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Still visiting banks? Here’s why you need to switch to digital banking…

March 22, 2017 8:01 am


At least 68 per cent of respondents in a UAE survey* revealed that they access banking services primarily through digital channels like mobile devices, tablets, laptops and desktops.

If you still belong to the remaining 32 per cent, here are five solid reasons for you to go digital too:

Bank anytime, from anywhere

Bank branches have limited operating hours, but you can access your bank account and other banking services 24×7 through digital channels. Anyone who’s out working from 9 to 5 will definitely vouch for this one! And what’s more, you can access banking services from virtually anywhere. Whether you’re on holiday or away on a business trip, you can still keep track of your banking transactions, regardless of your location.

Your bank is now available on your favorite device

Whether you prefer using your laptop, smartphone or tablet, there’s more than one way to access banking services. You have the regular bank website for desktops and laptops, and then one that’s optimized for mobile devices as well as the mobile banking app, which you can install on your smartphone and conveniently access at the touch of a button.

Take advantage of a wide range of online services

There’s so much you can do through digital banking – View or download your account, loan and credit card statements, compare and apply for new products, request for cheque books, transfer funds locally or internationally, make bill payments (like Du, Etisalat, DEWA, other bank’s credit cards and more), recharge your Salik account, pay RTA fines and the list goes on. This ever-increasing range of online services has drastically reduced the need for visiting a physical bank branch.

Track and redeem those rewards too!

If you use a credit card for your day-to-day transactions, you can also keep track of how many reward points, miles or cashback you’ve accumulated over a given period of time. But that’s not all, through online and mobile banking you can also request for a redemption of these rewards whenever you like.

 

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Stay on top of your finances

Digital banking lets you stay in control of your finances. With regular monitoring, you will always know where you stand financially. You can also set up standing instructions for money transfers or auto-debits for your recurring bills and loan instalments.

Not just transactions, but interaction too

When you access your bank’s website through a digital channel, you can not only track and transact but also interact with your bank. How so? Most bank websites have a live chat feature that allows you to chat with a bank representative. Simply type in your question and someone will respond to you within a few seconds. In cases where live chat isn’t available, most banks will allow you to send a question or message directly to the bank instead.

 

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Beefing up security measures & addressing security concerns

There’s so much you can do without ever having to visit a bank branch, and the convenience doesn’t come at the cost of compromising security. Banks use advanced security systems, encryption technology, automatic session time-out, virtual keyboards and more to keep your account safe from unauthorized use. Your financial transactions may also be protected by double authentication using one time passwords (OTP) sent to your registered mobile number.

Nevertheless, bank customers are advised to protect their passwords, use security software, access online banking only through secure locations, avoid clicking through emails and regularly monitor their accounts. This can help you steer clear of online fraud, while enjoying an enhanced banking experience.

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* Conducted by leading financial comparison website Souqalmal.com

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Founder and CEO, Souqalmal.com Originally from Mauritius, Ambareen Musa holds an undergraduate business degree from RMIT university in Melbourne, Australia. She started her first online  

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