Digital retail banking refers to delivering banking services and products to customers through digital channels such as websites, mobile applications, and other electronic platforms. It uses technology to provide customers with a seamless banking experience, including opening accounts, managing finances, making payments, and accessing various banking services online.
Digital retail banking offers customers convenient access to banking services anywhere, anytime, and on any device. This eliminates the need for physical visits to bank branches and reduces the time and effort required to conduct banking transactions.
Some of the key features of digital retail banking include online account opening, digital payments, mobile banking, online customer support, and access to a wide range of banking products and services. Leveraging advanced technologies Artificial Intelligence, Machine Learning, and Blockchain enables banks to provide personalized services and streamline banking operations.
The rise of digital retail banking has brought numerous benefits to both customers and banks. It allows banks to reduce costs associated with maintaining physical branches while enabling them to reach a wider audience. It also enables customers to access banking services more conveniently and quickly.
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