Digital Banking Features That You Should Be Aware Of!
From work and play to eating and travelling, digitisation has played a key role in dramatically changing the way we go about our lives.
Nowhere is this more apparent than in the banking sector today. Digital banking is increasingly becoming the norm while physical transactions are going the way of the dinosaurs slowly but surely.
That's why we decided to go through a few key features of digital banking that you need to be aware of.
Whether you're a senior citizen who's still getting to grips with the nuances of digital banking or a school-going student taking the first strides into financial independence, it's important to be aware of these features of digital banking.
Online banking and mobile banking
This is the aspect of digital banking that is most commonly known to most of us. Almost every bank with the possible exception of some post office banks have adopted online banking.
It is beneficial for both the bank as well as its customers. Not only can the account holders carry out their transactions from the comfort of their home at any time of the day – including bank holidays – it also reduces the load on the bank personnel.
During the ongoing coronavirus pandemic, in particular, online banking has been a boon, especially for those most vulnerable to the virus.
Aside from your basic transactions, online banking also offers other convenient services like issuing new chequebooks, credit and debit cards, applying for loans, or making new investments.
Mobile banking takes online banking to the next level, as you can do all of the above on the go on your smartphone.
Opening an account
While the activities described above are no doubt immensely convenient, until recently, certain needs still require you to go to the bank, such as opening an account. This is no longer the case, as many banks now allow you to open a new account from the comfort of your couch.
All you have to do is head to the bank's website, type in a few details, upload scans of the necessary KYC documents, and presto, your new account will be up and running within minutes.
Most of us use Whatsapp to chat, video call, and send images. It is the most popular messaging tool in India, used by everyone from uncles sending ‘Good Morning' messages, to kids sharing the latest memes.
Taking note of this immense reach offered by the presence of Whatsapp on everyone's smartphones, many banks have gone ahead and introduced Whatsapp banking.
By simply connecting to the bank's Whatsapp number, you can check on the various particulars of your account such as your account statement, credit card balance, investment offers, nearby ATM locations, and lots more.
You can obtain the necessary information simply by typing the respective keyword from their list of options that show up on your screen.
Note that this is more of an informational interaction than an operative one. Its goal is primarily to give you quick information at a glance and save time by not having to log into your bank account or have to visit your bank physically to check up on minor details.
Digital Wallets / e-Wallets
While the introduction of credit and debit cards made our lives immensely easier, digital wallets or e-wallets are the next big step in adding another layer of convenience to cashless transactions.
Credit and debit cards reduced the dependency and risk of carrying large amounts of cash on your person. However, you still had to take care of the cards themselves. If they fell into the wrong hands, their misuse was almost guaranteed.
With e-Wallets, such as Paytm, Google Pay, and PhonePe, to name a few, all you need is the phone you carry around in your pocket. By simply entering the payee's number or scanning his QR code, you can safely carry out the transaction from your bank account.
Unified Payment System
Similar to digital wallets, Unified Payment System (UPI) is another boon that cuts down significant hassle compared to the olden days.
Back in the day, depositing money into a friend or family member's account meant writing out a cheque and queueing up to submit it with a payment slip physically at the bank.
Today, just like with digital wallets, you can transfer money with a few taps on your smartphone using a UPI app.
The main difference between digital wallets and UPI is that UPI transactions occur between two different banks while digital wallets involve transactions between two accounts within the same e-wallet (For example, Paytm).
Another value-added service that more and more banks have been coming up with are tools that help you manage your wealth as per your means and requirements. These tools include loan, premium, and tax calculators, investment analysis, and budgeting, to name a few.
These extra features go a long way in helping out those customers in particular who are not too well versed in matters of money. Not only does it help them grow their savings but also avert any costly lapses.
Life in modern society involves using a lot of services such as electricity, gas, the internet, and television, and that means a pile of bills land up outside your door every month.
With the convenience of digital banking, you can set-up all your bills with your bank account for convenient auto-payment every month.
While online banking has its merits, it also has its pitfalls. Given the nature of the digital landscape, hackers and scammers are always prowling about, looking for ways to relieve you of your hard-earned savings.
One of the most important defenses against this is real-time message alerts or notifications that banks send to your phone as soon as a transaction takes place.
Should an unauthorized transaction take place, you are immediately made aware of it and can reach out to the bank to take timely action.
We must stress that it's important to arm yourself with the knowledge to be aware and avoid scams in online finance.
Our mPokket instant loans involve a fully online paperless process with the amount transferred straight to your bank account and as such, we highly encourage you to avail the online banking facilities offered by your bank.
Also, when you share your personal details with us, we ensure that it never falls into the wrong hands. We employ state-of-the-art technology and online safety standards to ensure that your confidential and sensitive information is always in safe hands.