Digital banking is NOT the same as net banking. Here’s all you need to know!
Let’s understand the difference between digital and online banking. Although these terms are often used interchangeably, they are not the same.
Over the past few years, an increasing population has warmed up to the idea of transacting online. This can be attributed to digitalisation and the widespread proliferation of smartphones and democratisation of 4G services as well.
Although internet banking has been around for a while, it is still primarily used to carry out essential transactions. In the era of most iconic inventions, digital banking has been the most significant emergence as a result of technological breakthroughs. It brings your banks literally at your fingertips. This mode of banking is mobile-optimised, has a user-friendly interface, and can be relied on to carry out all your banking activities.
The good news is that both channels of banking have received an impetus as a consequence of COVID-19. Since we were cooped up at home to stay protected from the virus, we heavily depended on online transactions to help our lives run smoothly.
But which, out of the two, is a better medium?
Before we move to that, let’s first understand the difference between digital and online banking. Although these terms are often used interchangeably, they are not the same.
Online vs digital banking: How are the two different?
Online banking enables users to access banking functions and other services using the internet. Online banking is a broad term that also encompasses mobile banking. Once you log into the account via the website or your bank’s app, you can check your account balance, pay your bills, apply for a loan or credit card, and much more. However, it comes with some limitations like not being mobile-first, weak user interface, complicated navigation, etc. Not really built for daily small-ticket transactions on the go.
Having said that, our banking system has gone through some monumental changes over 2-3 years, one of which is digital banking. However, it goes beyond the realm of traditional and online banking. Digital banking works with an aim to eliminate the need to go to a physical branch. Besides, digital banking leverages cutting-edge technology and software to provide users with everything that a bank can do, within the comfort of their homes! Digital banking offers a host of features like the ability to send money within seconds, opening an account through a video call, multi-factor authentication, a higher interest rate, one app for all your baking needs, etc.
Here are some prominent differences between the two:
Why is Airtel Payments Bank the perfect digital bank?
1. More convenient over net banking:
You can open a savings account at Airtel Payments Bank through a verification process via a video call. What’s more, the Airtel Thanks app serves as a one-stop shop for all financial needs. This app, brought forth by the Airtel Payments Bank, allows individuals to send and receive money, pay their phone bills, recharge TV, pay for FASTag, gas, and electricity bills, apply for a loan, and so much more.
In a nutshell, the range of features and the interactive UI/UX make it an enjoyable experience for users!
2. Consistent rewards program:
Enjoy consistent rewards with Airtel Payments Bank all year round, thanks to their Rewards123 program! From rewards on loading money, shopping benefits, and exclusive rewards on payments - there’s so much and more to rejoice about!. With the Airtel Thanks App, you can send eGift cards such as shopping vouchers, travel vouchers and claim your post-transaction rewards. KNOW MORE
3. An added layer of security:
Airtel Payments Bank also provides users with The Safest Way to Pay - Airtel Safe Pay! The feature uses Airtel Network Intelligence to send alerts to your mobile number, plus you get additional third-factor authentication, which no other bank or wallet provides. What’s more, no transaction goes ahead without confirmation. KNOW MORE
4. Smart investment:
Users can enjoy a top-notch digital banking experience with the Airtel Payments Bank. Anyone can open a savings account in no time and get an interest rate of up to 6%. What’s more, the bank also offers added benefits of free personal accident insurance cover of ₹1 lakh and allows users to buy third party insurance too!
Furthermore, Airtel Payments Bank offers DigiGold, a digital platform for you to make investments in gold. This feature allows savings account holders to invest in 24K gold using the Airtel Thanks app. What’s more, this also serves as a great gifting option for both friends and family. KNOW MORE
You know what to do - just download the Airtel Thanks App to join the Airtel Payments Bank right away and experience digital banking like never before!