Digital Banking

“Digital” is the new buzz word in the banking sector, with banks all around the globe hopping onto the digital bandwagon.

Just like how the introduction of mobile technology massively disrupted innovation in the banking sector, digital is now doing the same.

Banks of all sizes are making sizeable investments in digital initiatives in order to maintain a competitive edge. So, what does “digital” actually mean?

That was the time, I was able to relatively to to distinguish between the sorts of

•    Internet banking
•    Online banking
•    Electronic banking

1. Internet banking would mean browser-based banking.
2. Online Banking means, It includes software or even telephone banking.
3. Electronic Banking, would mean the entire range of electronic payment and transaction processes including card terminal transactions.

And now, there is new contender, “digital banking” made a recent appearance and it looks like it is here to stay.

According to PWC, Digital Banking means,

"The full extent of what digital can offer customers goes beyond the basic mobile and internet banking services that are now widely provided, although there is still value to be obtained for many banks from simply delivering these basic services well.”

 “Digital banking will evolve into a richer set of offerings, providing new value for banks and their customers through a new ‘digital feature set’, based on innovations in:
         - User experience;
         - Mobile devices and
         - Networks;
         - Social media and
         - Collaboration;
        -  Customer analytics;
        -  Channel Ïntegration.”


“Digital Banking – a new concept in the area of electronic banking,
 which aims to enrich standard online and mobile banking services by integrating digital technologies,  for example strategic analytics tools, social media interactions, innovative payment solutions, mobile technology and a focus on user experience.“

According to ACCENTURE,

"Banks must reconnect with customers, rebuild trust and rethink the banking experience.
Digital technologies and solutions provide an excellent opportunity for forward-thinking financial institutions to move past this challenging market environment. If banks do not step up to digital, non-banking organizations will seize the opportunity to own the customer experience layer and provide alternate means of distribution. By having a truly digital business, banks can move away from reactive, transaction-based customer relationships, toward a more intimate, proactive and personalized experience across multiple channels, products and services"