The banking industry has changed dramatically over the years. While customers regularly walked into a branch to withdraw money, transfer funds, or seek information about products about 50 years ago, today, a majority of customers prefer to conduct basic financial transactions online, leading to the popularity of digital banking.
The Modern Customer Demands an Omnichannel Digital Experience
In 2017, PwC indicated the rise of the digital-only banking customer in its Digital Banking Consumer Survey. The report specifically pointed to a new breed of customers that is labeled as “Omni-digital” or those who increasingly preferred digital modes to conduct their banking, mostly avoiding physical channels of banking.
What Is Digital Banking?
According to the FFIEC, e-banking is defined as the “automated delivery of new and traditional banking products and services directly to customers through electronic, interactive communication channels.”
The Growing Importance of Digital Banking
The arrival of the Internet is synonymous with the rise in digital banking, fuelled by the advent of ATMs and debit cards in the 1960s. Today, thanks to the Internet and higher penetration of mobile devices, banks have been able to introduce multiple channels of engagement for their customers.
Digital banking offers convenience for both the banks and its customers. While customers can save time and hassle through convenient banking transactions that can be conducted on-the-go, banks…