More than 70% of Indians hold savings bank accounts. The numbers are direct indicators of its significance in individuals’ lives. With such a level of importance, banks have offered digital platforms with user-friendly aspects and multiple features. Simplifying the facility of savings, the enhanced security features, and the ease of transacting, investing, and handling the amount and account, digital platforms have come a long way.
Are you interested in knowing the numerous benefits and features available? A simple read of a few minutes is enough to enlighten you about the potential of digital platforms.
Types of Digital Platform
The banks now offer digital forms of savings account platforms. There are two types: the app and the website.
Website
It allows accessibility through a bank’s specific URL. You must ensure that the link has ‘https://’ in it. Further, the websites require the presence of a trusted browser to open the link. These platforms are accessible on both mobile and desktop or laptops. The websites are available through a simple browser-based search. This platform for opening a digital savings account requires internet connectivity to function.
Application
These digital platforms can be downloaded on mobile phones through the Play Store or App Store, depending on the device’s system. They offer flexibility to use the services on both smartphones and tablets. The platforms offer a user-friendly interface with biometric authentication, ensuring enhanced user security. The users can also benefit from applications by notifications, alerts and information.
Features Available Through User-Friendly Interface of Digital Platform
With the availability of two different types of digital platforms, numerous features are offered for users’ convenience. Here’s what to expect:
Open a Digital Savings Account
The feature is mostly available on the website. By understanding the eligibility criteria and offering the documents, the users can easily open digital savings accounts from the platform. It also provides instant confirmation and easy access to newly opened accounts through any of the two modes.
Security
The encryption technology and security protocols, along with the bank’s regulatory compliance, offer tight security to individuals. The OTPs and unique and user-specific passwords offer confidentiality and restricted access specific to the user. Platforms with authentication factors remove possible vulnerabilities further.
24/7 Availability
With digital savings account platforms, users can exercise benefits regardless of the time and active bank hours. They are no longer restricted to connecting with banking individuals or waiting for help. Instead, users can independently transfer their money as desired. Considering the help, the virtual assistants are available 24/7/365 for assistance. The user-friendly interface and help centre on the platform offer resolution to all the issues and problems.
Open Fixed Deposit From Home
The presence of money in a savings account does not actually save money for users. Rather, it offers effortless access to it. Users aiming to earn more and save money have the option to avail of the Fixed Deposit option. With a user-friendly interface and the complete information available on the platform, the Fixed Deposits can be easily opened and closed completely online.
Video Call with Customer Executive
A newer option is available to add to the convenience of users. They can choose to have video calls with customer executives, offering a more interactive way of communication for resolution of queries and to avail the facilities. The available options include but are not limited to account opening, money transfer, raising service requests, or other queries.
Effortless Fund Transfer
Fund transfer has to be a well-thought-out procedure. With accuracy expected in filling in the details and choosing the right mode and amount, first-time users or those facing issues can get step-by-step guidance on the procedure. For the ones proficient in the process, easy-to-navigate websites and applications further ease the process of fund transfer.
Service Requests
Multiple instances lead to changes in detail and the necessity to update the same. It includes address change, nominee update, issuing a cheque book and more. All these services are easily accessible on digital platforms, websites, and apps. A simple heading over to the tools or service request is enough to do what is needed.
Finance On-the-Go.
The requirement for the loan can arise at any time. The bank account holders are at benefit. With already provided personal details and verified documents, the loan requests become a matter of a few clicks. The websites and apps offer the users ease of applying for the loan and disbursal from the comfort of their home. Click on the appropriate option to access the benefits and funds on the go.
Investment Options
Are you seeking investment opportunities? What can be safer than bank-approved platforms for the same? The digital platform offers multiple features for you. The options like stock trading, IPO and investment in the NPS online scheme are easily accessible. Ensure you have thorough information and proceed safely to enhance your funds.
Conclusion
Savings accounts are a treasure for the account holders. Hence, banks have equipped the digital platforms to offer a wide number of options and features. Users have more freedom and flexibility to choose from different options and conveniently perform the desired activities. The regulatory compliance, authentication, OTP and passwords are designed to safeguard the actions and hard-earned money of each individual simultaneously.
