Is digital banking an ironclad remedy to banking in the digital age?

Banking has proved to be dynamic and with new cut-edge technology, digital banking has become a mandatory requisite. In this digital age, digital platforms have become everyone’s favourite hangout this calls for the relocation of businesses online.
So as to fit in, banks have been forced to wear a new face and phase out the traditional banking services for digital banking channels.

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Digital banking is millions ‘saver’ since it is time-saving and people needn’t make long queues to access banking services.

What is digital banking?

Digital banking is a ‘bank in hand’ that enables customers to access all services just at a click of a button. Services that can be accessed through online banking include: opening/creating a bank account, depositing and withdrawing funds, making payments et al.

Digital banking is an ironclad remedy to Banking in this digital age.

The outbreak of covid19 saw a spike in the usage of digital banking as the world was advised to stay home to stay safe. It also increased the demand for cashless transactions as hard cash was feared to be one of the ways through which the virus would spread. This leaves us with no choice but to embrace online banking and take on cashless transactions.

Most fintech service providers are already promoting cashless transactions as their customers can buy goodies and pay using VisaCards or merchant codes. Digital financial services are therefore the way to go and in the coming years, hard cash will be no more.

Digital banking in Uganda.

In Uganda, digital banking was first introduced by Standard Chartered Bank and it was the second ‘only digital bank’ in Africa. As of late, all banks are encouraging their customers to do both online and traditional banking in order to avoid having crowds at bank centres.

The latest development is that of Centenary bank Uganda which has introduced CenteOn the go on their Cente mobile app. This feature enables customers to create accounts without having to go to the bank and their accounts are ready in just three minutes.

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