The last ten years have seen a rise in the importance of digital banking. The majority of clients do this since it is more efficient, quicker, and more environmentally friendly (i.e., there isn’t any paper waste or gas emissions from driving to a physical site). For people who are unable to leave their homes due to health issues or other restrictions, it’s a great option.
Banks are excited to provide quick, easy, and convenient digital account openings in alignment with the technological expansions in the industry. Banks can improve customer satisfaction by delivering digital banking account openings supported by dependable software, which is more suitable for clients.
Factors Leading to the Growth of Digital Banking in India
The pandemic was the first thing that gave the hardest push to digital banking, and it was all over the industries. Another big factor is the availability of smartphones and low internet charges.
You Can Use Your Digital Account 24×7
Digital banking, as opposed to traditional banking, enables consumers to access their money whenever and wherever they need it. Since going to an ATM is not always convenient, especially in remote areas. In that case, digital payments are very helpful.
Who doesn’t favour straightforward business dealings when it comes to financial services? You can make payments through online and mobile banking through this account. Paying for basic services like water, phone, power, and other bills just takes a few seconds.
Internet Banking and Mobile Banking
Internet banking and mobile banking availability attract customers a lot these days. Suppose you cannot visit the bank branch throughout the week due to work commitments. Due to services like mobile banking and Internet banking, you can access the bank at any time. You can access banking services with a few clicks on your desktop or mobile device.
Online savings accounts come with a tonne of advantages, including no requirement for maintaining a minimum balance, complimentary debit cards, and more. Time is another important aspect, as opening an online savings account takes only a few minutes.
Choosing a zero-balance savings account offers a free virtual debit card and a free lifetime credit card based on your eligibility. Additionally, you can open the 0 balance account to book a fixed or recurring deposit.
In the past, opening a bank account required you to go to one of the bank’s branches, stand in a queue, complete some paperwork, and print out copies of your identification and address proofs. This process is now easier thanks to Digital Account Opening. You just need to validate your account, provide scanned copies of your proof of address and ID, and finish filling out your details.
The advent of digital payments has reduced the stress of carrying cash everywhere. Using several digital banking tools, including mobile wallets, UPIs, and Internet banking options, you can make payments without using cash. This kind of banking reduces paper usage significantly, benefiting the environment.
Reduced Use of Illicit Currency
Given that it can be challenging to handle dirty money online, the Indian banking system’s shift towards digital banking may positively impact the country’s economy. Digital banking could be a step in the right direction in terms of reducing the use of unreliable and fake currency.
Despite the challenges that lie ahead, the concept of opening a zero-balance account has made remarkable strides in India. The anticipation surrounding the future of digital banking is palpable, as it holds the promise of transforming numerous tasks that previously demanded extensive form-filling on mobile devices. From seamlessly opening savings accounts to initiating Systematic Investment Plans (SIP), creating Fixed Deposits (FDs), and setting up Recurring Deposits (RDs), the realm of possibilities continues to expand.