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MariaWilliam   , 37

from Toa Alta


What is Digital Banking and can it Cut Long Queues?

We know the changes computers and internet have brought into our lives. The world has changed into a search and click mode, and everything is made available at our fingertips now by sitting at the comfort of our home or office. Internet has made the globe a single village, which has largely contributed towards globalisation of the products and services through e-commerce and e-payment platforms.


When every sector is positively benefiting from internet and e-commerce technology, banking is no exemption. Digital banking is the latest concept adopted by even the local bankers, which further eases the transactions, payments, cut down cash risks, and most comfortably eradicate long queues at the banking halls.

At the initial phases, security was one of the major concerns of those who were thinking of online banking. For a long time, this factor stayed as a trade off between people accepting the comfort of online banking services.

However, things have changed largely lately and users are much comfortable with online banking services now, and this helped the banks to cut down the overheads involved in maintaining physical banking infrastructures, which in turn paved way to anytime-anywhere banking services.

What is digital banking?

Digital banking, in simplest terms, is the process of banking through internet by making all transactions easier to be accomplished through a secured and personalised portal, which can be accessed from anywhere in the world, at any time. The major digital banking services include.

  • Account opening.
  • Deposit and withdrawal of funds.
  • Accessing account statements and other information services.
  • Initiating fund transfers.
  • Utility bill payments.
  • Requisition for credit card / debit card / chequebook services.
  • Availing insurance policies, bonds, fixed deposits etc.
  • Applying for loans and other cash advance facilities.

In a nutshell, all the transactions, which previously required customers to visit a personal banking branch and queue up for the services can be done now virtually through an online platform. This made banking accessible to all class of people and those are staying at the rural areas too don’t have to walk for many miles to access a bank branch.

Opportunities with digital banking


In the developing nations like Africa, digital banking now easily reaches to the destinations where physical banks haven’t reached yet. This create an opportunity for the backward population and communities to avail the benefits of banking, insurance, and financial products, which were only accessible to the urban elites previously.

Of course, the discomfort of physical banking and the need for troublesome paperwork was one thing that kept most of the people out of the bank branches. However, when it comes to digital banking through their mobile phones, people are much comfortable with it to do it at their pace, and most importantly without the hassle of queuing up and spoiling the entire day’s work for a single transaction.

Digital banking is deeply rooting lately amongst all communities and class of people, and the banks are also putting forth many new products and services for the digital bankers to enjoy more benefits and ease of operation.