Digital banking is a new reality
Especially during COVID-period
While it may be used in many different ways online and elsewhere, the term digital banking, essentially, combines online and mobile banking services under one umbrella.
Online banking means accessing banking features and services via your bank’s website from your computer. You may log into your account to check your balance or pay your electricity bill. You can access additional banking features, such as applying for a loan or credit card, at many banks via your online banking portal.
Online banking lets you sit down at your computer and tackle many of your personal finance needs without ever having to leave your home, something for which the family pet is likely most grateful.
Mobile banking means using an app to access many of those same banking features via mobile devices such as smartphones or tablets. These apps are proprietary, issued by the bank where you hold your account, and usually use the same login information as your online banking portal.
Designed for people on the go, mobile banking apps tend to include the most used banking features, such as mobile check deposit, funds transfers and bill payment. They also often have convenient features like peer-to-peer payments through systems like Zelle. Banks also may use their mobile apps to send customers banking alerts such as fraud detection and low balance notifications.
Here’s a visual equation that sums up (literally) digital banking:
Online Banking + Mobile Banking = Digital Banking