Also called in general terms electronic or virtual banking, or online banking, it is the banking that can be accessed using the Internet. They are generally banks that have physical branches or that also serve remotely, either by phone or through digital channels. Within digital banking, there are two large groups: electronic banking and Internet banking.

Electronic banking

Electronic banking is one whose operations are carried out through electronic means, such as ATMs, telephones, and other communication networks. Some authors consider it as a “higher-order” environment that involves several interconnected channels that also include telephone banking, mobile telephone banking, etc.

Internet banking

Also known as online banking, it is one in which it makes use of the tools offered by a banking entity to facilitate the relationship with its clients, and thus be able to do its banking operations through the Internet through online software which can be accessed from multiple devices that have an internet connection.

Digital banking today

Currently, bank users have a range of services offered by the bank, which allows them to find solutions to their banking needs in a short time and with the least effort, which greatly helps to deal with the “tedious” visits to the bank. and stand in line at bank offices.

Bank advances

The range of digital services is extensive, ranging from checking the balance and movements, making transfers to other people (either between users of the same bank or other banks), making payments for public services, making payments at affiliated businesses, increasing the limits of your credit card, request cash advances, among other services. To learn more about these services, you may be interested in our article entitled 5 Advantages of banking software.

Digital banking services

Notifications are a very important part of digitization, in which security plays a preponderant role, and has a range of services in which the client can configure to their liking, such as knowing if someone has entered our account, if a payment or deposit was made, block cards, notify the bank if one goes on a trip. It is important to highlight complementary security tools such as “dynamic” keys, which can reach email, telephone, or be generated by the bank’s application or in a token.

Within this range of services, electronic deposit accounts and accounts for simplified procedures stand out, products that are very similar in terms of opening conditions and limits on transactions, but their operation is closely linked to the digital world. Undoubtedly, the great beneficiaries of these advances are the clients or users, also the banking system, which finds greater efficiency and generates savings in its offices, equipment, and personnel, which response to the needs of a new, more competitive, and efficient world.

Operating costs

Although the digitization of banking has many advantages for users, it is important to note that the bank must invest large resources in developing its own online banking platform (and maintaining it), however, there are currently many digital banking solutions such as Adenter Tech, where a monthly license is contracted that allows the use of its high-performance online banking software (without contracts and which can be canceled at any time).

What do you think about this topic? Are you already using digital banking?

If you want more information about digital banking, our products, and services, you can contact us or write your query below (comments section).

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