Introduction

A Digital-only bank provides banking facilities over the digital platform such
as mobile, tablets, and the Internet.

With the aim of heading towards digitalisation & cash less economy there are
major steps that has been taken by the government.

Digital only bank not only reduce the paperwork but also helps in providing the
banking facilities in an efficient manner as now people don’t have to wait in
long queue for just depositing money and getting their check clear.

The biggest advantage of digital only bank is it will help in growing the
Banking, financial services and insurance (BFSI) industry as a whole.

Why people should shift towards the digital bank?

The pace of increasing population & there is more than the pace of banking
service that are being provided by the bank.

This makes the banking system inefficient as to make it efficient the

government is trying their level best.

As the banking system of the country defines the position of an economy so the
govt is trying to stabilise it through the digital only bank.

That is the core reason why people will see the push in the digital only bank in
the coming 3 quarters of this year.

The reason for launching number of government scheme is to update people

with the technology.

By shifting towards the digital only bank people will have bank in their
pocket which will allow them to monitor their account in real time.

Lists of the services that are being provides by the digital only banks:

1. Digital only bank provides higher interest rate on deposits and fixed
deposits as the cost of management is less as compare to physical
banks
2. Future spending forecast on the basis of past spending
 3. 24/7 availability
4. Automatic monthly, quarterly ,annually spending report
5. Getting loan approved over the internet with online documentation.
6. Only apply for new card or block existing card.
7. Use of artificial intelligence helps the customer to get there problem
sorted with minimum time

The best example of digital only bank is radius hybrid bank:

 Fee free: The Radius Hybrid Checking has no monthly fee and no
minimum balance requirement after the $100 to open an account.
 Competitive interest rate: If your balance hits $2,500, a 1.00% annual
percentage yield kicks in.
 Wide ATM network and unlimited ATM reimbursement: Radius is part
of a network of thousands of SUM-branded ATMs, and the bank
doesn’t charge fees for using non-network ATMs. On top of that,
Radius Bank issues monthly refunds — with no cap — on fees
charged by non-network ATM owners. That includes ATMs abroad,
though you still might be subject to international exchange fees.
 Some accounts offer high interest rates, but you’ll need to satisfy
minimum balances to take advantage of them.

Conclusion

The idea for heading toward the digital only bank will for sure helps in
boosting up an economy but with this we have to take numbers of precaution
to make it successful such as:

 Robust rules and regulations for digital only banks and payment wallet
.
 Secured infrastructure so that the data of people won’t get leaked as it
will help banks to gain customer trust also.
 Giving autonomy to banks for handling their Bad debts.
 Updating of security patches on daily basis.
 Increase in point of sale machine as it will help them in making the
cashless economy.
 Focus on public private partnership model.
With the digital only bank push we should also aware people about the
use of their application which will help to reduce the cyber threat as
the well educated individual is well aware individual.

So for the success of digital only bank they should also focus on the
awareness part as they both go hand in hand without awareness it
would be very difficult for the digital bank to grow if the people are
not aware about their services being offered.
That is the core reason why the entire digital bank spending huge on
the marketing and promotion part by organising the campaign for
making better public relations.