Digital banking allows you to enhance the customer experience and competitiveness in the market successfully. Since the outbreak of the contagious pandemic across the world, it has become trendy in the market today. Credit unions and other financial institutions that embrace digital banking can give their customers the ability to transact, bank, and move money in any way they want.
Ram Chary is a finance specialist from Nevada in the USA. From 2007 to 2013, he took up various roles at the esteemed company – Fidelity National Information Services, Inc., and most recently served as the Executive Vice President at the Global Commercial Services. In the past, he led the technology division at Fidelity National Information Services Inc, that is a banking and a payments tech company.
He led the professional services divisions at eFunds Corporation, the services of a payment company. Before this, he worked at IBM Global Services in technology consulting and infrastructure outsourcing.
According to him, financial institutions worldwide had to close their branches due to the coronavirus pandemic temporarily.
At the same time, customers stayed in the comforts of their homes due to the social distancing protocols. Digital banking had increased before the pandemic, and its benefits were immense, especially in the evolving, fast-paced world. Contactless payments, digital wallets, and mobile apps have become the preferred way for people to pay for goods and services.
The convenience of digital banking
Digital banking gave everyone the ability to use, access, and move money through mobile devices. Apps for digital banking allow customers to view their account balance statements, transfer money, pay bills, and make loan applications and purchases while on the move.
There is no need for you to use a computer anymore for making online payments, nor do you have to visit a bank branch for money transfers. With smartphone apps for digital banking, you can schedule appointments, access life chats, and seek help from your banker at any time of the day or the night. Those options are still relevant today. However, they are used less frequently.
Digital banking is faster
Digital banking saves time for customers, so it is popular today. Customers no longer have to set aside time for visiting the bank. They can do so anytime. They can deposit checks and make payments with just some buttons on their mobile devices. Thanks to digital banking, they can even talk to customer care representatives and save time and money travelling to meet them.
According to Ram Chary, digital banking offers customers several payment options. You can use your mobile to fulfill key banking functions with the aid of an app, or you have the choice to use your debit card. Customers are already demanding digital banking apps, especially in the post-pandemic era. The usage of these apps is very high today, as their mobile banking traffic has risen by 85%, as reported by credible sources! Have you installed the app yet?