title: BENEFITS OF DIGITAL BANKING FOR CUSTOMERS AND BANKS
text: 638
  paying bills and applying for loans. The benefits of digital banking became more
  conspicuous during the COVID pandemic hen physical branches could not be
  approached due to social distancinperiod wg that confined people to their homes.
  The evolution of Digital Banking - Technology brought unimaginable changes
  to the banking industry all over the world in the last 20 years. Internet and mobile
  access reached the remotest corners linking up people and organizations across the
  world. This transformed customer’s expectations and the way organizations
  functioned.
  With mobile
  connectivity and related infrastructure fintech technology
  companies entered the banking sector and launched a variety of customer convenient
  products. To keep up, banks had to re-engineer their process and products to retain
  their customers. This led to the introduction of Automated Teller Machines (ATMs),
  the beginning of digital banking.
  The next stage was to meet the new level of customer expectations. This
  pushed banks to come out with better innovations, products, and services. By the end
  of the 20th century, banks were offering 24 x7 services to customers with the help of
  technology. Today, customer carry their anytime anywhere banking facility with
  them, on their smartphones without even involving the banking staff.