Nowadays, digital transformation is a buzzword in every industry, with every aspect of business being either considered for automation or migration to the cloud. However, there is one function that has been digitalised for quite some time and benefiting businesses in maximising revenues and bringing down the cost of doing business.
That is Digital Banking.
Digital Banking has been around for decades, even though its adoption has gained momentum as more and more businesses have progressed towards Industry 4.0. But what exactly is it?
What is Digital Banking?
In its broadest sense, digital banking means the delivery of various banking solutions online. The digitalisation of banking services involves a high level of automation and API-enabled integration supporting cross-institutional transactions.
Digital transformation has afforded many benefits to individual customers, allowing them to conduct cashless transactions and have higher visibility of their accounts. In addition to these benefits, digital banking has resulted in several operational and strategic advantages for businesses.
Benefits of Digital Banking
In fact, with digital banking, financial transactions also stop being limited by different time zones and work-hours of pay or and receiver accounts.
One can access account overdraft facility and short-term credit with a few clicks to maintain cash flow. With EMIs and part-payments, digital banking makes repayment also easier and more flexible.
You can also set Special alerts and notifications to track business account activity. This agile information access and customizability of reports support strategic and financial decision-making for businesses.
Except for certain banking transactions that require submission of physical documents by importers or third parties, almost the entire gamut of business banking solutions is digitalised.
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