Banking has always been an intrinsic aspect of our lives. Withdrawing/Transferring money, updating the passbook or checking your bank balance, all required a trip to the bank. These trips were usually associated with frustration due to long queues and excessive waiting times. However, consumer banking has seen tremendous improvement in the past decade or so due to the introduction of digital banking services.
Digital banking services are banking services that are offered to a customer on their internet-enabled computer, smartphone, or tablet. This form of consumer banking is far better than actually visiting a bank.
Internet Banking Facilities
The facilities provided by internet banking include, but are not limited to, checking your balance, sending/receiving money, online payments, locker booking, requesting cheque books, applying for loans, and upgrading your existing credit/debit card.
These services are highly convenient to use because they can be accessed from any device with an internet connection, from the comfort of your home or office, or even on the go. Since all these services are completely free of any charge, no expenditure whatsoever is involved. Certain internet banking services also include a highly convenient bill payments platform, using which you can pay your electricity, water, and other utility bills. Further adding to the convenience is the fact that every transaction is completely cashless, thereby omitting the need for storing large amounts of money.
Digital Banking Using UPI
Convenience in consumer banking continues to evolve with instant money transfers between different bank accounts using United Payments Interface(UPI). This digital banking service requires you to install a UPI app on your internet enabled smartphone/tablet. Once the app is installed, bank accounts from various banks can be added and instant transfers can be made between accounts using virtual payment addresses. These transfers are completely cashless and only require your smartphone/tablet to have an internet connection regardless of place or time.
There is also no question of theft or forgery with any of these digital banking services because they are completely safe and secure. Both cash and cash transactions are vulnerable in these aspects.
Non-Internet Based Phone Banking
Consumer banking has also been made more convenient on devices that do not have an internet connection. These services include SMS, Missed Call and USSD banking. With SMS and missed call banking services you are only required to send a text or give a missed call on some specific numbers. Mobile banking also allows you to access banking services ranging from balance checks to mobile recharges, and even loan applications. USSD banking lets you access a host of banking services just by dialling *99# from your mobile number and interacting with a menu. These services present several advantages. They can be accessed from anywhere and at any time since they do not need an internet connection. They are free services and all transactions are completely cashless.
There is hardly a doubt about the superiority of digital banking services over traditional banking. Customers of IndusInd Bank too can enjoy this convenience, reliability, and security by opting for IndusInd Bank’s full range of internet and mobile banking services.