What is Digital Banking?

What is a Bank Branch?

A bank branch is a brick and mortar location where a bank’s customers can engage face to face with the bank’s staff to conduct a banking transaction.

For instance, to simply transfer money to another individual or company, a customer had to undergo ID checks and signature approvals in person and even a bank manager's authorisation depending on the amount transferred.

What is Digital Banking?

Digital banking is the umbrella term that covers all non-physical channels whether online via a website, via a mobile phone application or otherwise through which financial services and products are accessed and utilised. We can check account balances, view bank statements, make payments or transfers at any time of the day or night without entering a bank branch.

We can now open a new bank account online with no pre-existing relationship, almost instantaneously, just by sending various forms of identification, documents or biometrics digitally.