Authors : Mr. Sachin D. Gedekar, Dr. Arun N. Daode
Page Nos : 119-120
Description :
Digital Banking involves the digitalization of all traditional banking products, processes and activities to serve customers through online channels. This includes Obtaining bank statements, Cash withdrawals, Fund transfers, Opening accounts, Loan management, Bill payments, Cheque management, Transaction records monitoring, etc. With digital banking , all bank branch services are available 24/7 on mobile phones, computers and compatible smart devices. Digital banking software makes all traditional services easier to access, understand and manage.
Digital banking allows banks to test lower risk concepts before moving parts of the old legacy business to the new system. Notable examples include Goldman Sachs’ Marcus, RBS’ Bo, and State Bank of India’s YONO, which gained more than 26 million customers and reached profitability within 18 months. Digital transformation will be a top priority for banks in 2021.
Digital banking systems are much more flexible and allows banks to add and expand features much faster than traditional systems. Digital banking relies on high level process automation, web based services and APIs to provide banks and their customers with high level of cost efficiency, security and flexibility. Modern banking solutions enable a fully digital customer journey, generating real time data streams and accelerating key analytics.
