Is Digital Banking the Same as Mobile Banking?
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Is Digital Banking the Same as Mobile Banking?

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You know you’re waist-deep into the digital age when most industries have already shifted to a digital platform. While other industries like the healthcare and business sector have long been a part of this significant digital movement, financial institutions are now taking center stage in this massive digital shift.

Digital and mobile banking have started to gain momentum in the digital age, empowering more people to utilize their digital services for their financial needs. However, some people are still confused about digital and mobile banking and whether they’re different.

Mobile and digital banking may have a lot of elements in common, but they do have distinct differences that make them unique. Seeing as many financial institutions are transitioning to digital banking transformations, it’s only right that you know what makes digital banking different from mobile banking.

What is Digital Banking?

To simply put it, digital banking is any banking transaction that can be done over the internet. These transactions often happen through a bank’s website through a private profile. With that in mind, digital banking offers similar transactions from a digital bank without actually going to one.

Digital banking has been around for years but is slowly gaining momentum now that it’s extremely convenient. Before, you could only do digital banking through a site or mobile app, but today, technology has shifted, allowing people to access their account through their mobile phone, pay for coffee by scanning a code, and save using bank apps.

Because of this convenience, many businesses are looking into digital banking transformation to help improve their financial services and solutions to cater to more customers.

What is Mobile Banking?

Mobile banking is quite similar to digital banking; that’s why many people are still confused and interchange the two. Although mobile banking allows you to access bank services, such as digital banking, other features include logging into a bank’s mobile site, using the mobile banking app, and even text message banking.

With mobile banking, you access your account through an app, allowing you to access a range of services, such as creating mobile check deposits, transferring money, locating ATMs, and even paying bills.

How Digital and Mobile Banking are Changing the Money Game

With their similarities and differences, there’s no denying that digital and mobile banking has offered convenience to customers who want to manage their finances while they’re out and about. The great thing about this is that customers can now do traditional bank activities straight from their laptops or mobile phones.

With that said, many financial institutions are looking into digital banking transformation to help give their businesses an edge when it comes to transactions between their company and customers. Of course, it’s best to work with digital consultants before jumping on this concept.

How Can Informatics Digitally Transform Your Bank?

When it comes to shifting to a digital platform, speaking to digital consultants is ideal to know what works for your company and customers.

Informatics develops banking software solutions to assist key players in the banking and finance industry. We build strategic partnerships with our innovative solutions, allowing us to re-engineer your bank’s process to support these new services.

We offer self-banking, internet, and mobile banking solutions, anti-money laundering services, 24×7 customer support, and infrastructure development.

Ready for digital banking transformation? Learn more about how we can help you today!

 

Written by Hiran Wickramasinghe