The ongoing pandemic has affected the way of life for people across the world, and accessing banking facilities is no exception. During the lockdown, many people were at a loss on how to avail banking facilities as they could not visit their bank’s branch. But this pandemic provided an opportunity to the banking industry and its customers to leverage the many advantages that digital accounts offer. Nowadays, people are opening a digital savings account, It is an efficient, swift, and secure path to access banking facilities – mobile apps make the processes even more efficient.
Here’s why many people prefer a digital account opening these days.
- Ease of access
The ability to access savings when needed the most has significant advantages. With a digital savings account, customers can access their money anytime, anywhere through a digital banking app. A decade ago, it was necessary to visit a bank branch, fill out slips, and stand in lengthy queues to withdraw or deposit money. Time and effort are both saved, as mobile apps of the bank ensure that customers can access the account from anywhere and at a time that is most convenient to them.
- More savings
Maintaining a regular bank account also comes with many costs. Usually, if a customer does not maintain a minimum balance in their account, the bank levies a maintenance cost. Typically, a digital savings bank account is free and there is no minimum balance required. It means more freedom and savings for the customers. Additionally, digital banking’s smartphone apps also offer the facility to save funds, and customers can open, fixed deposit or recurring deposit accounts when the need arises.
- Paperless process
Opening a regular savings bank account requires documentation. When customers visit a bank’s branch, they need photocopies of the list of documents required. Banks had to maintain piles of documents in storage, creating an administrative burden and a substantial environmental impact. For a digital account opening, customers can upload all the requisite documents and e-verification that takes only a few minutes to process. The Reserve Bank of India has given the approval to banks to verify customers through V-KYC; customers have to show their identification on a video call to the banking representative.
- Easy of shopping
One major benefit customers enjoy is the ease of shopping and special offers when they shop. Customers can use the credit cards associated with their digital savings account to get discounts on dining, entertainment, education, grocery shopping, health and wellness, and more. Customers can efficiently complete the process on mobile banking apps and secure hassle-free credit.
Given the advantages shared above, it is but natural for many people to shift to using a digital savings account. For banks also, the shift to digital helps them improve the quality of services they offer. The better the services, the higher will be the number of people interested in opening and maintaining digital savings accounts. But, one thing customers should be careful about is partnering with a bank that offers security to their personal and financial information.