What is Digital Banking and benefits of it | AU Small Finance Bank
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What is Digital Banking?

    Banking used to be a time-consuming affair in the good old days. One had to wait in a long queue to get cash from their account, especially in the first week of the month. Thankfully, all that has now changed with the introduction of Digital Banking.

    So, what is Digital Banking, or what does it mean? Digital Banking enables customers to access banking solutions such as funds transfer, balance inquiry, applying for a loan, cash withdrawal, etc., using smart devices over the internet.


    How Does Digital Banking Make Life Easy?

    Digital Banking has seen immense growth in the last few years due to the extensive use of smartphones. Smartphones allow customers to access any banking solution on the go. Digital Banking is majorly driven by Mobile Banking & NetBanking that have entirely changed the way we bank. Both these mediums help to save time & eliminate the need to visit the bank.

    For instance, AU Small Finance Bank has a dedicated app called AU 0101 App that is accessible to both AU Small Finance Bank customers and non-AU Small Finance Bank customers. It allows customers to check bank statements, account balances, place chequebook requests, etc.


    Below are some details on how both Mobile Banking & NetBanking are making our life easy:

    • Unified Payment Interface (UPI):

    UPI is a trending digital payment system that uses the Virtual Payment Address (VPA) to make it easier to send and receive money. It does not require you to enter an account number or IFSC code. There are several UPI Payments Apps available in India. In fact, UPI feature is also available on most Mobile Banking Apps that allow users to send and receive money via QR code, Debit Card, & Credit Card. UPI-based payments do not involve charges. 

    • Utility Payments:

    It is also easier to pay bills using a Mobile Banking App and NetBanking. Whether you want to pay gas, electricity, phone, or any other bill, you can pay the bill using different payment methods such as Credit Cards, Debit Cards, or UPI. There’s even an auto-debit facility that automates your monthly bill payments as and when they arrive, saving you valuable time every month. 

    • Investment 

    Digital Banking services also help you start investments online. Say you are a Non-AU Small Finance Bank customer; you can readily open a Savings Account/Fixed Deposit, apply for a Credit Card, apply for a Loan, etc., using our AU 0101 App/NetBanking. 

    • Others

    Apart from these, one can also transfer funds digitally through RTGS/IMPS/NEFT, view/download bank statements, & track transactions using a Mobile Banking App or NetBanking Account. You don’t have to visit your bank physically to avail these services. 


    Is Digital Banking secure?

    Both Digital Banking mediums, including Mobile Banking Apps & NetBanking, use two-factor authentication. With every transaction, you need to enter the PIN/user ID & password and then you receive an SMS containing an OTP that you must enter to confirm the transaction. This helps to protect your information against malware attacks; your data is encrypted with advanced technology & shared across the banking channels with high security. 

    While these measures are taken care by the banks, it is equally important for you to follow some security measures:

    • Choose a strong password & change it regularly 
    • Never reveal your user ID, password or mobile banking PIN to anyone
    • Review your bank statements to check for unauthorised transactions
    • Report to the bank in case your smartphone is stolen or lost 
    • Don’t transfer funds without verification of the recipient
    • Do not store any sensitive information such as Mobile Banking PIN or NetBanking credentials in your smartphone

    Key Takeaways:

    • With Digital Banking services, you can perform your everyday banking functions right from the comfort of your home or office or even when you are commuting
    • It is quick, convenient, and secure. But at the same time, it is advisable for you to follow the safety measures

    Now you can reap the benefits of AU Small Finance Bank Digital Banking services through our channels like AU 0101 AppAU 0101 NetBankingAU Video Banking, and WhatsApp Banking.