Impact Of Digital

Banking
1.

Digital banking involves the digitization of all traditional banking products, processes and activities to serve customers through online channels

What are digital banking services exactly?

Most frequently, the include the following operations and activities (all the traditional banking services that are available 24/7 on mobile phones, computers and compatible smart devices, without the need for a customer’s presence in the bank branch):

Obtaining bank statements

Cash withdrawals
Transfer money
Checking/savings account management
Opening a digital bank account
Loan management
Bill payments
Cheques management
Transaction records monitoring

DIGITAL BANKING
Impact Of Digital Banking
• Digital banking software makes all traditional services easier to access, understand and manage.
• The stats below proves the assumption that digital transformation will be a top priority for banks in 2021.
• The main draw of Digital transformation for banks is the significant reduction in operational costs. Automated applications
and processes have eliminate redundant labor and effort while reducing the chance of error and enabling efficient results, all
at lower cost. Further, technologies like AI are reinventing automation possibilities while maintaining the fidelity of back end
processes.

• It has improved bank performance and allowed it to expand from core banking services to complete financial solutions

• Convenience in offering new products and services

• Easy collection of customer information for banks and reduction in operational Risks

• Potential to increase customer satisfaction, loyalty, and profitability

• The threat of increased customer security and fraud risks

Weakening of one-to-one relationship with customers. Weakened contact with customers will reduce customer satisfaction

Deficiencies in the technological infrastructure may decrease the service quality of digital banking

Fast-changing technology