What is Digital Banking?
August 1, 2023
Digital banking is an umbrella term that covers all electronic banking services. Digital banking does not infer a switch to completely cashless banking, but rather implements technology to create a simpler experience for members. Mobile/online banking and digital banking are related concepts but have distinct differences. Let's clarify each one:
- Digital Banking: Digital banking refers to a broader concept that encompasses various forms of electronic banking services including mobile and online banking. It represents the overall shift of banking activities from traditional brick-and-mortar branches to digital options. Digital banking focuses on leveraging technology and providing a comprehensive range of banking services through various electronic platforms. It enhances what can be done in the comfort of your home or on the go.
Digital banking can include services such as online account opening, electronic fund transfers, bill payments, eStatements, customer support via tvfcuLIVE Stream and more. It involves the use of desktop computers, laptops, tablets, smartphones and other digital devices to access and manage financial services.
- Mobile/Online Banking: Mobile banking and online banking are specific subsets of digital banking that primarily focus on delivering banking services through mobile devices and the internet respectively.
a) Mobile banking refers to the use of banking services through dedicated mobile apps installed on smartphones or tablets. It enables members to perform banking activities on the go using their mobile devices. Mobile banking apps often provide features such as account balance inquiries, transaction history, funds transfers, bill payments, check deposits through image capture and other banking functions. Mobile banking can be accessed through your username and password on the app.
b) Online banking refers to accessing and managing banking services through a website using a web browser on a desktop computer, laptop or any internet-connected device. Online banking platforms offer similar features to mobile banking including account management, transaction history, fund transfers, bill payments and more. Similar to mobile banking, online banking is accessed through your username and password on our website.
In summary, mobile and online banking are specific forms of digital banking that focus on providing services through mobile devices and the internet. Both mobile and online banking are convenient and accessible methods for members to perform various banking activities anytime and anywhere using their preferred digital devices.