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Monday, May 6, 2019

Digital Banking takes off


Digital banking is the digitization (or moving online) of all the traditional banking activities and programs that historically were only available to customers when physically inside of a bank branch. This includes activities like: i)Money Deposits, Withdrawals, and Transfers, ii)Checking/Saving Account, iii)Management, iv)Applying for Financial Products, v)Bill Pay, vi)Account Services,vii)Loan Management.



Between 2017 and 2018 there was a 24% increase in digital transactions, with more than two-thirds of millennials in the US using their smartphone as a wallet. This is creating an environment where traditional financial institutions are implementing innovative digital banking solutions, while start-ups grow at a rapid rate due to the demand from venture capitalists to invest in fintech.

online banking primarily focuses on remote deposits, money transfers, bill pay, and basic online management of accounts. Other synonyms for online banking include internet banking, virtual banking, and e-banking. So, online banking focuses on digitizing the “core” aspects of banking, but digital banking encompasses digitizing every program and activity undertaken by financial institutions and their customers.

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