Learning Objectives:

  • Identify the core services and features offered through digital banking channels.

  • Understand how digital banking services meet customer needs.

  • Analyse the benefits and limitations of digital banking features.

6.1 Core Digital Banking Services

The Vskills curriculum covers “Digital Banking Services and Features” as a core topic, including account management, fund transfers, mobile deposits, alerts and notifications, budgeting tools, and security features .

Account Management and Balance Checking:
Digital banking provides 24/7 access to account information, transaction history, and statements. The Vskills curriculum includes “Account Management and Balance Checking” as a core digital banking service .

Fund Transfers and Payments:
Digital banking enables domestic and international fund transfers, bill payments, and peer-to-peer transfers. Key systems include RTGS, NEFT, IMPS, and UPI .

Mobile Deposits and Check Scanning:
Digital banking enables remote deposit capture, allowing customers to deposit checks by taking photos. The Vskills curriculum includes “Mobile Deposits and Check Scanning” as a core digital banking service .

6.2 Digital Banking Features and Personalisation

The Vskills curriculum covers “Personalization and customization of banking services” and “Enhancing customer support through digital channels (chatbots, virtual assistants)” as core topics .

Alerts and Notifications:
Real-time transaction alerts, account balance notifications, and payment reminders help customers manage their finances and detect fraud.

Budgeting and Personal Finance Management:
PFM tools help customers track spending, set budgets, and achieve savings goals. The Vskills curriculum includes “Budgeting and Personal Finance Management Tools” as a core digital banking feature .

Personalised Dashboards:
Leading banks are “investing in refreshed user interfaces (UIs) and personalized dashboards” to improve customer experience .

6.3 Digital Lending and Credit Services

Digital banking extends to lending and credit services. The Vskills curriculum includes “Digital Lending and Credit Services” as a core topic, covering automated underwriting, credit scoring, peer-to-peer lending platforms, and digital mortgage services . The EDUCBA course covers “digital lending platforms, fintech financing, non-bank lenders, and security frameworks” .

Digital Lending Features:

  • Automated Underwriting: Using AI and data analytics to assess creditworthiness.

  • Digital Mortgage Services: Online applications, document upload, and approval tracking.

  • Credit Card Management: Card applications, transaction monitoring, and payment management.

6.4 Digital Investment and Wealth Management

Digital investment and wealth management services are increasingly common in digital banking. The Vskills curriculum covers “Digital Investment and Wealth Management” including “Online brokerage services, Portfolio management tools and analytics, Automated savings and investment apps, Retirement planning and advisory services” .

Key Features:

  • Robo-Advisory: Automated portfolio management with minimal human intervention.

  • Investment Tracking: Real-time portfolio monitoring and analytics.

  • Retirement Planning: Tools for retirement savings and planning.

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