Technical innovations have done a complete makeover of the way in which banks work. It is very important for the customers to understand these advanced services so that they can use these technical advancements to the fullest. Online and mobile services provide exceptional level of access, convenience and outstanding capability to manage finances anywhere anytime.
Paradigm shift towards Digital Banking
Banking services domain in United Kingdom has undergone a very rapid evolution in recent times with the onset of digital banking, which has transformed completely the way people handle their finance. Digital banking provides a convenient, innovative and personalized services along with recommended financial solutions. In other words, it is the mode of banking which provides everything that conventional banking provides with 24/7 accessibility and convenience of customers.
Let us see the reasons why the entire world is drifting towards Digital Banking:
- Convenience and accessibility:
Just observe the differences between conventional banking and digital banking you will see the reason behind the sudden shift towards digital banking globally. Digital banking provides unmatched convenience to check balances, make payments and transaction from anywhere. Mobile applications provide various services like remote check deposits, bill payments, account management just with a tap on your mobile phones. Opening an account was used to be time consuming task but not anymore. Online account opening services have made the process fast, streamlined and extremely user friendly that too without the need to visit the physical branch of your bank.
- Innovation and Personalization:
Digital banks have AI powered chat bots and virtual assistants which can provide individual support, issue resolution, and provide financial advice based on customer behaviour and needs. Data driven insights are used now in order to study spending patterns and financial needs which empower digital banks to provide relevant products and service according to need of the customer. Fin tech innovations are used efficiently by digital banks to cater dynamic customer needs like budgeting applications, investment platforms where everyone can invest and efficient payment systems to make transactions fluent and seamless.
- Security Features:
In any financial transaction customer data is a critical information that must be secured in order to detect and prevent any kind of financial fraud. Digital banks use encryption which ensures security of sensitive data like account number, password, and personal details. Access to accounts is secured by multi factor authentication where user is required to answer validate their identification by various forms like passwords, security questions and one- time passwords. Digital banks use various machine learning algorithms to detect suspicious activity like strange account behaviour, unapproved transactions, sudden change and frequent change of personal details and notify the customer before any damage is done to the account.
- Account Management:
Digital banks have really transformed account management in aspects of accessibility and response time. We all remember how tiring it used to be to get financial statements from the physical branches of your bank. Now it is just one click in your online account and you can have the access to the information regarding your current balance giving you real time access of your financial status. Checking transactions has become really easy and simple through digital banking as it gives you instant access to detailed transaction history for the time frame you want. Customer can download account statements in an instant. These electronic statements are an excellent way to reduce paper wastage as well.
- Fund Transfers:
Digital banks provide efficient platforms to ensure quick fund transfer facility to their customers. By using these online platforms customers can transfer funds instantaneously between their accounts like checking accounts, savings accounts etc. External transfers like peer-to-peer transfers, bill payments and wire transfers have also become fluent with digital banks. Icing on the cake is actually the feature of scheduled transfers as it enables the customers to schedule their payments on the date of their choice ensuring timely payments for their bills.
- Customer Support:
Online banking platforms provides a robust customer service structure to cater various requirements of the customers anytime anywhere. Nearly every digital bank provides chat support service to its customers so that they can get their issues resolved by chatting with a live representative through the chat feature of their website or mobile application. Many prestigious banks have integrated artificial intelligence in the chat mode to develop chat bots that categorizes the query and enables accurate and efficient support for the queries.
Digital banks empower their customers through knowledge base in their websites so that the customers can be educated about various services that are provided by the bank. These FAQ sections, tutorials and knowledge base articles help the customers in resolving common queries and information about various aspects of the service provided.
Majority of online banks have dedicated voice and email support for their customers to ensure a 24/7 support for the customers. Banks have dedicated teams to resolve customer queries and issues like account inquiry, technical issues with the applications etc. Customers can get their issues escalated and resolved right away as there is always an executive available to help them.
Tips for Safe and Secure Banking
Even though digital banks and online banking platforms have robust information security structure. There is still some level of awareness of online security which every customer must have to ensure the safety of their banking information.
- Use Strong Passwords: Your password is the key to your account information it should be something easy to guess. It is advisable to have a complex and unique password which have numbers, letters and special characters so that it becomes hard to guess. Enabling Multi-factor authentication adds an additional security to the account.
- Keep Software Updated: Your accounts information is always at risk from spywares and viruses as they can have in built codes to gather the data from your device. Most people have account information and passwords stored in their devices like their mobile, computers, tablets etc. It is very important to use updated anti-virus software to ensure the information security.
- Beware of Phishing Scams: Hackers, scammers or fraudsters use emails, text messages or phone calls where they pretend to be executive and try to create an emergency situation with your account. It is advised by every bank to not share your account information with anyone over the call, text message or email. They usually target the customer of a certain age who are not tech savvy and will ask information to access the account and resolve the issue which is not even there with the account.
- Monitor Account Activity: People who are vigilant enough to monitor their accounts regularly and check their transaction history are more likely to find any suspicious activity sooner than people who depend on monthly account statements for the account information. The sooner you find any thing unusual the lesser will be the damage to your account.
