The heavy ledgers on the tabletops of bank executives are seldom sight now because the same positions are held by desktops in the banks. We are welcomed not by the receptionist or inquiry desk but by token machines, and automatic machines taking care of a variety of tasks from printing that were done manually before. These changes are the results of banking transformation known as digital banking in which services are requested and delivered through the internet. In common language, we call it as online banking and has been revolutionizing finances since the last few years.
The components of digital banking
Online banking is offered mainly through three types of components such as desktop, mobiles and ATM-cum-cash deposit machines. For your personal account or any business account of any Company like this, the customers can access every feature of the account through the desktop with an internet connection. Anything from account opening, closing, maintenance, taking statements, paying income tax and bills, transactions and financing, literally everything a customer used to approach a bank for and more re comfortably executed through the online banking facility.
The virtual transformation of financial services started from the desktop and has reached smartphones and tablets and going beyond to artificial intelligence, API and blockchain technologies. Banks and customers utilize the potential of handheld devices for:
- Mobile banking
- Text messages
- Push message advertisements
- Email and text alerts
- Online bill payments
- Filing tax returns, etc
Mobiles have become single-window access to internet banking accounts through mobile servers and transactions are done in the wink of a second when users see this here to tap and select. Registering with a moble number is mandatory for fully availing online facilities as most of the proceedings are initiated and confirmed through secure pins sent on phones.
The provisions have become so convenient for the customers that in a single missed call, the mini statement and account balance reach their registered mobile number.
The technology platform
Management of financial services in a virtual way has been made possible with the use of two-way interface platform wherein the customers carry out banking through front-end, bank facilitates them through back-end and transactions progress in between through secured and encrypted digital channels.
No queues now and instead follow the instructions on the ATM machine or cash Kirloskar to deposit money, print passbooks, drop check etc along with money withdrawals in your next stop on the way.