Thanks to Digital Banking, we can say that many users almost do not visit physical banks. It allows you to carry out most business processes quickly and easily, from daily banking transactions to shopping transactions, via computer or mobile devices.
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What exactly is digital banking, what do digital banking transactions involve? We have written the details of concepts such as these for you.
What is Digital Banking?
What is digital banking; It is the digitalization of all traditional banking products, processes and activities to serve customers through online channels. It covers all traditional banking services that are available 24/7 on mobile phones, computers and other compatible smart devices without the need for a customer to be at a bank branch.
Digital banking software makes all traditional services easier to access, understand and manage.
Internet Banking + Mobile Banking = Digital Banking
What are the Differences between Digital Banking and Online Banking?
Although digital banking and online banking may seem interchangeable, there are fundamental differences between them.
Online Banking; It covers only some transactions of basic banking. It is accessed over the internet and offers basic functions such as account management, statement access, and more. Online banking has limited scopes and cannot be expanded for additional banking services.
Digital banking systems are more flexible. High-level process automation to provide high levels of cost efficiency, security and flexibility to banks and their customers; Relies on web-based services and APIs. Modern banking solutions; It creates real-time data streams and accelerates core analytics, enabling a completely digital customer journey.
Benefits of Digital Banking
We encounter more and more digital banks every day. It is important to understand how Modern Banking solutions provide more useful and cheaper services than their traditional competitors.
In traditional banking systems, a lot of time and resources are devoted to control and accounting. As a result, all unnecessary back office processes are eliminated. Thus, operating costs are significantly reduced. It relieves many of the work of banks by automating processes related to daily transactions. Digital Banking reduces the risks of financial errors by minimizing the number of steps and people involved in transactions.
Risk assessments and identity verification systems enable banks to provide services to their customers easily and quickly. It allows people who are not active bank customers to access financial services. The biggest advantage of the digital banking system is that it is accessible 24/7. This provides customers with the opportunity to carry out their transactions from anywhere and access different services.
Development of Digital Banking in Turkey
The first ATM and point-of-sale terminals (respectively) in the banking sector in TurkeyPOS), plastic cards and automatic teller machines, office banking systems and telephone banking have been observed.
With the development of technology, we see that digital applications in the banking sector are developing more and more due to the impact of the pandemic. It is also possible to see a decrease in bank branches in countries where digitalization is at the forefront around the world.
When we evaluate more current digital banking data in our country; It is observed that the number of mobile banking users tends to increase and many transactions have replaced internet banking. Digital Banking On the other hand, it is seen that mainly money transfers and bill payment transactions are made.
