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How to Choose the Right Digital Bank for Your Needs

When Online Banking first came to India, most people saw it as a way to avoid the inconvenience of physically visiting the bank. Today, about a decade later, it has become not only the preferred way of banking but also a means of taking complete control of one’s finances.

Online banking is great, but like with every technology, it has evolved to become bigger and better. Enter digital banking. Online Banking simply refers to the services offered by the bank online. In contrast, Digital Bank is a much broader term, and it encompasses all banking-related activities.

Today, Digital Banks are gradually making physical bank branches redundant. But, as a customer, how do you choose the right Digital Bank that suits your needs? Here are a few important features that you must consider.

Simple account opening process

The digital bank you choose must have a simple and hassle-free account opening process that can be completed within a few minutes. This means the KYC (Know Your Customer) must also be simpler and fully digital so that you can comply with the procedure from the comfort of your home or office.

If the account opening process involves more than 5 steps, looking for another digital bank to maintain your account is better.

Round-the-clock service

A hallmark of a good Digital Bank is that it lets you avail of its services 24×7 and from anywhere in the world. As a digital banking customer, you must have the convenience of avoiding long queues or waiting for business hours to carry out your transaction, which characterises the traditional way of banking at the branch.

Also, you must be wary of the 24×7 services offered by the bank – it should include two important factors. One is a simple and user-friendly mobile application or banking interface and a seamless process. For example, the KYC process must be done through a video call.

Highest level of security

When it comes to choosing the best Digital Bank, you cannot afford to overlook the security aspect. Considering the rising number of online security theft cases, the Digital Bank you choose must give you an assurance of safeguarding your account, and important financial details.

The bank must have a robust and comprehensive data security system in place to ensure customer confidentiality. Always look for a bank that has a strong layer of security like the two-factor authentication system. This measure ensures that your hard-earned money remains safe even when you do multiple transactions.

Access to UPI and Digital Wallets

Another important feature you must look for in a Digital Bank is a secure UPI and digital wallet facility. UPI (Unified Payment Interface) has now become the go-to payment option among all Indians. It helps you easily make payments for your online or offline purchases. Also, it is a secure way of doing transactions as you need not carry cash. Not to mention, this UPI app allows you to send and receive money within seconds.

Value-added Services

Another important factor that makes the best Digital Bank in India is the value-added service they provide to help plan your finances. These may include Fixed Deposits, Mutual Funds, easy loan application facilities, Credit cards with exclusive benefits, etc.

AU Small Finance Bank – Your Passport to Getting the Best Digital Banking Service in India

If you are looking for the best Digital Bank in India with all the features discussed above, look no further than AU Small Finance Bank. The account-opening process is simple, and anyone can do it online or through the AU 0101 Mobile Banking application within a few minutes.

The interface is user-friendly, and it assures you a seamless experience. All the processes and services offered are completely transparent. The app also lets you keep track of all your expenses in real-time, schedule bill payments and investments, and avail of other banking services as you need at any time you want, making AU Small Finance Bank your ideal digital banking partner.