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What is digital banking?

Digital banking refers to the automation of all the banking services that you used to only be able to do in a branch.

This includes opening accounts, making transfers, and paying bills.

You can do all this from your home with a mobile banking app or online banking, using your phone, tablet, or laptop.

Explore: Ways to bank

How does digital banking work?

Digital banking has changed how we bank by making access to our banking products easy and allowing self-service options. 

Banks have invested significantly in the software behind it. The technology is safe, cost-effective and efficient, which leads to a better customer experience. 

Find out more: Banking on the go

Is digital banking different to online banking?

Online banking means doing your banking through the internet. Basic banking activities like checking your balance and making a payment. 

Digital banking includes all the features of online and mobile banking, but with more tools and services. There’s more technology, which allows for more automation and convenient features. Have you ever interacted with a virtual assistant? This is an example of digital banking. 

Some banks have gone fully digital and operate only online.

What can you use digital banking for?

  • Opening a digital bank account
  • Payments using a digital wallet
  • Instant Payment Platform (IPP) payments
  • Applying for a loan
  • Bank statements
  • Transferring money
  • Paying bills
  • Investment services
  • Checking balances
  • Account management
  • Help and support

What are the pros and cons of digital banking?

Pros:

  • Convenience – manage your finances from anywhere, any time
  • Speed – transactions are processed instantly
  • Cost-effectiveness – lower fees than traditional banking

Cons:

  • Security - banks typically have strong security systems but there’s always a risk of data breaches and hacking
  • Technical issues - while online banking systems are generally reliable, system outages or glitches can sometimes cause delays
  • Less personal interaction – some may prefer face-to-face banking

Takeaway

Given the UAE’s high internet and smartphone penetration, it makes sense to get the most out of digital banking.

Think how easy it is to track your spending or do your banking in real time and from anywhere, instead of standing in a queue in a bank. And how features in your banking app can help you manage your money.

Digital banking easily integrates into your online lifestyle. You may already be using it more than you realise!

Register for online banking

Find out more to get started.

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