Overview

Digital banking is the automation of traditional banking services through a digital platform. There are many advantages to digitally-enabled banking, not just for the user, but also for banksFinancial institutions offering their services online with digital banking do away with tedious paperwork like cheques, demand drafts, and pay slips.Digitally-enabled banks allow users to access all banking services 24×7 without the need to personally visit the bank branch - all you need is a mobile phone or a computer!Internet banking, also known as online banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.Digital banking offers you a more personalised banking experience. Unlike typical banks' cookie-cutter features, digital banking may offer features like bill payment reminders, personalised budgets, money management, big purchase savings, and so on.Since a lot of processes are automated with the help of digital banking, a lot of these services can result in reducing certain banking fees like transaction fees and maintenance fees.Benefits of Digital BankingEfficiency and convenienceImproved usabilityCost SavingMore collaboration with banksPersonalized servicesVariety of featuresDigital Banking RisksInformation and Cyber-security RiskOperational RiskPersonal Conduct RiskTechnology Stability and Resilience RiskRegulatory RiskThird-party RiskMoney Laundering Risk

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