Traditional banking vs Digital banking
Money Savvy Kids is a financial educational curriculum that is set to educate children and parents about financial matters and financial management.
Banking is one of the methods used to manage your money, monitor your spending habits and keep your money safe.
The thought of Opening a bank account using the old, traditional way of having to physically go into the bank, can be a bit of a daunting experience. One has to stand in long queues and carry a load of documents needed to open the bank account in question. Since everything was done manually and no technologically advanced software available at the time. Thanks to the changes in the past few years, technology and new innovations has changed the future of banking operations making it easy, fast and stress free to open a bank account. Opening a bank account is as easy as opening oneâ€™s laptop and do the entire process online.
Although known to be a safe and trusted method for many years, Traditional banking has an array of disadvantages. The standard operating hours, 8am -4pm on weekends and 9am â€“ 1pm on Saturdays, mean Consumers have limited access to the bank and are restricted to do banking activities when its more convenient for them. Additionally, when the time does allow for the consumers to visit the bank, standing in queues, sitting inside the bank waiting for bank advisers for assistance, making larger money withdrawals, or transferring money from one account to another as some banks have limited ATM access is not an ideal way for one to spend their Saturday morning. Additionally, the cost of going into the bank to do basic transactions like printing statements comes at a cost.
Fortunately, thanks to The digital and mobile technology banks have to offer such as cell phone banking, web and phone applications, online banking website, utilizing their services without having to go to the bank and spending hours standing in long queues has become as easy and effortless which literally requires a laptop or a cellphone with internet connection and an internet connection.
Digital banking has changed all of that, opening a banking account has been made so easy that you can do it at anytime, anywhere and stress free at the comfort of your own home. Itâ€™s also has many benefits that will assist you and save you not only money but time as well.
There are many benefits of using digital banking methods because there is no more rushing to the bank over lunch time or Saturday morning to do all your banking needs like making a deposits or making a withdrawal.
With digital banking it is possible to do everything online from simple transactions to complicated transactions such as applying for a mortgage or deleting a debit order.
Digital banking has improved access and ease of availability of banking services to customers. The comfort of round-the-clock banking has definitely made life much easier and productive. Technology is a great enabler, making banking more accessible and reducing costs for consumers.
The advantage of technical developments, has changed the banking industry in a big way. it allows you to conduct various transactions using the bank’s website and offers several advantages like: Core Banking, Internet Banking, Mobile Banking, ATM online transfer services, Online and mobile banking is simple to open and easily accessible at any time of the day, week or month. it is convenientÂ as you can easily pay your bills, transfer funds between accounts, 24/7 access to make any type of transactions you want to make, having unlimited access to your mobile banking makes it easy to track what is happening with your accounts.
This shows that times have changed and the evolution in the banking industry will someday result in having branchless banking in the future.