Are e-banking and digital banking the best ways to transact online?

Thanks to the evolution in the world of banking, the way the services the banks provide also changed. Nowadays it is possible for you to avail banking services with the help of the net-banking app through which you can access your online bank account. Go through the following blog to learn more about net banking services. 

What are net banking services?

A lot of people have a misconception when it comes to net-banking services. The said misconception is that digital and net banking services are one and the same. But that’s not the case. While both services are useful for the purpose of bank money transfers, they are different from each other. But before looking into the ways in which they are different, let’s look at the definition of these banking services.

What is E-banking?

E-banking can be defined as a type of banking which is known for conducting banking activities with the help of the internet. With the help of E-banking services, it is possible for you to enjoy simple banking services such as checking your account balances, depositing money into a beneficiary bank account, and paying bills. 

What is digital banking?

Digital banking can be defined as a service offered by a bank that’s known forfalling under the umbrella term ‘online’or ‘E-banking’. Digital banking services includevarious kinds of financial transactions that are carried outwith the help of banking apps. However, it is important to note thatdigital banking services are also known for includingother types of services. The said services include cashless transactions as well as online payrolls. It is possible to use digital banking platforms for other types oftransactionssuch as paying for food, paying online streaming platforms, booking different types of tickets,and many more.

Now that the definition of these two services is clear let’s look at the ways in which these two different services from each other:

  • Services offered

E-banking can be defined as a tool that’s meant to replace and even make some of the already available banking services via the internet. Conversely, digital banking has one primary aim. This is to make the entire process of banking virtual and as a result,reducea user’strips to their banks. 

  • The impact on account holders

With the help of internet banking,it is possible for account holdersto carry out banking transactions with rarephysical visits to banks. On the other hand, services like chatbots and online support are known for falling under the purview of digital banking. Such features over time can help inincreasing customer satisfaction with banking services.

  • Security promised

Both digital and E-banking services are secure platforms that are known for coming with different security measures. With E-banking, it is possible for you to opt for two-factor authentication, which requires you to useyour login credentials and then enter the OTP (one-timepassword). Asdigital banking services can be availed through mobile devices, financial institutions are known for taking extra care for the purpose ofsecuringaccount information which is sensitive information. Under digital banking, you can access your accounts with added layers of security. For instance,in order to log into your account through the IDFC FIRST Bank mobile banking app, you need to go through additional layers of security measures such as biometric and password authentication.

Digital bankinghas totally revolutionisedthe functioning of banks.With the help of E and digital banking services, it is possible for you to enjoy customised services that can suit your requirements.