Question

Explain any three features of Digital Banking.

Answer 1

Digital banking is the automation of traditional banking services through a digital platform.

Features of Digital Banking:

• Digitally enabled banks allow the users to access their services 24 × 7.
• The growth of digital banking has established a new dimension to banking services. It has led to the introduction of new banking services such as UPI, e-wallets, etc.
• It has promoted contactless and cashless payment.
• It has made the transaction swifter, especially in times of pandemic.