he wants, we cover from India to Zambia, from Zimbabwe to Mozambique, from UK to US to Europe. With our solutions deployed in these countries, with a power-pack army of 1800+ agents, we are there for you, with you, 24/7.
Stay tuned to this space to know more in our upcoming blogs for more insight.
Tags: ArtificialIntelliegence, BaaP, Banking, Banking as a Platform, Challenger bank, customized solutions FinX, Digital Bank, digital banking, FinTech, Fintech bank, Finx, Lastmilebanking, Neo bank, Open banking, PaymentBanks, PayTM, Teknospire