How has Digital Banking Transformed the Way People Work on Their Finances?
The coronavirus upon being declared a pandemic completely changed even the basic living style of people. Digital banking was adopted by a majority of the world’s population during the pandemic which benefitted not just the customers but the banks as well.
The pandemic has been termed as one of the turning points not just for humanity but for technology as well. While people did face struggles during the lockdowns, they were also able to adapt to a new way of banking known as digital banking. Over the past decade, the rapid advancements in technology made it possible to function without any cash and yet make payments via multiple sources. These developments shifted the way the financial industry functioned and added to the convenience of the customers.
Increased Savings for Customers
The traditional methods of banking required an individual to be physically present to carry out the process of depositing certain amounts. This was especially noticed if an individual had to deposit larger amounts, which also carried some terms and conditions. But, as of the current times, anyone can choose from the several offers and schemes that the bank provides. Eventually, the bank automatically deducts the chosen amount to transfer into a savings account.This doesn’t need the person’s constant approval, unless they need to make some transactions. People as a result need to worry less about saving any in hand cash to deposit into a savings account later.
Availability of Extensive Features
Today, banking is not as tedious as it used to be in the past. People also find assistance easily from the bank representatives in case there is any query or issue. Apart from these facilities, banks also provide their customers with a host of features that help enhance their experience further. The websites today usually also contain tools that can help gauge how one can go about planning their personal finances. This section usually contains budgeting planners, loan calculators, applications that help prepare a person about the various taxes. As of today, these features are also found in mobile applications, which has made accessing them as easy as just tapping the mobile screen. One of the most popular features is that of UPI payment, which has also made remote payments easier.
Advanced Security and Identification Process
Most of the banking websites and applications transfer confidential data from the banks server to the user. But, technology is also known to falter occasionally due to which this data could be prone to theft and other security issues. With time, the applications and websites have gone through multiple upgrades to meet the cyber security requirements, which not only ensure safety of the individual but their assets as well. Most of the applications can be accessed only using the account holder’s fingerprints and other biometric features such as facial recognition and voice identification. Other applications also have a PIN number, which helps further secure the account. In case the phone device is stolen or an ATM detects the wrong PIN being entered, the bank is immediately alerted to the possible case of a theft. In this situation, most of the cards or the account on a whole is blocked until the user asks for it to be unblocked.
Improved Speed of Transactions
A lot of the websites and application function use the immense power of the internet which has proven to be beneficial for the consumers. The pandemic has been one of those crucial times where people had to rely on fast payments to ensure that they’re able to take the next step. This became especially important as the use of cash was banned by multiple governments to curb the spread of the virus. Additionally, the quarantine centres weren’t necessarily close to any ATMs or banks, which made having an online banking account essential. Also, making payments via UPI also ensured the practice of social distancing as people were able to make payments from afar. Stores, shopping centres, marketplaces, and more found this to be more convenient as the lines moved faster and people didn’t have to wait in enclosed spaces for too long.
Online portals of payments only gained their true value during the pandemic as they were made compulsory to use by governments around the world. As newer banks were familiar with and implemented online banking portals since the beginning, the older more prominently used banks were facing a slowdown as customers veered towards the new ones. The pandemic gave these banks an opportunity to upgrade themselves and use the same methods as the long-term customers normally prefer to stay with a bank they’ve been familiar with.
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