As a society we are becoming increasingly relaxed in our use of language, taking words and concepts and merging them to such an extent tha
t they lose their intended meaning. In this article, we will explore the key differences between online banking and digital banking to help you make an informed choice.
Online banking: a brief overview
Let’s start with the easy one, the form of banking that most of us now use to some extent. Online banking is a facility that enables you to process core transactions via your laptop, desktop computer, or smartphone. As a business owner, you will be able to view and access your business accounts online. Online banking has revolutionised our relationship with the banking system, as we no longer need to visit a physical branch to manage our everyday financial transactions.
Know More@ https://www.kingsresearch.com/post/digital-banking-market-size?utm_source=Atish
We can now process the following transactions securely by either logging on to a mobile app or increasingly with a few swipes on our phone:
- Transferring money to friends/family
- Paying bills
- Setting up and cancelling Direct Debits
- Checking our balance and rectifying any accidental slips into the red
- Moving money between our accounts
- Sending money internationally
- Some banks will even allow you to pay cheques in
Going cashless
There are always going to be winners and losers. The elderly and the isolated are most likely to suffer as a result of reduced access to a physical high street presence. However, more and more of us no longer carry cash at all. The ease with which we can now access our bank accounts, 24/7, 365 days of the year, means that cash is rapidly becoming obsolete in many quarters.
The downside, of course, to online banking is that you can’t pay in physical cash. Whether or not you have access to high-speed broadband and your general internet connectivity can also impact on your overall experience.
0
