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Digital banking is the process of moving to the Internet the traditional banking services, activities and programs that once were available to customers only when they were physically present at a bank’s branch.
There are multiple business benefits of digital banking for the customer, bank and other providers in the ecosystem. Customer benefits include anytime, anywhere access at their fingertips; enhanced and personalized experiences; reduced transaction costs; faster turnaround time; and access to new and innovative features across payments, savings views and deposits. For the bank, benefits include lower cost of operations (through branchless banking and self-serve options), innovative revenue models and customer stickiness through experience and innovative products and services.