In the digital era that continues to develop, the world of finance continues to experience rapid progress. One of the most striking examples of breakthroughs is the emergence of the digital banking trend.
Digital banks have succeeded in combining technological innovation into previously traditional financial services. This of course brings significant changes in the way we manage and access finances.
This emergence also brings the latest advanced features that have never existed before in conventional banks. Through this article, we will discuss what digital banking features are currently available?
What is digital banking?
Before discussing the features of digital banking, it’s a good idea to first know what digital banking or digital banking itself means.
Digital banks, or often referred to as online banks or electronic banks, refer to financial institutions that provide banking services exclusively through digital platforms.
Unlike conventional banks, they do not have physical branches for their operational activities, but they have sophisticated technology and systems to provide services such as account opening, fund transfers, loans and investments.
Advantages of digital banking
Not only moving operational systems and services from conventional to digital, digital banks have many advantages over conventional banks.
1. Ease of access
Digital banks allow customers to access their accounts anytime and anywhere via electronic devices such as smartphones or computers. So you no longer need to come to the branch office to take care of financial matters.
2. Cost efficiency
In the absence of physical branches that require high operational costs, digital banks can provide services at lower costs. That’s why many digital banks offer products with high interest rates, even without monthly fees.
3. Technological innovation
Digital banks always strive to utilize the latest technology such as artificial intelligence (AI), data analysis and advanced security technology to provide a better experience to customers.
4. Fast financial access
Assisted by algorithms and real-time data analysis, digital banks can make faster decisions in providing loans or allowing transactions. This reduces the time required to get approval or carry out financial transactions.
Features in digital banking that you need to know
In the past, we knew that the features in conventional banks were very limited, maybe only saving and withdrawing money, but now in digital banks the financial features are increasingly complete, of course adapted to current developments. What are the features in digital banking?
1. Open an account online
Digital banking has made the account opening process easier. Prospective customers can do this online without having to visit a bank office. This process is usually fast and efficient, all you have to do is fill in your personal data and a photo of your KTP, and your account will be ready in a matter of hours or even minutes.
2. Savings
The savings feature in digital banks allows customers to manage money more effectively. They can easily view balances, make withdrawals and deposit money via digital platforms, making daily financial management more flexible.
3. Deposits
Not only saving, investments can also be made in digital banks. The deposit services provided are available in various tenor options and interest rates. What’s even more fortunate is that the interest on deposits at digital banks is usually much higher than at conventional banks.
4. Credit or loan
Need money fast? The loan feature from digital banks could be the solution. Loans at digital banks usually have easier conditions without collateral with faster disbursement times.
5. Transfer money between banks
One of the key features in digital banking is the ability to transfer money to another bank account, just via smartphone/computer, without having to go to an ATM machine.
6. Top-up digital wallet
Digital wallets are one of the currently trending payment tools, such as OVO, Gopay, Dana, LinkAja, and others. To be able to use it, we have to top-up the balance first.
The top-up process will be more effective and efficient if you use a digital bank. Just select the digital wallet, enter the account number, enter the desired amount, the balance will be filled immediately!
7. Bill payment
The bill payment feature in digital banking makes it easier for customers to pay routine bills, such as electricity, water, telephone, internet and insurance. This process can be done quickly and easily via digital platforms, clearly saving time and energy.
8. Payment using QRIS
Almost all digital banking applications support payments using QRIS. Customers can easily make purchases in stores or pay at restaurants by scanning a QR code, making it more efficient because they no longer need to carry cash.
9. Financial recording
The financial recording feature allows customers to track and analyze their expenses. By providing detailed financial summaries, digital banking helps customers in personal financial planning and making wiser decisions.
This feature can also be relied on by small business people who deal with cash flow in and out transactions every day. Because with this feature all recordings are recorded accurately and in real time.
For business people, apart from using a digital bank, financial recording can also be done using the OCR+ application from Fintelite. The OCR+ application allows us to record all evidence of physical and digital transactions according to category. The financial analysis process can also be carried out automatically by relying on AI and machine learning.
Financial management becomes easier with digital banking features
Those are the nine features in digital banking that we often encounter. Digital banks have brought positive changes in the way we manage finances. The ease of access, transaction efficiency and various features offered make it a solution that meets the demands of modern society in Indonesia.
As technology continues to develop, it is believed that the features in digital banking will continue to be updated to suit people’s needs.
