What is Digital Banking?
Ritu Sehgal
20 years: Corporate banking
Digital banking is a part of the wider context in which banking services are provided through the Internet. Join Ritu as she gives us an overview of Digital Banking and how it has become a huge part of banking industry.
Digital banking is a part of the wider context in which banking services are provided through the Internet. Join Ritu as she gives us an overview of Digital Banking and how it has become a huge part of banking industry.
What is Digital Banking?
3 mins 8 secs
Digital banking is an essential part of the banking process. All banks in the UK now have an online banking website and the vast majority of banks sell a mobile app that fulfills the same function in different technology and platforms.
Key learning objectives:
Define Bank Branch
Define Digital Banking
What is a Bank Branch?
A bank branch is a brick and mortar location where a bank’s customers can engage face to face with the bank’s staff to conduct a banking transaction.
For instance, to simply transfer money to another individual or company, a customer had to undergo ID checks and signature approvals in person and even a bank manager's authorisation depending on the amount transferred.
What is Digital Banking?
Digital banking is the umbrella term that covers all non-physical channels whether online via a website, via a mobile phone application or otherwise through which financial services and products are accessed and utilised. We can check account balances, view bank statements, make payments or transfers at any time of the day or night without entering a bank branch.
We can now open a new bank account online with no pre-existing relationship, almost instantaneously, just by sending various forms of identification, documents or biometrics digitally.
Ritu Sehgal
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