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DIGITAL BANKING AND BANKING PRODUCTS FOR TEENAGERS:-

WHAT IS DIGITAL BANKING?

Digital Banking is the automation of traditional banking services. Digital banking enables a bank’s customers to access banking products and services via an electronic/online platform. Digital banking means digitizing all of the banking operations and substitute the bank’s physical presence with an everlasting online presence, eliminating a consumer’s need to visit a branch.


HOW IS IT DIFFERENT FROM ONLINE BANKING?

Online banking and digital banking are often confused to be the same concept. But when we look at it in a detailed manner, there are quite a few differences. The core purpose and objectives vary, even though means of access and log-in protocols may remain the same. Digital banking is being viewed as a concept for the future, with higher potential for improvement and stage-by-stage development. It requires specific provisions, in terms of technology usage and talent requirement.



BENEFITS OF DIGITAL BANKING?

  • The convenience of banking from the comforts of home

  • 24*7 availability of access to banking functions

  • Paperless banking

  • Enables set up of automatic payments for regular utility bills

  • Facilitates online payments for online shopping etc

  • Extends banking services to remote areas

  • Reduces the risk of counterfeit currency with digital fund transfers

  • Strengthens privacy and security for customers

  • Allows misplaced credit cards to be reported and blocked instantly

  • Restricts the circulation of black money

  • Lowers the minting demands of currency

BANKING PRODUCTS FOR TEENAGERS:-

Today all teenagers want to take control over their finances, make their money grow and be responsible for all their money decisions. There are many products introduced by banks worldwide for the teenage alike mind. Some of these products include:-

  • PLAIN SAVINGS ACCOUNT: The most simple thing that a teenager can do in his/her early years is to open up a savings account and start saving their money into a dedicated savings account and use the money later in their future years.

  • PREPAID CARDS: This is the best way for a teenager who tends to overspend their money. It is a type of instrument in which money is loaded in advance to make It is a type of instrument in which money is loaded in advance to make a purchase. It has a pre-set limit up to which it can be used.It can be used as a traditional debit card, but spending can’t go over the amount loaded on the card

  • STUDENT CHECKING: If a teen has started working and will make more deposits and purchases. Or, he or she is off to college soon, paying for books and more. A student checking account with low minimum deposit requirements and bank fees and accompanied by a debit card would be best.

  • CERTIFICATE OF DEPOSIT (CD): If a teen has built up a savings account and is hoping to buy a car in two years. The next level of saving might be a CD. In the wake of the financial crisis, interest rates paid on savings accounts and CDs have been dismally low. But for teens, the lesson of matching an investment vehicle to meet a specific goal is worth more than the yield


“ SO WHAT ARE YOU WAITING FOR? GO SEEK FINANCIAL HELP AND START YOUR DIGITAL BANKING JOURNEY! ”


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