What is digital banking?
This is when a bank's customers use the internet to perform any sort of banking activity, rather than going into a branch or doing this via post. Increasingly popular in the 21st century, customers can use home computers or mobile phones to access an account.
Where have you heard about digital banking?
Also known as online banking, you will have almost certainly used this in recent years to pay bills, buy products and perform other transactions. Traditional high street banks usually offer customers online access, while many other online-only banks also exist.
What you need to know about digital banking.
You will probably be aware of the many advantages of digital banking; chief among them speed and convenience. Thanks to WiFi and 4G networks, you are able to move money around almost instantaneously, 24 hours a day, at the click of a button. Many banks also offer customers mobile phone apps, making the process of accessing an account even faster. However, although systems are designed to prevent fraud, some security issues remain with digital banking. For example, customers are sometimes advised not to use public WiFi networks due to the risk of hacking.