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Mobile banking means using an app to access many of those same banking features via mobile devices such as smartphones or tablets. These apps are proprietary, issued by the bank where you hold your account, and usually use the same login information as your online banking portal.

Designed for people on the go, mobile banking apps tend to include the most used banking features, such as mobile check deposit, funds transfers and bill payment. They also often have convenient features like peer-to-peer payments through systems like Zelle. Banks also may use their mobile apps to send customers banking alerts such as fraud detection and low balance notifications.

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You can find digital banking via two primary sources: brick-and-mortar banks and credit unions, and online banks. Neither source is better than the other. Instead, some consumers may find one to be a better fit than the other for their needs.

For customers who appreciate the ability to stop by a branch to perform some of their banking functions, brick-and-mortar banks and credit unions are the natural choices for their bank accounts. These traditional banking institutions also usually offer online access and a proprietary mobile app to make everyday banking functions as accessible as possible for their customers.

Online banks can take various forms, all of which challenge the high fee, low yield brick-and-mortar banking model. In some cases, they may be affiliated with a traditional brick-and-mortar bank, serving as its online division. Or they may operate solely online. More recent fintech iterations have included what are referred to as neobanks or challenger banks.

The majority of these online banks offer slimmed-down banking functions, low- to no-fee structures and higher-than-average interest rates in exchange for no in-person branch experience. With a more streamlined, online and mobile-only product offering, these banks can reduce operational costs and help more people access banking services, a potentially vast benefit to the underbanked and unbanked communities.

Online banks are also expanding beyond personal banking into the business world. Small business owners and startups can access several different online business banks designed for their needs, putting the best business banking experience as close as your desktop or mobile device.

Daphne Foreman is a former Banking and Personal Finance Analyst for Forbes Advisor. She has worked as a personal finance editor, writer, and content strategist covering banking, credit cards, insurance and investing. As a small business owner and former financial advisor, Daphne has first-hand experience with the challenges individuals face in making smart financial choices.

Digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual, remains ongoing, and is constituted by differing degrees of banking service digitization. Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile and ATM services.[1]

A digital bank represents a virtual process that includes online banking, mobile banking, and beyond. As an end-to-end platform, digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels, and the middleware that connects these nodes. Ultimately, a digital bank should facilitate all functional levels of banking on all service delivery platforms. In other words, it should have all the same functions as a head office, branch office, online service, bank cards, ATMs, and point-of-sale (POS) machines.

The reason digital banking is more than just a mobile or online platform is that it includes middleware solutions. Middleware is software that bridges operating systems or databases with other applications. Financial industry departments such as risk management, product development, and marketing must also be included in the middle and back ends to truly be considered a complete digital bank. Financial institutions must be at the forefront of the latest technology to ensure security and compliance with government regulations.

The earliest forms of digital banking date back to the advent of ATMs and cards in the 1960s. As the internet emerged in the 1980s with early broadband, digital networks began to connect retailers with suppliers and consumers to develop needs for early online catalogs and inventory software systems.[2]

By the 1990s, the Internet had become widely available and online banking started becoming the norm. The improvement of broadband and e-commerce systems in the early 2000s led to what resembles the modern digital banking world today. The proliferation of smartphones through the next decade opened the door for transactions on the go beyond ATM machines. Over 60% of consumers now use their smartphones as their preferred method for digital banking.[3]

There is a demand for end-to-end consistency and for services, optimized for convenience and user experience. The market provides cross-platform front ends, enabling purchase decisions based on available technology such as mobile devices, or a desktop or Smart TV at home. In order for banks to meet consumer demands, they need to keep focusing on improving digital technology that provides agility, scalability and efficiency.

A study conducted in 2015 revealed that 47% of bankers see the potential to improve customer relationships through digital banking, 44% see it as a means to generate competitive advantage, 32% see it as a channel for new customer acquisition. Only 16% emphasized the potential for cost saving.[4]

A key way in which digital banks can gain a significant competitive edge is by developing a more robust IT architecture. By replacing manual back-office procedures with automated software solutions, banks can reduce employee errors and speed up processes. This paradigm shift can lead to smaller operational units and allow managers to concentrate on improving tasks that require human intervention.

It still isn't practical to automate all operations for many financial firms, especially those that conduct financial reviews or provide investment advice. But the more a bank can replace cumbersome redundant manual tasks with automation, the more it can focus on issues that involve direct communication with customers. The obstacles currently preventing banks from investing in a more digital back end environment are:

Digital cash eliminates many problems associated with physical cash, such as misplacement or the potential for money to be stolen or damaged. Additionally, digital cash can be traced and accounted for more accurately in cases of dispute. As consumers find an increasing number of purchasing opportunities at their fingertips, there is less need to carry physical cash in their wallets.

Other indications that demand for digital cash is growing are highlighted by the use of peer-to-peer payment systems such as PayPal and the rise of untraceable cryptocurrencies such as bitcoin.[6] Almost anything imaginable that can be paid with physical cash can theoretically be paid with the swipe of a bank card, including parking meters. The problem is this technology is still not omnipresent. Cash circulation grew in the United States by 42% between 2007 and 2012, with an average annual growth rate of 7%, according to the BBC.

The concept of an all digital cash economy is no longer just a futuristic dream but it's still unlikely to outdate physical cash in the near future. All digital banks are possible as a consumer option, but people may still have a need for physical cash in certain situations. ATMs help banks cut overhead, especially if they are available at various strategic locations beyond branch offices.[7]

Truist Securities is a trademark of Truist Financial Corporation. Truist Securities is a trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries. All rights reserved. Securities and strategic advisory services are provided by Truist Securities, Inc., member FINRA and SIPC. Lending, financial risk management, and treasury management and payment services are offered by Truist Bank. Deposit products are offered by Truist Bank.

Not only do digital banks allow users to make account deposits and transfers remotely; but they also provide them with the opportunity to more easily apply for loans and access personalized money management services.

Citi outstrips competitors in the digital money management category by providing five key in-app features: the abilities to view recurring charges, see a financial wellness score, get a prediction of future funds after upcoming spending and bills, view accounts at other banks, and receive personalized financial insights.

The first time you log in, your username is your member number. You will be prompted to create a personalized username during your initial login. If you had a login with DCU prior to this conversion, you will use your previous banking password to sign in. As a new user, your password is set to the last four digits of your Social Security Number for the 1st 3 weeks, then it changes to your PIN. If you have trouble with your password, use the Forgot Password option to generate a temporary password.

NCR VOYIX Sense is a next generation digital banking accelerator, providing banks, credit unions and building societies a SaaS platform to launch and operate digital banking services and propositions.

Imagine waking up in the middle of the night, remembering you forgot to pay a bill. With online banking, you can log in and pay that bill right away, without waiting for the bank to open. The same goes for checking your balance and making transfers. 2351a5e196