The advent of digital banking has revolutionized the way we manage our finances. With the ability to access your bank account and perform transactions from your smartphone, tablet, or computer- digital banking has made it easier than ever to stay on top of your financial goals. Whether you’re managing your daily expenses or planning for your future, it can provide you with the right tools you need to become financially independent. However, there are several digital banking features that you might not know about yet, so let’s explore some of these features and learn how they can benefit you.
Positive Pay System
Positive pay system is a measure by the RBI to prevent frauds caused through cheque payments in the form of tampering or cheque alteration. As per Reserve Bank of India directions, majority of the Banks have implemented the ‘Positive Pay System (PPS)’ w.e.f. 01.01.2021 for CTS cheques for Rs.50,000 and above issued by the account holder. PPS details can be submitted by the account holder through Bank’s mobile apps, at the website of the Bank and by visiting the nearby Bank Branches.
Under this process, the issuer of the cheque has to submit certain minimum details (like date, name of the beneficiary/amount etc.) about the cheque issued wherever the same is for an amount of Rs.50,000 and above. It is an option given to the Customer.
Digital banking also offers card controls, which allow you to turn your debit or credit card on and off at any time. This feature is particularly useful if you misplace your card or suspect fraud on your account. You can turn off your card with a simple click, preventing any unauthorized transactions. You can also control the limit of your spends, just in case you do not want to overspend or limit the damage if the card is lost.
Managing your finances can be a challenge, but with the advent of internet banking service, you have access to several budgeting tools that can help you stay on track. These mobile banking features can help you create a budget, monitor your spending, and save money effortlessly. Some of these tools include spending trackers, bill pay reminders, and automated savings plans.
Digital banking can provide you with personalized insights into your spending habits. By analyzing your transaction history, banks can identify trends in your spending and provide you with relevant offers. These insights help you make informed financial decisions and achieve your financial goals.
Several banks like Karnataka Bank now offer virtual assistants to help you with your banking needs. These assistants can answer your questions, provide you with account information, and even perform transactions on your behalf. This feature can save you time and make banking more convenient.
if you have previously availed loan and made timely repayments, digital banking can help you determine if you pre-qualify for one. By answering a few questions, banks can provide you with a loan offer and terms that suit your financial situation. This feature can save you(your) time and help you compare loan offers from different banks.
Security is a top priority for digital banking, and banks are continually (continuously) developing new features to protect your account. Some of these features include two-factor authentication, biometric authentication, and real-time fraud monitoring. These features can provide you with peace of mind and protect your account from unauthorized access.
With the world going digital, the need to carry a wallet/cash around is also diminishing. Thanks to internet banking services, we now have digital wallets that help you manage your transactions with the tap of a smartphone. A mobile wallet, or m-wallet, is a digital wallet that stores payment/card information on your mobile phone for easier and quicker payments. They have become more common since the demonetization, with millions using them for their daily payments.
Exchanging currency becomes crucial when you are traveling abroad. Thanks to digital banking, it is possible for you to avoid high exchange rates by ordering foreign currency online in advance. Some Banks offer you the facility to check the foreign exchange rate and decide on the amount of currency you want to exchange. And then make a request through the respective digital channel.
In conclusion, digital banking has changed the way we manage our finances, and the above features are just a few examples of how it can benefit you. From Positive Pay Systems to personalized insights, digital banking offers a range of tools that can help you achieve your financial goals. It has arguably emerged as the future of banking in the post-COVID era, with more people wanting banks to offer digital solutions to their day-to-day banking needs. As per a report, digital transactions are going to expand further in the coming years and will comprise 71.7% of all payments by 2025. By using these features, you can save time, stay on top of your finances, and make informed financial decisions.