Can Digital Banking Make Your Life Easier On Everyday Basis

Posted onNov 27, 2021

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The global pandemic may have definitely brought the significance of digital banking platforms to the surface and to reality, but mobile and online banking aren’t something new. You look for a lot of things when picking a bank right? Rates offered, price and location where it is are probably all at the top of your list. These days technology is right there with you wherever you go, life has become dependent on the tech factor so much that it is hard to re-imagine how we can move forward without digital banking technology even for a single day.

Likewise, technology is present in every aspect of our banking industry for all our banking works. Digital banking future as it is said, with its diverse finance offerings, is really fast and is becoming the go-to method for users to make all forms of transactions such as payments, deposits, money transfers, tracking their earnings and expenses, and much more. Today, Payrup, your digital banking platform, likes to bring to light the importance of digital banking and how it has made our lives easier.

Importance of Digital Banking

Online banking sector, the digital banking services as we refer to as have today, have gone beyond basic financial transactions, like sending and receiving money only. We have investments in insurance, applying for an online loan to make repayments from your credit cards - you can make all types of financial transactions without the need to visit your bank for every single task, it’s all on the click of a button.

Digital banking is centred around one major factor - convenience. The ability to bank whenever and wherever you want at any given point of time is the important agenda today and all this on our own terms.   

Let us visit a comparison question most commonly asked…

Which banking experience is better and which one would you choose - digital banking 2021 or in-person like always?

This is a tough choice to make for some, as customers may choose both. The experiences are similar, yet incomparable when you get down to the nitty gritty points of each.

Undoubtedly, while the experience with digital banking trends provides the extra ease of usage and simplicity of completing a banking transaction from anywhere, at any time, there is an experience that is said about sitting down with a banking specialist who knows you by name. Choosing one over the other, comes down to how comfortable one feels and how much guidance you need when it comes to making your next major financial decision.

Comparing it to regular banking, there is a significant advantage for funds or money transfer as digital banking skips the hassle of issuing demand drafts or cheques. One can simply transfer money from one account to the other without visiting a bank from the safety of their homes. Speaking of the tough health times outside, one would agree with the low risk it offers of COVID-19 and the liberty of transactions anytime and anywhere.

Apart from all this, keeping transactions recorded where one has the luxury of downloading e-bank statements at any point of time for all the transactions done.

Is “Digital Banking” Actually Safe?

Yes, seeing today's progress in technology related to digital banking technology, safety is a major factor and the new security enhancements are made to keep users, transactions and information protected each and every day. Moving ahead, digital banking platforms such as Payrup with proven digital technologies are used to keep your personal information secure while utilizing the convenience and ease of mobile banking, including:

  • HTTPS and 128-bit SSL encryption
  • Automatic time-outs when your PC or mobile device is not in use
  • Multiple layers of authentication (i.e., user ID, secret word, and password)
  • Strict password requirements
  • Masked account information or the use of nicknames for your personal account
  • Fingerprint authentication

While our app is completely secure and your personal information is never stored, there are precautions you can take as a safeguard, not only with your digital banking app, but with any of your smartphone apps too:

  • Access your smartphone applications using a secured network, such as a password protected Wi-Fi only
  • Update your password regularly. Using a password that is not tied to other online accounts (i.e., email, social media, other bank accounts) can increase the safety factor
  • Use a passcode on your smartphone to add an extra layer of authentication
  • Make sure your App is up-to-date always and that you have the latest download because safety is also a part and parcel of an update that keeps improving

Concluding note…

What does the future hold for digital banking at Payrup? Can we trust digital banking trends? Certainly YES. Why? Because it is today’s form of banking that everyone finds convenient and every individual loves work done at the click of a button.

The digital banking sector along with banking platforms like Payrup, will continue to grow in the coming years ahead with changes in technology happening almost everyday. Several platforms have already begun utilizing artificial intelligence for meeting the financial demands and expectations of customers. Today it is artificial intelligence that we are relishing, tomorrow maybe, it will be something else that shall augment digital banking to a greater height. But whatever states, technology is a boon for us and this trend of development shall never stop or hinder our own growth.

For all your digital payments and transactions, hop onto the Payrup payments where you are rewarded for every transaction made. So save while you clear your routine dues.

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