The digital revolution has transformed banking in profound ways. What was once confined within the brick-and-mortar walls of branches is now available to us anytime, anywhere, through our digital devices. Online banking or digital banking apps allow customers to access various financial services on their computers, smartphones and tablets without visiting a bank branch physically.
Today, customers seek banking services to be available round the clock at their fingertips. Simultaneously, banks have focused on enabling the seamless functioning of digital banking platforms by adding features to enhance user experience. Let’s understand how these features are helping customers with their banking experience.
Features of Digital Banking Platforms
Here are some of the most useful features of digital banking platforms:
Online Account
Gone are the days when you had to visit a bank branch and remain in long queues to open a Savings Account. Nowadays, leading banks like AU Small Finance Bank allow instant account opening through digital channels:
- You will need to download the AU 0101 App.
- Open the AU 0101 App, register using your Aadhaar registered mobile number & click on the Savings Account tab.
- Fill in your PAN & Aadhaar details & verify your Aadhaar OTP.
- Confirm your personal, family, address and occupation details.
- Choose your preferred savings account and add money to it (if required).
- You can complete your KYC over a Video Call instantly.
- During your video KYC, you need to show your original PAN Card, sign on a blank piece of paper & show your signature on the camera to the video banker.
Mobile Banking
Mobile banking has emerged as the most popular digital banking method. Banks have invested significantly in developing feature-rich digital banking app.
Digital payment wallets from companies like Paytm, PhonePe, Amazon, and Google Pay have transformed online payments and money transfers. Bank account holders can link their accounts to one or more such wallets.
Online Fixed Deposits
Managing investments has been made easier by digital banking channels. Customers can now open fixed deposits fully via Mobile App: For instance, if you want to open an FD account in AU Bank
- You will need to download the AU 0101 App.
- Open the AU 0101 App, register using your Aadhaar registered mobile number & click on the FD tab.
- Fill in your PAN & Aadhaar details & verify your Aadhaar OTP.
- Confirm your personal, family, address and occupation details.
- Select FD amount, type, tenure, interest frequency and verify your bank account details where you want to receive the FD amount on maturity.
- Transfer funds from your existing bank account to the new FD Account.
- Complete Video KYC to submit your request. During your video KYC, you need to show your original PAN Card, sign on a blank piece of paper & show your signature on the camera to the video banker.
Automated Payments/Standing Instructions
Forgetting to pay your monthly bills on time? Automated payments allow you to schedule recurring transactions in advance:
- Log in to mobile banking and set reminders for timely bill payments.
- Schedule online transfers for rent, loan EMIs, insurance premiums, etc.
- Avoid late fees or interest charges due to delayed payments.
- Insulates you from payment failures despite tight schedules.
- Set it up once, and automated payments remove the stress of managing monthly finances.
Digital Banking Security Features
While digital banking offers unmatched convenience, security remains a key concern. Banks leverage multiple layers of security to facilitate safe digital transactions:
- Two-factor authentication using one-time passwords sent to customer’s phone via SMS or email
- Advanced data encryption technology to prevent unauthorised access
- Automated triggers to notify suspicious activities and transactions
- Biometrics like fingerprints and face ID for controlled access to banking apps
- Secure digital wallets linked to bank accounts
By keeping their infrastructure updated, banks ensure round-the-clock security.
Customers also need to undertake precautions at their end:
- Refrain from logging in from public devices or shared networks
- Frequently change login passwords and do not share OTPs
- Install reputed antivirus software to deal with malware and keyloggers
- Always check sender authenticity before clicking questionable links
- Notify the bank instantly if you lose your phone/debit card
Thus, banks and customers have crucial roles on the security front.
Final Takeaways
Right from fundamentals like checking balances to nuanced facilities like investment management, everything is available at your fingertips with the help of digital banking. Banks across India are pushing the boundaries of possibility using cutting-edge technologies.
With digitisation accelerating manifold, the adoption of digital banking is set to rise rapidly in the coming years. As customers, understanding the functionalities of these digital platforms can help us meet our banking requirements seamlessly.
