Jeremy Cole
Fintech
DEFINING DIGITAL BANKING
Fintech:
DEFINING DIGITAL BANKING Digital banking is the next generation of consumer-led banking, with most transactions facilitated either online or via a mobile app. The definition is broad and can encompass almost any form of digital transaction, from making contactless payments to checking the balance of a savings account on a smartphone. Most forms of digital banking can be categorised as online or mobile.
Online Banking Online banking allows the individual customer to sit down at their PC, laptop or
other internet-enabled device and access their accounts via the website of their bank. Customers can perform all manner of transactions and services through a bank’s website, including applying for credit, paying bills, checking balances, and transferring funds between accounts.
Mobile Banking Mobile banking allows access to many of the same features as online banking via a dedicated app on the customer’s phone. These apps are typically proprietary, which means they are issued by the same bank
where the account is held. Banking apps may also offer additional features such as low balance notifications and fraud detection. You can learn more about the shift from traditional to digital banking by visiting the blog of Jeremy Cole Red Rose co-founder. Jeremy Cole Red Rose co-founder has worked in the financial services industry for many years, with a focus on digital and e-cash transfer solutions for the humanitarian sector. He recently co-founded Fintech start-up Bixie – with Jerry Cole serving as Director – to empower women financially.
JEREMY COLE You can learn more about this topic by visiting the blog of Jeremy Cole, Red Rose co-founder.