Digital Banking Essay

Digital Banking is the buzz word in the financial sector these days, and there are a variety of opinions and definitions around it – which puts people (i.e., both customers and banks) in the awkward situation of not really knowing what digital banking entails and what it actually looks like. And, if you don't know what something is about, you won't know whether you're in or out, or you might even believe that we are well on our way towards integrating digital banking into our traditional banking avenues and leave it at that.

So, to prevent any further holes in information, here's what digital banking actually looks like:

What is digital banking?

First off, digital banking is not just having Internet banking features and/or mobile banking features as part of the ongoing services offered by your bank – although these features are certainly part of digital banking. Rather, digital banking means having banks use technology to its optimum benefit, and subsequently cut costs on the bank's side as well as offer convenient and flexible service avenues for the customers' side – all by using technology – and especially by using Internet and digital technology.

Hence, digital banking doesn't just mean having a few operations and transactions that a bank's customers can execute via their mobile phones and laptops (with Internet). It means having the whole

All of these avenues should also be able to securely and effectively offer a consistent array of banking services to customers, no matter which avenue they choose. For instance, if a customer chooses to use a kiosk, and the bank's kiosk allows the customer to transact, enter information securely, process checks, make payments, and even talk to a customer service agent via a video call, chat, or phone call, then those very same services from the bank should be similarly available to the customer if he chooses to use his or her mobile phone as