Digital Banking

In the present situation of UK retail banking especially with banks expanding with the arrival of online banking and branch closure, this subjects to whether banks are planning to take the next steps into moving digital. 

Nowadays, digital banking has attained a clinical point where customers are pretty much in complete control of their accounts and their financial transactions. Customers have the ability to make payments, transfer funds between their own accounts and to other accounts and access their balance for their current/savings account all from accessing their online banking. Resulting to having a major effect on banks as a decrease in customers in their branches can occur.

1 in 4 global internet  users chooses to bank online

Digital banking can have a positive impact on the user groups such as banks, businesses and customers. Some of the advantages of digital banking include:

• More convenient for customers as banks have closing hours therefore users have 24 hours access by using online/mobile (must be connected to internet).

• Customers can access their accounts from virtually anywhere. Especially for commuting employees with no time to go to banks, digital banking is highly ideal.

• For banks, the implementation of digital banking can result to higher efficiency

• Machines can replace human staff therefore diminishing human error and reduce queues within branch.

• Cut down on expenses such as staff wages/salaries.