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How to leverage digital banking tools and services

Although digital banking tools have been around for quite some time, the COVID-19 pandemic brought them to the forefront. Today, we will discuss how to leverage the tools and services digital banking tools have to offer.

What is digital banking?

Digital banking in simple words is normal banking that is done online. The services and activities are provided online, via a bank website, or via a mobile app. Instead of needing to visit a physical branch, customers may access banking services and complete all of their financial transactions online.

Below are some digital banking tools and services that are available for both individuals and businesses.

  1. Mobile and internet banking - This is a banking method that may be done via a mobile application or the bank’s website. Most transactions and services that are typically limited to in-person branch visits are now available to you. With the use of this technology, people and companies may now do a variety of tasks from the convenience of their homes, including checking accounts, making payments, and transferring money.

    1. Generate e-statements quicker - One can generate a full financial statement for your account in less than 10 minutes without having to make a request at a brick and mortar branch. This enables you to keep track of your financial transactions, i.e. inflows and outflows.

    2. Quicker loan application time - Since loans have always been a fundamental banking function, both individuals and businesses may benefit from this recently automated and digitalised service. Compared to applying at a brick and mortar bank, it is quicker and simpler. While it could take longer and need some remote document submission online for a commercial loan, the application procedure for a personal loan should just entail a few clicks on the customer's preferred device, with approval and cash in less than 24 hours.

  2. Easier wireless payment options for businesses - Gone are the days when a customer could only pay with cash or a check. Now, there are several wireless payment options that provide easier payments like Google Pay, Alipay, Apple Pay, and several others. Customers will always choose the easiest way and the path they feel gives them less stress.

  3. Digital safety tools - To stop fraud and hacking, there are a number of digital safety tools available, such as face IDs and fingerprint biometric logins. Businesses can also use these to control access to their company accounts and avoid or thwart fraud.

In summary, digital banking services and tools are easy to use, safe, and beneficial. They let you access your accounts instantly and do nearly all of the transactions available at a physical bank. Using these digital tools and services as a business will save you money, time, and resources.

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