Digital Banking

Most banks now offer digital banking through websites and mobile apps. Customers can check balances, view transactions, transfer money, pay bills, deposit cheques by photographing them, apply for loans and manage cards.

Some banks operate entirely digitally, with no branches at all. These are often called digital banks, neobanks or challenger banks. They typically focus on user-friendly apps, quick account opening and features such as instant spending notifications, budgeting tools and fee-free foreign spending.

For example, a customer can open a digital bank account in minutes by verifying their identity through a phone app, receive a card in the post and start using it immediately in a mobile wallet.

Digital banking offers convenience, speed and around-the-clock access. It also allows banks to reduce costs by operating fewer branches. However, it can be difficult for people who are not comfortable with technology or lack reliable internet access, and the closure of physical branches has raised concerns about access to banking in some communities. Digital banking also requires strong security, as fraud and scams increasingly target online and mobile banking customers.