The banking industry has undergone massive changes in the last decade, driven by advancing technologies and changing customer preferences. Customers no longer want to spend hours visiting bank branches or waiting in long queues for basic financial tasks. This has led to a boom in online or digital banking services that allow customers to manage their finances conveniently from anywhere via the Internet and mobile banking platforms.
This blog discusses 10 such important digital banking services that every modern customer should know about for seamless banking online and financial management.
1. Internet Banking/Net Banking
Internet or net banking is among the most widely used digital banking services online today. It allows customers to access their bank account and carry out transactions online through the bank’s website or net banking portal. Net banking empowers users to check account balances, view statements, transfer funds between accounts, pay bills and taxes, apply for loans, book fixed deposits, request demand drafts, etc., from any place at their convenience.
2. Mobile Banking Apps
Mobile banking apps have become an integral part of digital banking in India. These applications allow seamless access to banking services through smartphones. Leading banks like IDFC FIRST Bank have developed robust and intuitive mobile apps for both Android and iOS operating systems.
3. Unified Payments Interface (UPI)
UPI, or Unified Payments Interface, has revolutionised digital payments in India. It is an instant payment system that facilitates inter-bank transactions with just a Virtual Payment Address (VPA) like a UPI ID, without entering bank account details or card numbers.
4. ATM Services
While Internet, mobile and UPI-based banking services are gaining popularity, ATMs remain an integral part of the digital banking infrastructure. Through ATMs, users can check account balances, withdraw and deposit cash, change PINs and request account statements even outside bank working hours.
5. IMPS Money Transfers
Immediate Payment Service or IMPS allows real-time inter-bank transactions electronically through mobile numbers, accounts, or Virtual Payment Addresses. It enables fund transfers between the bank accounts of any two customers within a few minutes.
6. Debit Card Management
Debit cards issued by banks and other institutions allow customers to perform digital transactions conveniently. Users can add/edit debit cards on net banking or mobile banking platforms for uninterrupted access and make secure online and merchant payments.
7. Credit Card Management
Customers today prefer viewing credit card statements, paying bills, tracking spending habits and upgrading credit limits through digital channels rather than visiting branches. Users can block/unblock cards, change passwords, select autopay options, generate payment-due reminders, convert outstanding to EMIs and check reward points directly on the go.
8. Investment Services
Digital banking platforms allow investment needs to be addressed conveniently. For instance, via IDFC FIRST Bank’s internet and mobile banking, users can book systematic investment plans (SIPs) in mutual funds, purchase and redeem fixed deposits and monitor portfolio values. Some key investment services include opening demat accounts online, availing loans against securities and checking dividend/interest payouts digitally.
9. Personal Loan Management
Leading banks with advanced digital platforms empower customers to initiate, track and manage personal loans online right from application to repayment. Customers can avail of personal credit digitally through a hassle-free online process. Once sanctioned, users can check loan details, set standing instructions for EMIs, prepay outstanding amounts in part, request loan statements, modify basic details and raise service requests easily through Internet and mobile banking channels.
10. Bill and Tax Payments
Settling utility and tax payments has become effortless through digital modes. Customers get a unified view of due bills and schedule payments for electricity, telephone, gas, water, tuition fees, insurance premiums and more through net banking.
Conclusion
The above 10 key banking online services have transformed the way people access and experience their finances. With comfort, control and security being top priorities, it has become important for every modern consumer to get acquainted with digital banking benefits. Top-notch services by banks like IDFC FIRST Bank ensure customers take full advantage of new-age financial services seamlessly.
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