The term “digital banking” is not a new concept, it has been floating around for years in fact, but despite its long existence in the market, not many fully understand exactly what it means and how it compares to other forms of banking such as online banking and even traditional banking.
Digital banking is the FULL digitization of a bank from its processes to its products and to the services it provides. This goes beyond just a brick and mortar bank having an app or a website. Digital banking can completely migrate all the aspects of a bank into a portable device, which means clients can perform transactions and all their banking errands within the confines of a mobile application.
With digital banking, there is no need for human intervention -- everything is automated using the latest in technology as well as data to improve the overall customer experience. This is different from online banking, which yes, makes bank functions available via the internet, but some if not most of the processes still follow the traditional way.