Are digital banks profitable?

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Digital banking is the new best thing that could have happened to mankind. In fact, not only has it provided a means of convenience for todayâs banking times, but it has also helped individuals to go paperless.

Through Digital Banking, individuals can now easily make transactions, check their account balance or even make transfers just with a single click of a button on their smartphone, desktop, or any other digital device. No more requesting or looking over paper statements or withdrawal slips, any longer.

But how did Digital Banking become so popular? Here are some of the reasons:

1. Digital banking has become a boon at a time when traveling to the bank for the simple task of transferring funds was a challenge. Now people can save on the travel time and conveyance money. Moreover, it has become highly convenient for working-class, elderly people, to carry out their bank work from the comfort of their homes.

2. Through digital banking, you no longer need to wait for the bank working hours to carry out any bank work. Now you can do the required transactions whenever it is convenient to them, 24*7, even on holidays!

3. Traditional banking meant visiting the banks for each and every transaction and keeping track of the account history through all paper statements. Now, you have the option to go paperless and get all your transaction history through monthly emails. You can even log in through your NetBanking account and access your account history anytime you should want it. Log into your HDFC Bank NetBanking Account now!

4. Traditional notifications and alerts meant looking at the calendar date or jotting it down. Now you can receive alerts for payments that are due through apps and emails. This enables one to be prompt in paying outstanding bills before the due date, saving oneself from penalties. You can also set automatic payments to be made for your bills, so you donât have to remember bill due dates also.
One can pay utility bills like electricity, phone, gas, Credit Card, etc. at their convenience with the click of a button. Also, you need not fill in all the details again. The details are auto-saved on your devices via apps. This saves time and paper.

5. You need not have to contact the bank alone to report lost or Credit Cards. No one has the additional option to report lost or stolen cards, activate cards, put misplaced cards on hold, and request a replacement of card with the click of a button online.

6. Shopping online was practically non â existent a few decades ago. Today, current business brands like Amazon, Snap deal, eBay, etc. have become huge market grossers thanks only to digital banking. They thrived into successful ventures, and allowed start-up companies and different industries to emulate them. In turn, they now give you a wider opportunity to shop online, as well as plenty of brand options to consider!

7. Digital banking, especially mobile banking has helped rural areas. Now, they donât have to worry about traveling long distances now, just to get to the closest bank, especially during any financial emergencies. In fact, the rural population benefits the most from digital banking as they have access to the simplest of banking transactions just with a click of a button.

8. Filing your income tax returns traditionally meant endless paperwork. Now, IT returns can now be filled, and subsequent tax payments can be done via digital banking. This reduces the headache of tedious tax returns filling work. Also, government challans can be paid online.

Thanks for reading!