Comparison between traditional & digital banking

During the previous decade, the banking environment saw major changes as new types of rivals developed as a result of technology advancements and the rise of the fintech industry. Digital banking became the way or the new trend by which one started running banking errands. Remember the time when you used to stand in a never-ending queue just to simply transfer money to your friend’s account. Today there is a major revamp in the banking sector. Traditional banking has surely become a nostalgia. Let’s dive into the comparisons between traditional & fintech or digital banking.

• Bank accounts:
  Today you no more have to run errands to banks just to open a savings account. If you search “open bank account” and you avail yourself of the option of opening an account simply from home. With traditional banking, you had to make adjustments to your schedule and make yourself focused on filling down the bank forms in the midst of the cacophony. This advantage has been made for the better. Though it’s true technology is bound to make our life lazy but when things are turning into a fast hour, why not take advantage of innovation when needed?
• Day-to-day transactions:
  Transactions that need to go out daily, did have a delay in traditional banking. Meaning, people had to queue up regularly to transfer or to deposit money into their accounts. Imagine standing in a queue just for two hundred rupees, which you could have spent the same on pampering yourself on the wait at the bank. Light or heavy transactions are made easy today. With technology as an advancement, you now can send any amount of money at any day. Not only is the process quick but it is also inspiring how technology has gapped the bridges we never knew about.
• Traditional banks vs. Virtual Banks
  The banking industry has undergone a huge transformation as a result of technological advancements. As a result, artificial intelligence and different AI-supported applications (chatbots, robots) have already begun to change operational and customer service elements. While with traditional banking, every writer has described the cacophony of a bank. To pull out a clear picture virtual banks tend to lean on a personalised side while traditional banks are co-related to give services that seem impersonal.

Lastly, to sum up, technology has brought us close to banks just from our couch. Even bills, shopping, flight booking etc. can be done today simply by online payments bank option.