Say no to waiting in the queue.

Yes, this is the kind of ease digital banking offers.

Digital transformation is the present and the future. Today, as we live and stand firm during the pandemic testing times, the digital world keeps us going. Right from learning to delivering food to carrying out multi-billion transactions, everything is possible just at the click of a button.

How is digital banking different from traditional banking?

“More branches do not imply more growth anymore.”

To me, this is the most significant element that differentiates digital banking from traditional banking.

In the digital era, the concept of more networks of branches is not equally proportionate to growth.

Growth in the banking sector has an altogether different formula.

It now translates to convenience, security, reliability, and customer experience.

What does digital banking offer?

Operating with the concept of providing the ability to use, access, and move money via mobile device, digital banking apps enable users to do various things such as check account balance, get statements, pay bills, transfer funds, and more without having to visit the bank physically.

On the contrary, the world still has millions of people that fall under the underbanked or unbanked category. To bridge this gap, several upcoming fintech companies and start-ups are offering lucrative enough solutions to make banking more accessible.

Statistics of the largest unbanked population

  • As per a study by the British research platform Merchant Machine, Vietnam, Mexico, Philippines, Egypt, and Morocco are the top 5 unbanked countries in the world.
  • The Middle East and Africa, 50% of the population, is financially excluded.
  • Eastern Europe and former Soviet republics stand at 33%.

Given the kind of perks and benefits digital banking offers, there still prevail misconceptions and myths about the sophisticated form of banking known as digital banking.

Demystifying the myths of digital

Digital banking on the backend involves high levels of process automation and web-based services that demand significant levels of expertise. Additionally, this business genre adheres to a plethora of regulatory terms and conditions to make the entire experience safe for users.

Unfortunately, even after incredible progress in the digital arena, certain myths need to be debunked for better clarity.

So, let’s get at it.

Myth #1: Digital banking lacks customer care

Many people think that in-person communication is the essence of customer service. Often, people consider this element as the symbol of trust and commitment. On the contrary, digital banking solutions are engineered to offer 24X7 support and provide users with different channels such as the computer, mobile devices, emails, and chats to resolve queries.

Receiving customer service over the internet might look counterintuitive. But it is one of the finest and most anticipatory and streamlined ways to offer a banking service. Focus on sophisticated digital banking solutions that enhance the customer experience by delivering more consistent, personalized, and efficient services.

Myth #2: Digital banking is not safe and secure

A lot may not know, but digital banking functions under the same regulations as a traditional bank. Additionally, digital banking is a genre that takes extreme care about its users’ data confidentiality and security.

Institutions pay millions to keep the system up to date and build on security features that add security and ease.

As a bare minimum, a digital banking system offers an equal level of monitoring and security like a traditional banking institution. Over and above, fintech’s invest and closely look into involving additionally layers of security based on data protection regulations.

Myth #3: Digital banking comes as a language barrier

Users not well-versed with technology often believe that creating and maintaining an online account for digital banking services is a daunting task. However, the reality is different. Digital banks acquire most of their users via an online journey and simplify solutions to an extent where it becomes extremely easy to use digital banking features and services. The processes are highly simplified.

To make digital banking easier, digital banks or fintech assign a banking partner who remotely helps customers right from the beginning.


Financial exclusion is expensive. It takes a toll on the quality of life and poses a barrier for the unbanked population to investments in the future.

This is where digital banking comes to the rescue, as it offers a range of banking services customers can easily hop on to with a splendid customer experience.

Based on high levels of process automation, the genre keeps making changes to cater to even the minutest of customer expectations in the banking space.

If you are still not on a banking app, it is time to dust of the misconceptions and learn more about digital banking to break the barrier.

To know more about latest whitepapers on digital banking and digital transformation click here .