What exactly is digital banking?

Digital banking, also known as online banking or internet banking, allows customers to avail various banking services, such as balance inquiry, funds transfer, etc., through their smart devices (smartphones, tablets, laptops, etc.) over the Internet.

What are the types of digital banking?

Mobile banking and online banking (through the bank’s website) are two of the popular types of digital banking in Singapore. Customers can avail various banking services and facilities without even having to step out of their homes.

How is money transferred digitally?

You can transfer funds digitally though digital banking. Transferring funds digitally can typically involve three or two parties to complete a transaction. They can be the bank, the customer, and a merchant, or just the bank and the customer. First, the customer needs to initiate the transaction which can be done - by initiating the fund transfer request online, by scanning a payment code at a store, swiping the debit card at a store, or visiting an ATM machine. After the bank receives the request, it either approves or rejects the electronic transfer of funds based on the availability of funds and the data provided (card number, account number or routing number) by the merchant or customer. If the bank approves the digital or electronic transaction, the funds are transferred electronically to or from the consumer's account to the intended beneficiary.

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