5 Features that you should look for in a digitally-savvy bank

We live in a digital era where most of the things we do rely on technology. And as technology improves with each passing day, it is making some of the most routine and mundane tasks effortless. From asking Alexa to relay the current day's news to ordering groceries and medicines from your smartphone, various aspects of our lives are getting the technological edge. So why should banking be left behind? 

Fintech has grown leaps and bounds in the last few years, so finding a tech-savvy bank to manage your finances is not difficult at all. More often than not digitally advanced banks offer better convenience, security and service, all of which make banking a pleasure. So, what are the features you should look for in a tech-first bank?

1) Online and Mobile Banking

This is the most basic digital service, allowing you to bank at any time and from anywhere. NetBanking makes it possible to complete all your banking transactions with absolute ease even on bank holidays or after working hours. In addition to this, practically all the services you access online are free of charge, whether it is applying for a credit card or investing in a new product. MobileBanking, meanwhile, takes 'banking on the go' to a whole new level. With a few taps on your smartphone screen, you can complete various banking tasks such as applying for loans, making investments or paying bills.

Some common banking functions you can perform online include:

  • View your account and transaction history

  • View and print your account statement

  • Set up regular payments

  • Reorder cheques or even cancel issued ones

  • Apply for loans

  • Pay bills

  • Make investments

Ensure that the bank you opt for has a secure online banking platform and exclusive and an easy-to-use mobile app, like HDFC Bank. 

2) Digital Wallet

Whether you are shopping online or offline, you probably prefer paying bills with your credit or debit card. Not only is this easier to use than cash, but it can also keep track of every transaction. Digital wallets take this convenience and ease one step further. Let's say you're out shopping and you've forgotten your wallet at home. However, you have your phone with you as it is less likely that you would leave home without it. In such a situation, you can use your smartphone to make payments through a digital wallet. Even while shopping online, using digital wallets to make payments lets you check out faster as it does not involve entering card details and waiting for an OTP to complete a transaction.

There are several digital wallets to choose from, including those introduced by banks. For instance, HDFC Bank’s e-wallet – PayZapp - can be linked to your account to reduce hassle and eliminate security concerns. Additionally, PayZapp provides users with exciting cashback and deals on most transactions. And since it is part of a reliable bank like HDFC Bank, it guarantees safety.

3) Banking Through Chats

Messaging apps, like WhatsApp, are used for several things - messaging, video calling, sending files and photos etc. But what not many people may know is they can also be used for managing finances. As an HDFC Bank customer, you can keep a tab on your bank account, view FD summaries, address queries, check outstanding balance on credit card and get details on bank offers right from WhatsApp. You can enable this service by saving “70700 22222” to start interacting with HDFC Bank.

Another effective chat medium you can use is HDFC Bank’s Eva - India's first and largest Artificial Intelligence powered banking chatbot. This banking assistant can help you at any time and from anywhere, even if you have a query in the middle of the night. Apart from the HDFC Bank website, you can connect to the Eva chatbot via Google Assistant and Amazon Echo and get answers to your queries.

4) Open an account digitally

One of the most advanced features that redefine modern-day banking is the ability to open an account digitally. For instant bank account opening online, HDFC Bank InstaAccount lets you open a Savings or Salary bank account with just a few clicks and without having to step out of your home. All you need to do is visit HDFC Bank, spend a few minutes entering your details and uploading your documents and voila! You have a new bank account! 

HDFC Bank has always been at the forefront of the digital revolutions. It is constantly seeking new ways to make the banking experience better for its customers, while also promising safety and security. Click here to get started. 

*The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action.