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Digital Banking
The use of electronic devices, such as computers and smartphones, to access and manage one's bank account and carry out financial transactions.
More Details
Digital banking refers to the use of electronic channels, such as a website or mobile app, to access and manage financial accounts, products, and services. Digital banking allows individuals and businesses to perform financial transactions and manage their money without the need to visit a physical bank branch.
Example
You plan to spend some money at an event this weekend with friends, but before going, you want to see how much money you have available in your bank account. Instead of heading to your local branch or ATM, you can take advantage of digital banking to check your account balance via the mobile banking app.
Related Terms
Retirement
The state of exiting the workforce, usually at the end of one's career, and living on savings or pension.
Amortization
The process of paying off a loan through regular installments, the amount of which is determined by the loan amount, length, and interest rate.
Home Equity Line of Credit (HELOC)
HELOC stands for home equity line of credit, which is a type of loan that allows a homeowner to borrow against the equity in their property.