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Digital retail banking refers to providing all retail banking services such as account opening (checking, savings and deposits); funds transfers; and loans and bank cards, among others—all in a branchless, online only method. Digital retail banking takes convenience, experience and access to a completely new level by providing integrated account services in an easy to navigate, self-serve manner.
For banks, business benefits of digital retail banking include faster customer acquisition; enhanced customer experience (and hence customer loyalty); faster development and rollout of new and innovative products and services; reduced cost of operations; and less dependence on high cost fixed assets.