Banks' mobile apps and websites have afforded us a host of possibilities to manage our finances and look after our financial health quickly and easily, anytime and anywhere. Here are some examples.
Digital banking is a virtual banking model customers can use as a main channel for managing financial products and accessing traditional services (e.g. customer support, certificates of ownership and simply checking the balance of their current account) and more innovative ones (e.g. getting a virtual card and giving consent with an electronic signature). Digital banking has become hugely popular in recent years.
According to a recent Statista study, the number of online banking users has continued to grow across the European Union. In Denmark and Finland, more than 90% of the population was already banking online in 2020 — well above the EU average of 58%. In Spain, penetration was already above 60%, with smartphones being the most popular device for banking online.
Some major reasons for this shift are simplicity, convenience and security. Banks go to great lengths to ensure that apps and websites are simple and intuitive to enhance browsing and user experience. Furthermore, digital banking allows users to carry out transactions on a smart device from the comfort of their own home; all they need is an Internet connection, and they don't have to to wait in line. Last, they use technologies such as artificial intelligence and blockchain for tight cybersecurity. But among those benefits of digital banking, the one that most consumers would likely highlight is utility. If you'd like to learn more about the benefits of digital banking, be sure to read this Openbank article.
What features does my digital banking app/website offer?
Virtual banking spaces are constantly evolving to meet customers' needs. More and more of us are looking for tools to manage our personal finances in an easy and secure way.
Here are popular features that some banks offer:
These tools are constantly adapting to users' needs and preferences in order to be simpler and more intuitive. However, users may still have questions about how they work. To help resolve them, banks offer online help, often with chatbots or virtual assistants such as Alexa.