Digital banking means the digitalisation of traditional banking activities that were once only available when physically present in a bank branch. These were not only time-consuming, but customers had to complete physical documentation and make multiple bank visits. This was more inconvenient for businesses with current accounts because these are highly operated accounts that manage large volume transactions.
Digital banking has introduced the concept of digital current accounts, which has transformed the way businesses perform banking tasks. These accounts are designed to be operated entirely online through laptops, tablets, and smartphones, which aligns with the modern, fast-paced lifestyle.
Digital banking solutions for your current account | What you get
Here are some of the many benefits of digital banking solutions for your current account:
Digital onboarding: You can open the best online business bank account instantly from anywhere. Submit the required information, complete document verification, provide a signature, and fulfil other formalities without leaving your home or office.
Online account management: You can view transaction history, download statements, and manage your accounts at any time of day. In fact, you can enjoy credit facilities like loans and overdrafts instantly through a single platform. Both mobile apps and internet banking offer these benefits.
Fast, paperless transactions: There are several payment options a digital current account offers, like IMPS, RTGS, NEFT, and UPI.
Be on time always: An online current account lets you schedule payments so that you always fulfil financial commitments on time. Moreover, you can set reminders for recurring bills to avoid late fees and maintain a healthy credit score.
High safety: When you open a digital current account with a bank, the main concern is usually the safety of your personal data and financial information. Rest assured, most online bank accounts support high-security features like biometric authentication, end-to-end encryption, and advanced fraud detection algorithms.
Easy international banking: Digital current accounts help you make secure and fast cross-border transactions. Moreover, many also offer competitive foreign exchange rates and fee-free international transactions up to a limit.
Earn interest on current accounts: Although the current account interest rate is not a feature offered by banks, you can still earn interest on your balance. The auto-sweep facility of Indus Select Current Account by IndusInd Bank makes this possible.
Just set a threshold and any balance above this limit will be moved to a fixed deposit where it will earn FD-like high rates. You also enjoy other benefits like:
- 100% paperless account opening process
- Preferential trade charges
- Higher cash deposit limits
- Waiver on outward cheque return charges
- Grouping of accounts to add family and business accounts
- Free Visa Signature Select Debit Card
- Doorstep banking
Open a current account online with IndusInd Bank today! Get digital banking solutions that always keep your business first.
The future outlook
The future of digital banking looks optimistic, with ongoing innovations focused on enhancing the user experience and making banking services accessible to more and more people. Some big trends may include:
| Hyper-personalisation | Banking services can be more tailored to individual user needs, behaviour, and preferences using data analytics and artificial intelligence. This means targeted offers, relevant financial advice, and ultra precise customer service experiences. |
| Customer-driven services | Banks may adopt new technologies based on feedback and changing user behaviour. This user-focused move can shape future banking initiatives like app design and new bank products. |
| UPI’s role in credit | UPI’s (Unified Payments Interface) expansion into the credit sector can transform how credit facilities are accessed in semi-urban and rural areas. This move can make credit more accessible and affordable by integrating it into the daily financial transactions of a wider range of the population. |
| New payment options | New payment options may dominate the future. These may include invisible payments, biometric authentication, facial recognition, voice-enabled payments, QR code payments, etc. |
Key takeaways
Digital banking solutions for your current account offer convenience, efficiency, accessibility, affordability, and eco-friendliness. With time, digital solutions will play a crucial role in shaping the future of financial transactions in India and across the globe.
With support from the government and careful monitoring of the RBI, innovations in digital banking will bring more and more people into the banking industry. Some of the key drivers would be good money value, ease of buying, high security, user experience and personalisation.
