What are the Benefits of Digital Banking?

Standing in line at the bank, hoping you’ll get approved for an account or to conduct transactions, is the last thing you want to do with your free time.

Digital banking has changed everything, making it easy to conduct bank transactions anywhere and at any time of day or night.

What Is Digital Banking?

Digital banking, as the name suggests, is banking done entirely online or on a mobile app. Many banks offer digital banking, but you can also find opportunities on fintech apps that open up more opportunities to people that otherwise might be unbanked or ineligible for certain banking products.

How Does Digital Banking Work?

Think of a digital bank as your brick-and-mortar bank, but you never have to leave your house. You can do many bank transactions like deposit checks, transfer funds, open or close accounts, and apply for loans.

Many digital banking products are automated, making it even easier for consumers to conduct banking transactions. For example, if you want to transfer $500 to your savings account each month, you can set up automatic transfers, and it’s done for you. There’s no reason to go to the bank or do the transfer. On the same date each month, the money is transferred.

6 Benefits of Digital Banking

Digital banking is somewhat new but wildly popular. Over 65% of Americans use digital banking, and here are some benefits they enjoy.

1- You can bank from home, or anywhere you have an internet connection

Digital banking allows you to bank 24/7 from anywhere, including at home. You can often deposit checks using your mobile phone, handle transfers, and make other banking transactions.

2- You can set up automatic payments

Say goodbye to late fees and missed payments. With digital banking, you can automate many banking tasks, including payments. You set the date and payment up one time, and the digital bank does the rest.

3- You can send and receive payments instantly.

With most digital banking apps, you can send and receive money from friends and family. For example, with Wayay, you can send and receive payments instantly to friends and family who have Waya, or you can send ACH transfers to anyone, even if they don’t have Waya.

4- You can stop procrastinating those banking tasks

How many banking tasks have you delayed because you don’t have time to go to the bank? With digital banking, there are no excuses. You can bank any time of day or night, immediately getting those pesky tasks done and earning interest immediately.

5- Banks take security seriously

If there’s anyone you want to trust with your personal information online, it’s banks. They are already experts at top-notch security because of the fragile nature of what they deal with, and most banks use that same level or higher with digital banking.

You may use biometric authentication to get access to your app, set up two-factor authentication, and immediate alerts if a threat is detected.

6- You can make international transactions.

Sending money to friends and family abroad is much easier with digital banking. You don’t have to jump through a lot of hoops or make them wait a long time for the funds.

7- You can report misplaced or stolen cards immediately.

Losing your debit card or thinking it was stolen can be anxiety-provoking. With digital banking, you don’t have to think much, just open your app and freeze the card. This stops unauthorized activity from occurring until you replace or find the card.

Final Thoughts

Digital banking has changed how we handle most banking transactions. If you’ve never banked online, it’s time to start! You’ll be rewarded with convenience, around-the-clock availability, and security, just like at the traditional bank.

Take advantage of digital banking and all it offers to conduct your banking transactions while saving time and hassle. You’ll put more time back into your day, stop procrastinating your banking tasks, and take control of your finances.