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||what is digital banking? Difference between digital and physical banking|| paperless banking||

What is digital banking??

A digital banking unit is a specialised fixed point business unit or hub, housing a certain minimum digital infrastructure for delivering digital banking products and services as well as servicing existing financial products and services digitally in self-service mode at any time.

Digital banking is essentially completely electronic, documents, information et cetera are all digitized, whereas traditional banks tend to rely somewhat on physical documentation. In other words, fintech tends to have access to more or specific data collected from users using their platforms via the internet.

What is physical banking?
What is traditional banking? Traditional banking is probably what you are most familiar with. The bank has a physical location that you visit in order to open an account. Some traditional banks will allow you to open accounts online, but you still may need to visit the bank to confirm your identity or submit documents.

Some of the most prominent advantages of internet banking include the following:
Transferring Funds. With internet banking, you can transfer money from one account to another. ...
Booking Deposits. ...
Paying Bills & Recharging. ...
Tracking Account and Checking balances. ...
Placing Orders For Bank Products. ...
Add-on Services.


Disadvantages of Internet Banking
No Cashless Deposit Option. There is no provision for cash deposits. ...
Internet Requirement. Your access to Internet banking services can be hindered in the absence of a stable internet connection. ...
Internet Fraud.

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