Digital banking lets you access banking services like fund transfers and loans without visiting bank branches. As India embarks on its digitalisation journey and the internet becomes more accessible, digital banking could unlock India's potential in terms of living standards and ease of business.
Read on as we explore the changes in banking brought on by digitalisation and the benefits of digital banking.
Digital Savings Account
A Digital Savings Account gives you access to various banking services without visiting a bank branch. Axis Bank's Digital Savings Account provides access to more than 250 banking services digitally. The onboarding process is completely paperless and employs a video know-your-customer (KYC) process.
Evolution of Savings Accounts with digitalisation
Following are some of how digitalisation has changed the way we bank:
Transferring funds
By using Net Banking, Credit or Debit Cards, or services like UPI, NEFT or RTGS, you can transfer funds from one account to another without visiting bank branches.
UPI is considered the most convenient among the various routes as you do not need to enter bank and account details to transfer money. UPI enhances the ability of small retailers and merchants to do business by enabling them to accept non-cash payments.
Mobile banking
With mobile apps, you can check your account balance, get bank statements, make investments, make payments, and do much more. You can also get access to services like checking your credit score and applying for loans. You can apply for Credit Cards and manage them through mobile banking.
Cash withdrawals
With ATMs, you can withdraw cash using Debit Cards. Some ATMs also facilitate cardless withdrawals. You can withdraw cash from an ATM managed by any bank.
Acquiring credit
You can apply for Personal Loans and Credit Cards online. Some banks even facilitate you to apply for Home Loans, Education Loans and Business Loans online.
Bill payments
You can set up auto-debit for recurring bills like OTT-platform subscriptions, newspaper subscriptions, internet services subscriptions, and rent. This helps you save time and avoid late fees.
Benefits of Digital Banking
Minimises the need to visit bank branches
Since you can make payments, raise credit and check the status of your account online, it minimises the need for visiting a bank branch. You can also opt for a video KYC process that lets you sign up for Digital Savings Account online.
24*7 access to banking
Traditionally, if you wanted to make fund transfers, you needed to do so within bank work hours and on the days the banks were open. The same was true for any other banking service. But now, you can access various services online 24*7, which makes it easy to access funds in emergencies.
Banking in rural locations
Raising capital in rural locations can be difficult. Earlier, low awareness and low presence of banks and financial institutions made it possible for local lenders to take advantage of borrowers. However, online banking only requires an internet connection to access your credit.
Higher security
Digital banking eliminates the threat of theft that is associated with cash transactions. To ensure better protection against fraud, banks take various measures such as asking for OTP verification and placing firewalls and various levels of encryption. Thus, you can access your bank account digitally and make transactions as you please, without the risk of leaking sensitive information such as passwords and security questions.
Axis Bank Digital Savings Account: Your gateway to digital life
With an Axis Bank Digital Savings Account, you can access several banking services without visiting a physical bank branch. Axis Bank Digital Savings Accounts come with e-Debit Cards and let you take advantage of various rewards and cashback.
You can open an Axis Bank Digital Savings Account in just four steps. Start your hassle-free banking journey with us!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
