Digital banking is the
digitization of every level, from front- to back-end, of banking. This means
that digital banks rely on artificial intelligence to automate back-end
operations such as administrative tasks and data processing , which in turn
alleviates pressure put on employees to complete day-to-day tasks.
Not only do digital banks
allow users to make account deposits and transfers remotely; but they also
provide them with the opportunity to more easily apply for loans and access
personalized money management services.
The digital banking transformation initiated with
limited online banking services. Matt Cardy / Stringer / Getty Images
Online banking can be
offered by both traditional banking institutions as well as tech-savvy
startups, and refers to the most basic banking operations — like bill payment
and account transfers. These services usually take place on a bank's website,
where users enter specific login information to access their financial accounts.
Online banking
subsequently inspired mobile banking, which offers essentially the same
services but from the convenience of one's mobile device such as a tablet or
smartphone. Mobile banking refers to offering users the ability to execute
routine banking tasks through mobile channels, and digital banking includes
every banking feature digitally available through the internet.
YONO Digital Products:
SBI YONO app is an
integrated digital banking platform that enables the users to access a variety
of financial services and other services such as online shopping, taxi
bookings, travel planning, offline retail, online education, or medical bill
payments. With YONO, customers only need one application for all the mobile
banking services such as cashless bill payments, loans, fund transactions,
& bank account opening, investments, insurance and daily shopping needs. And
the features are:
|
1. |
Users can open a digital
savings account in less than 5 minutes |
|
2. |
Intelligent funds transfer with
UPI enabled payments. |
|
3. |
Easy to understand interface,
simple and intuitive navigation. |
|
4. |
Link and view all SBI group
relationships in one app. |
|
5. |
Offers exclusive discounts for SBI customers across a large number of
e-commerce merchants. |
|
6. |
Offers pre-approved personal loans on the go up to Rs 1 lacs without
any documentation in just 2 minutes. |
|
7. |
Intelligent spending analysis using categorization and smart
auto-tagging of the transactions. |
