Digital banking is NOT the same as online banking. Here’s everything you need to know!
In recent years, a growing population has warmed to the idea of transacting online. This can be attributed to the digitization and widespread proliferation of smartphones as well as the democratization of 4G services.
Although online banking has been around for a while, it is still primarily used for performing essential transactions. In the era of the most iconic inventions, digital banking has been the most important emergence following technological advancements. It puts your banks literally at your fingertips. This banking mode is optimized for mobiles, has a user-friendly interface and allows you to rely on all your banking activities.
The good news is that both banking channels have received a boost in the wake of COVID-19. Since we were locked at home to stay protected from the virus, we relied heavily on online transactions to help us live smoothly.
But which of the two is the better medium?
Before we get to that, let’s first understand the difference between digital and online banking. Although these terms are often used interchangeably, they are not the same.
Online banking vs digital banking: how are the two different?
Online banking allows users to access banking functions and other services through the Internet. Online banking is a broad term that also encompasses mobile banking. Once logged into the account through your bank’s website or app, you can view your account balance, pay your bills, apply for a loan or credit card, and more. However, it comes with some limitations like not being mobile-focused, weak UI, complicated navigation, etc. Not really designed for everyday small note transactions on the go.
Having said that, our banking system has undergone monumental changes in 2-3 years, one of which is digital banking. However, this goes beyond the realm of traditional and online banking. Digital banking works with the goal of eliminating the need to visit a physical branch. Additionally, digital banking leverages cutting-edge technology and software to provide users with everything a bank can do, right from the comfort of their own homes! Digital banking offers a host of features such as the ability to send money in seconds, opening an account via video call, multi-factor authentication, higher interest rate, single app for all your baking needs etc.
Here are some important differences between the two:
Why is Airtel Payments Bank the perfect digital bank?
1. More practical on net banking:
You can open a savings account with Airtel Payments Bank through a video call verification process. Additionally, the Airtel Thanks app serves as a one-stop-shop for all financial needs. This app, offered by Airtel Payments Bank, allows individuals to send and receive money, pay their phone bills, charge TV, pay FASTag, gas and electricity bills, request a loan and much more.
In short, the range of features and interactive UI / UX make it a pleasant experience for users!
2. Consistent rewards program:
Enjoy consistent rewards with Airtel Payments Bank all year round, thanks to their Rewards123 program! Rewards on top of cash, shopping perks and exclusive rewards on payments – there is so much and more to rejoice !. With the Airtel Thanks app, you can send e-gift cards such as shopping vouchers, travel vouchers, and claim your post-transaction rewards. KNOW MORE
3. An additional layer of security:
Airtel Payments Bank also offers users the safest way to pay – Airtel Safe Pay! The feature uses Airtel Network Intelligence to send alerts to your mobile phone number, and you get additional third-factor authentication that no other bank or wallet provides. In addition, no transaction is carried out without confirmation. KNOW MORE
4. Smart investment:
Users can enjoy a top-notch digital banking experience with Airtel Payments Bank. Anyone can open a savings account in no time and earn an interest rate of up to 6%. In addition, the bank also offers additional benefits of free individual accident insurance coverage of ??1 lakh and also allows users to purchase liability insurance!
In addition, Airtel Payments Bank offers DigiGold, a digital platform for you to invest in gold. This feature allows savings account holders to invest in 24k gold using the Airtel Thanks app. Moreover, it also makes a great gift option for friends and family. KNOW MORE
You know what to do – just download the Airtel Thanks app to immediately join Airtel Payments Bank and experience digital banking like never before!