For the most part, people who are talking about online banking are referring to the internet. That is pretty much all you needed to think about before the birth of the Apple App Store and Google Play Store. Now, Internet banking, also commonly referred to as online banking, is quite different. Banking institutions must be available across all types of devices that their customers are using. This includes your phone, tablet, phablet, laptop, desktop, etc. Making banking easy across all these platforms allows customers to have more access and convenience.
To meet the need of this growing demand, financial institutions not only offer websites, but they also offer mobile banking solutions. These digital dreams are native apps, available on your iPhone or Android devices. The shift from exclusive online banking to also mobile banking has brought about the new term, digital banking.
To help things make this transition, or as some may say “digital transformation,” a smoother process, providers are servicing financial institutions. They are providing solutions like payments and money management, bill payment, external transfers and banking rewards. Additional features include text message banking, account opening and shared access for small businesses.
Internet Banking Has Evolved
So, the traditional sense of internet banking has evolved into digital banking. Nowdays there are tons of established digital banking providers. Yes, all of these activities or actions are done on the Internet, but where, when and how they are being performed has changed dramatically. People can deposit a check while sitting in the living room or at the beach. They can view their statements from the device of their choice. And most popularly, they can send and receive money faster than ever before.
Digital Technology Improvements
In a mature industry like banking, digital technology has shown to make significant improvements and innovations to improve user experience while increasing profits for companies. Consider, for example, Chase bank’s new Chase Pay program. We hope to see digital technology being used in similar ways throughout many more industries. The more applications we use, the more value that is created for companies, providers and customers.
Internet Banking To Save
If you are looking to save, this is the one area that internet banking definitely blows its traditional counterpoint out of the water. When you open a standard savings account with a big banking institution like Chase or Bank of America, they often require a large initial deposit and fine you if your account falls below a minimum requirement. However in today’s economy, many people are not able to save in large lump sums like they used to. Internet banking providers saw a need for incremental savings programs and savings accounts with no minimum balance required and they filled that need. If you want to save incrementally or open a savings account without worrying that you will not be able to pay rent because of it, consider internet banking using the best savings apps like Qapital, Level or similar.
Complete Internet Banking
Internet banking has grown and developed over the years, just like the rest of digital technology. Now you can even access entire online banks. These online banks have no brick and mortar locations. However, they still provide online and mobile banking for checking and savings accounts. In addition, online banks also offer credit cards and prepaid cards, mortgage and refinance and loans and lines of credit. These digital banks even offer investing and wealth management entirely online. Digital banking has turned a corner and now offers comprehensive online banking services, just be certain that any online bank you choose is FDIC insured.
Please let us know in the comments below where do you think digital transformation will make make its next big impact and how these developments affect the digital divide. Or, just drop us a line to let us know that you like the post. We are happy to hear your thoughts.
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