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How Digital Banking Is Slowly Taking Over Traditional Banking

Digital banking offers customers the convenience of banking at their fingertips with 24x7 availability and secure transactions.


Updated: January 21, 2022 3:40:50 pm
Digital Banking

The new generation lives a fast-paced life, expecting everything on the go. No wonder when it comes to traditional banking, even paperwork proves a tedious task. The long haul of the pandemic has even amplified the need for digital solutions for any financial need. This demonstrated the value of being able to transact online anytime, anywhere with people across the world in an instant.

This is where digital banks play a significant role, offering customers the convenience of banking at their fingertips with 24×7 availability and secure transactions. Digital banks also save on branch investment as they do not need a physical presence and can offer more value to customers. This also empowers them to invest more in hi-tech services and enhanced product offerings. This means a win-win situation for both customers and digital banks.

The growing popularity of digital banks proves that it intuitively caters to customers’ requirements, allowing them to transact in seconds and focus on other areas of their lives.

Digital Banks

What makes digital banking stand out?

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For millennials and Gen Z-ers, gone are the days when one had to stand in a queue to withdraw money from their bank account. Now, everything happens at the click of a button, whether it is paying your cab driver, shopping online, investing in mutual funds or transferring rent to your landlord; it all happens seamlessly in seconds with digital banks.

Opening an account digitally is also a lot simpler than you can imagine, especially if it’s with a trusted brand, such as Airtel Payments Bank, which ensures a seamless, paperless and transparent process. The benefits of digital banking are extended to its security too, where it nullifies the risk of online frauds. Apart from its convenience and high-value rewards, it also offers smart investments options.

Why switching to digital banking is a smart choice? 

Open a bank account with just a video call with Airtel Payments Bank:

Opening a bank account digitally

With a true digital bank, such as Airtel Payments Bank, it is possible to open an account in just a few minutes over a video call from the Airtel Thanks app. Using your Airtel Payments Bank’s savings account, you can also invest in DigiGold, buy 24K gold online for as low as Re. 1. With over 55 million users engaged across its operations, it provides essential financial services with an aim to make banking simpler, more convenient and intuitive for customers. KNOW MORE

Fulfill all your financial needs with 24X7 access: 

24X7 Access

Unlike traditional banking, customers have 24×7 access to meet their requirements, whether it is instant money transfers, bill payments, smart investment, buying insurance, etc. You are also eligible for a guaranteed and consistent rewards program – Rewards123 where you can earn on every transaction.

An added layer of security: 

While you are making a switch to digital banking, security is a major concern. But with Airtel Payments Bank there are no apprehensions with your money because all your transactions are secured with Airtel Safe Pay feature where not a single penny can get debited with your approval. KNOW MORE

Guaranteed and consistent rewards program: 

When it comes to a rewarding experience, digital banking again wins the race against traditional banking. With Rewards123, you get Load Money Benefits in the form of “1% cashback on loading Rs.1000 or more via UPI”; besides shopping rewards of “2% cashback on spends of Rs.1000 or more”; and Payment Benefits as “flat Rs.30 cashback on your choice of payment for Prepaid, Postpaid, DTH, Landline or Broadband”. KNOW MORE

Digital banking – the endless possibilities

Endless Possibilities

Digital banks thus offer an instant, fully-automated and personalised service, which translates into a transparent and seamless experience. Whether it is paying your monthly bills or investing in digital gold, digital banking makes it all possible. Convenience is another factor where digital banking scores, letting you make and receive payments on the go. In a world where time is equated to money, this is of immense value. With no margin for human error, online systems are prepared for quick turnarounds when it comes to verifying and processing multiple requests in no time.

Future of digital banking

Future of Digital Banking

According to Research & Markets.com, the Indian digital payments industry is expected to touch $700 billion by 2022 in terms of value of transactions. Nearly 80% of urban India is expected to adopt digital payments as a part of their routine. The reduced transaction charges and ease of cash transfers associated with electronic fund transfers and mobile banking will further drive the growth of digital payments in India, stated the report. Before COVID-19, the industry was growing at a 16% YOY increase, but the pace was expedited to over 22% after the pandemic.

We can already see a huge number of payments happening using an online wallet. As technology continues to evolve and people get accustomed to the speed and accuracy of services, the future of digital banking is definitely bright.

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