Digital banking refers to online banking services that allow customers to manage their finances through an internet connection. These services include checking account balances, transferring money between accounts, paying bills, and making deposits.
Mobile Apps.
Banks have been offering these services for years, but with the rise of mobile technology, more people are using them. According to the Federal Reserve Bank of New York, nearly half of U.S. households now use some form of digital banking. This includes both traditional bank accounts and prepaid debit cards.
Online Banking.
Digital banking has changed the way banks do business. Customers have access to managing their money 24/7. But while digital banking is convenient and secure customers still want access to live support. Banking customers have so many options, specifically in the digital realm, that if their primary institution doesn’t offer what they need, they’ll switch.
According to a Quantum Metric survey, bank customers are looking for personalization and digital tools. “This reiterates the need for banks to be more proactive with their digital banking experiences,” the Quantum report reads. “A good experience is not just about the bugs, but the opportunities to continue to enhance and innovate to meet customers’ changing needs.”
The Future Of Digital Banking Is Here.
Banks are constantly evolving to meet the needs of customers. As technology advances, so does the ability to provide better services.
Global Findex Database says as of 2021, 76% of adults globally now have an account at a bank, other financial institution, or with a mobile money provider, up from 68% in 2017 and 51% in 2011. Plus, two-thirds of adults worldwide make or receive a digital payment.
It’s critical for businesses to keep up with these changes.