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Digital Banking Practices In Business

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Abstract

Online Banking is one of the major financial activities which will be carried out by any person who has a bank account. There are different activities that can be carried out once you log in to your bank account. Once a user logs in he or she can check the bank balance, check bank account transaction history or account summary, add beneficiary accounts, transfer funds to another account, download account summary. When we deal with a banking system main concern should be the security related to banking transactions and account login activity.

INTRODUCTION

Now demand for financial services is transmuting rapidly and deportment of customers regarding these services is withal going to transmute rapidly mostly, it is compulsory for the banking sector

additionally that in lieu of the traditional banking it must adopt electronic banking in business sectors and some incipient strategies in order to magnetize and retain subsisting along with incipient customers. E-banking in business is the most pioneering trend among the customers in the present era of thrust for many expeditious and is secured with financial services. The change from the traditional banking to e-banking has an elevating amendment in the field of banking dealings. More competition, the advancement of data & communication technology, and transmuting business environment, and so on are some of the consequential concerns that have coerced banking services to transmute

History of Digital Banking

The earliest forms of digital banking trace back to the advent of ATMs and cards launched in the 1960s. As the internet emerged in the 1980s with early broadband, digital networks began to connect retailers with suppliers and consumers to develop needs for early online catalogues and inventory software systems.

The Internet has became widely available and online banking started becoming the norm. In the early 2000 ,the improvement of broadband and ecommerce systems led to what resembled the present digital banking world. The proliferation of smartphones through the next decade has opened the door for transactions on the go beyond ATM machines. Over 60% of consumers now uses their mobilephone as the preferred method for the purpose of digital banking.

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The challenge for banks today to facilitate demands that merge vendors with money through channels determined by the consumer. This dynamic shapes the basis of customer satisfaction,in which it can be nurtured with Customer Relationship Management (CRM) software. Moreover, CRM should be integrated into a digital banking system, since it provides means for banks to directly interact with the customers.

Highly beneficial option for businesses

Many businesses have built their brands and are thriving only due to digital banking. When we did not have the luxury of online banking, the businesses such as Amazon and eBay may not be in existence in present days. Moreover, now the businesses can enable online payments option and every process is made easier there after. The businesses can see their banking activities like the depositsm, bank checks, wired funds, etc. For waiting for monthly statements, the businesses can take instant decision about their functioning. The errors and the delays may be quickly sorted out before any negative impact in the business.

Increased productivity in business

Most businesses do not have to rely on the bank operation timings, with the help of digital banking,. Now the payments can be made and received even at any time. There are also some processes such as paying bills or making regular payments that can be automated in the platform of digital banking. As an output, the businesses are cable to save a lot of time on the manual processes and this has a larger impact on their productivity.

Transfer of payments easily

One of the major things for businesses these days is time, therefore they want to use it on something that is providing them more value. The digital banking is helpful in the businesses to easily transfer payments in their employee bank accounts. Some of the regular transfers can also be automated, and they professionals are cable of their valuable time on something that is more important. As an output, the internet banking includes more value to most of these businesses.

The businesses rely on efficient and rapid access to banking information for cash flow reviews, auditing and daily financial transaction processing. E-banking offers ease of access, secure transactions and 24-hour banking options now-a-days. From minimum start-up companies to more established entities, small businesses rely on e-banking to eliminate runs to the bank and to make financial decisions with updated details. In an information-driven business climate, companies who do not use e-bankin g are at a competitive disadvantage.

E-Banking Characteristics

As the businesses are becoming increasingly digitised, the business models of financial institutions are also changing very fast. Banking is a business activity and eBanking is its digital form, so eBanking model is different than the traditional banking system. The following are the characteristics of modern banking system

Issues

  • Traditional Banking Habits
  • Transaction Difficulty
  • Technical Issues
  • Small Budgets

References

  1. Barquin S, Vinayak HV. Digital Banking in Asia: What do consumers really want. McKinsey and Company. Retrieved from, 2015. http://zenithinfobank.com/wp-content/uploads/2015/04/Digital_Banking_in_Asia_What_do_consumers_really_want.pdf
  2. Chavan J. Internet banking-Benefits and challenges in an emerging economy .International Journal of Research inBusiness Management. 2013; 1(1):19-26. Retrieved from https://s3.amazonaws.com/academia.edu.documents/37989966/–1371887005-3.Manage-InternetJayashree_chavan__1.pdf?AWSAccessKeyId=AKIAIWOWYYGZ2Y53UL3A&Expires=1509391963&Signature=9nWLWRUa9fIN%2BE4HKtbY1W4wMys%3D&response-content disposition=inline%3B%20filename%3DINTERNET_BANKINGBENEFITS_AND_CHALLENGES.pdf
  3. Chen J, Lam K. How to prepare for Asia’s digital-banking boom. McKinsey and Company. Retrieved from, 2014. http://asia.udp.cl/Informes/2014/Asias_digial-banking_boom.pdf
  4. 4. Cuesta, C., Ruesta, M., Tuesta, D., & Urbiola, P. (2015). The digitaltransformation of the banking industry. BBVA Research. Retrieved from https://www.bbvaresearch.com/wp-content/uploads/2015/08/EN_ObservatorioBanca_Digital_vf2.pdf
  5. Gautam L, Khare SK. E-Banking in india: Issues and challenges’. Scholar Journal of Economics, Business and Management. 2014; 1(2):54-56. Retrieved from http://saspjournals.com/wpcontent/uploads/2014/04/SJEBM-1254-56.pdf
  6. Mia MAH, Rahman MA, Uddin M. E-Banking: Evolution, Status and Prospect. Journal of the Institute of Cost and Management Accountants of Bangladesh. 2007; 35(1):36-38. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2371134
  7. Rao YV, Budde SR. Banking technology innovations in India: Enhancing customer value and satisfaction. Indian Journal of Science and Technology. International Journal of Research in Finance and Management ~ 32 ~ 2015; 8(33):110.doi:10.17485/ijst/2015/v8i33/780
  8. Safeena R, Date H. Customerperspectives on e-business value: case study on internet banking. The Journal of Internet Banking and Commerce. 1970; 15(1):1-13. Retrieved fromhttp://www.icommercecentral.com/open-access/customer-perspectives-on-ebusiness-value-case-study-on-internet-banking-1-13.php?aid=38282

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Digital Banking Practices In Business. (2022, February 17). Edubirdie. Retrieved November 29, 2022, from https://edubirdie.com/examples/digital-banking-practices-in-business/
“Digital Banking Practices In Business.” Edubirdie, 17 Feb. 2022, edubirdie.com/examples/digital-banking-practices-in-business/
Digital Banking Practices In Business. [online]. Available at: <https://edubirdie.com/examples/digital-banking-practices-in-business/> [Accessed 29 Nov. 2022].
Digital Banking Practices In Business [Internet]. Edubirdie. 2022 Feb 17 [cited 2022 Nov 29]. Available from: https://edubirdie.com/examples/digital-banking-practices-in-business/
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