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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
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.
Credit Limit
The maximum amount of credit that a financial institution or other lender will extend to a borrower.
Student Loan
A type of loan provided by the government or other financial institution to help students and their families pay for their education expenses.