Digital banking has revolutionized the way consumers perform everyday banking needs. The ability to access banking functions on your computer and smartphone eliminates the need to visit a physical bank. Digital banking makes managing your finances in real-time easier and more convenient. Take a closer look at digital banking and how it’s changing the face of banking.
The definition of digital banking
Digital banking is the combination of online and mobile banking. Online banking features and services are found on a bank’s website. Account-holders can log into their accounts to check account balances, set up online bill payments, and even apply for a loan or credit card. Mobile banking also gives you the freedom to manage your finances on your own time. Mobile banking apps provide access to the most popular online banking features like mobile check deposits, bill payments, funds transfers, peer-to-peer transfers, fraud detection, and low balance alerts.
A digital banking relationship begins and remains entirely digital and accountholders never have to go to a physical branch. Digital banking automates every step of the banking relationship and relies on big data, analytics, and artificial intelligence to improve customers’ experiences.
A digital bank account streamlines the banking experience. President’s Choice Financial has been offering Canadians digital banking since 1996. The PC Account combines the features of a chequing account, a prepaid credit card, and a rewards program for daily purchases. Wealth Rocket provides a comprehensive overview of the pros of opening a PC money account. There are no monthly fees, no minimum balance requirements, unlimited bill payments, and unlimited e-transfers. PC Money customers can use their PC Mastercard anywhere that Mastercard is accepted.
Customers who sign up for a new PC money account receive bonus points that can be redeemed at any time. PC Optimum points are earned with every applicable purchase. PC Bank offers customers online banking via mobile app and desktop, an efficient ATM network, and the same safety and security as traditional banks. All deposits are protected by the Canada Deposit Insurance Corporation (CDIC), up to $100,000. President’s Choice Bank makes it easy to maximize both spending and earning potential, thanks to a debit and credit card hybrid and PC Optimum reward points program.
Who offers digital banking?
Traditional financial institutions are ideal for those clients who prefer in-person interaction when accessing their bank accounts. Brick-and-mortar banks and credit unions typically give clients online banking access and have a mobile app. Online banks can either operate fully online or be affiliated with a traditional financial institution and operate as the online division. Online banks don’t offer the same banking functions, but clients enjoy low to no-fee structures and above-average interest rates. Depending on the online bank, clients can apply for loans, credit cards, or online brokerage accounts.
Digital banking makes it convenient for homeowners to pay their mortgages, utility bills, groceries, and even home repairs. Being proactive is the best way to avoid fees and unexpected expenses. Keeping up with preventative maintenance is the smartest way to ensure your home systems and appliances function properly for years to come, and digital banking can be just the tool that makes managing your finances easier.
For example, let’s say that you have some home appliances such as your AC unit that need to be upgraded. You may opt to conduct your finances through the means of digital banking. While it may be tempting to carry out your own repairs to save money, it’s always a good idea to invest in quality maintenance and hire professionals. Therefore, it’s best to avoid DIY HVAC repair and prepare for the expense with the resources from your digital bank. Being proactive and keeping up with regular maintenance saves you the headache of costly repairs down the line so start getting organized with easy banking.
Is digital banking worth it?
There are plenty of good reasons to choose digital banking. It offers 24/7 access to your bank accounts so you can manage your finances when you wish. Digital banking features better interest rates and lower fees than traditional financial institutions. It gives more people access to necessary financial products without the limitation of living near a bank branch.
Digital banking combines the best parts of online and mobile banking so you can manage your finances without stepping foot inside a bank.