What is digital banking? Learn comprehensively about smart trading trends

1. What is digital banking?

Digital Banking is a form of digitalization of traditional financial activities, services and products, allowing users to make transactions and use banking services through applications or digital platforms, instead of having to go directly to bank branches.

The strong development of technology and the internet makes digital banking an inevitable trend, meeting the increasing demand for convenience, flexibility and optimized user experience. In Vietnam, digital banking applications are becoming more popular as non-cash payment methods are popular.

Not only changing the way people use financial services, digital banking also contributes to promoting digital economic transformation, opening up many development opportunities for individuals. confused business.

2. Difference between digital banking and online banking

Currently, many users confuse digital banking and online banking. Although they have certain similarities, these two forms still bring different experiences and values. Here are the differences between digital banking and online banking:

2.1. Scope of operation

Digital Bank covers the entire banking operating process, from 100% digitization of services such as account opening, transfer, loans, savings, to financial management. All customer transactions are performed online, saving time traveling to bank branches.

Meanwhile, online banking is only a part of digital banking. It focuses on providing basic banking services over the Internet, helping customers access and conduct transactions anywhere, but has not fully digitized the bank's operating processes.

2.2. Features and services

Digital banking operates on a modern technology platform, automating every step in the process. Customers can perform operations such as registering an account or taking out a loan without having to meet a bank employee directly. Digital banks provide full features like a traditional bank, including:

• Register an online account.
• Borrow capital, deposit savings and investment.
• Personal and business financial management.
• Payment by QR and card-related features.

Meanwhile, online banking mainly provides features related to online transactions such as money transfer, inquiry, bill payment, and online savings. These features often serve customers' daily needs, but do not fully integrate services. Online banking still requires some processes to be handled at the branch or through bank staff, especially for complex services such as loans or financial investments.

The difference between digital banking and online banking lies not only in the scope of operations but also in the way services are deployed and the level of technology integration. Choosing the appropriate form will depend on the user's needs and level of familiarity with digital technology.

3. Popular activities on digital banking

Digital banking is becoming increasingly popular thanks to its convenience, safety and ability to meet a variety of users' financial needs. Below are popular activities on digital banking:

Register and open an account

Users can easily register and open an account online via the bank's application or website. This process requires personal information such as full name, ID/CCCD number and contact information. Once completed, the bank will verify identity using security steps such as phone, email or facial recognition authentication to ensure account safety.

Online trading

Digital banking provides quick money transfer services domestically and internationally, paying electricity, water, internet bills, online shopping or phone top-up, all done right on the app. Transactions only require a few simple steps, without having to go directly to a bank branch or transaction point.

Saving and investing

Users can save online with competitive interest rates or invest in stocks and investment funds without going to the bank. This makes financial and investment management more convenient and easier.

Borrow capital

Users can take consumer loans or mortgage loans directly on the application with a quick process and minimal paperwork on the digital bank developed by the bank. You can track the loan approval process in real time on the application.

Account management

Tracking balances, transaction history or receiving account fluctuation notifications are all easily done through the application, helping to make financial management more transparent. Users can also set notifications so they don't miss any account-related changes.

Lock/unlock card

Another useful feature of digital banking is the ability to lock and unlock cards online. If users suspect their card has been lost or their information has been leaked, they can easily block the card through the app. This helps protect your account and minimizes the risk of fraud. When the situation is safer, users can unlock the card to continue using banking services.

4. 5+ benefitsh the prominence of digital banking to users

Below are the outstanding benefits that digital banking brings:

4.1. Experience flexible trading

Digital banking gives users a flexible transaction experience. Through the banking application or website, users can make transactions anytime, anywhere without having to go directly to the branch. 

Transactions such as money transfer, bill payment, phone top-up or savings can be done in just a few minutes. In particular, with online payment features, users can pay electricity, water, internet bills or online shopping transactions, bringing convenience and saving time.

4.2. Optimize transaction costs

One of the big benefits of digital banking is the optimization of transaction costs. Most services on digital banking minimize or waive service fees, providing a convenient experience for users.

4.3. Ensure safety with modern security technology

Digital banking ensures user safety through advanced security technologies. Some outstanding technologies applied include: data encryption (Data Encryption), helps protect users' personal information and transactions from cyber attacks. 

Besides, two-factor authentication (2FA) is an important security method, requiring users to enter an OTP (One-Time Password) code sent via phone or email, helping to confirm transactions and protect accounts from unauthorized access.

4.4. Personalize user experience

Based on transaction history, digital banks can recommend suitable financial services or products, such as savings packages with high interest rates, consumer loans with low interest rates, or special incentive programs. This not only helps users find suitable financial products but also enhances the experience of using banking services, bringing convenience and saving time.

4.5. Promote financial access

Digital banking plays an important role in promoting financial access for people, especially in remote areas. Now people can use digital banking services easily via mobile phones or computers with an Internet connection. 

Digital banking will help users easily perform financial transactions such as money transfer, bill payment, savings or loans without having to go to bank branches, thereby improving access to financial services and improving quality of life.

5. SeABank Digital Bank - Accompanying you on the digital transformation journey

SeABank always strives to optimize the financial experience for customers through the SeAMobile digital banking application, providing access to services anytime, anywhere. 

SeAMobile application not only helps users make quick transactions but also supports customers in effective and convenient financial management right on mobile devices, providing a seamless and easy experience in all situations.

To meet the increasing needs of customers in the digital age, SeABank constantly improves and upgrades technology. With a pioneering commitment to digital transformation, SeABank is not just a bank, but a strategic partner of individual customers. and businesses in building a strong financial foundation, sustainable. 

The above article has provided an overview of digital banking, its types and outstanding benefits, helping to optimize financial transactions, improve convenience, safety and cost savings for users in modern life.

To learn more about SeABank's programs and products and services, you can contact the nearest transaction point, call Hotline 1900 555 587, or visit the website www.SeABank.com.vn for detailed advice..