Imagine you are travelling and you get an SMS reminder in your cell phone the message states that your credit card payment is due the same day, and you are going to be penalized if it is not paid on time. Luckily, you realize you have subscribed to the mobile money service, are able to pay the due instantly and thus save yourself from having to pay that penalty.

The digital environment is transforming the lives of the gen next people in many ways. Products and processes are being developed and designed to meet our day-to-day needs and demands which themselves are evolving with every passing day. These technological innovations and inventions have increased the pace of social changes including in the banking sector, and fluency in these technologies have almost become a prerequisite for survival in this time and age.

For instance, one fine day you visit one of the commercial banks say to make a ‘fund transfer.’ You find yourself amidst the boisterous crowd, waiting for your token number to be displayed on the digital screen and you know it’s going to be a long-long wait. In such circumstances, wouldn’t you be thankful to realize that you have subscribed to internet banking? What a relief! You now no longer have to waste your precious time.

Working people, especially members of busy families, have benefitted the most from these electronic services. In some families the day starts early morning with parents dropping off the kids at school and end with them returning home only late in the evening. Under such hectic schedule it’s normal to forget or find time to pay monthly bills, EMIs and school fees. However, the e-payment portals have now eliminated these burdens. Payments are just a tap away.

These banking e-channels now also allow customers to comfortably access their account statements without their having to wait for the scheduled banking hours. ATM terminals are located every next door, but the utility of Debit/Credit cards are not limited up to these terminal. These days many groceries, hospitals, movie halls, have POS machines to swipe the cards and receive payment on their customers’ behalf.

The availability of a whole range of mobile applications, which have been created to meet the need of every age group, has made it even easier to execute financial transactions, at any time from any given location.

Working people, especially members of busy families, have benefitted the most from these electronic services. In some families the day starts early morning with parents dropping off the kids at school and end with them returning home only late in the evening.

There are a few additional but very nominal costs associated with these services. But these costs are of negligible value compared to the precious time you save. The services also help families connect, for example by allowing adult children who live far away send money to their parents instantly on regular basis.  And you are able to keep digital track of your spending as and when required.   

The availability of these multiple channels of performing financial transactions -- via mobile phones, the internet, TMS, debit/credit cards have ensured our access to funds from anywhere, and improved our financial habits. They have been invaluable in remote places where physical face-to-face banking services are not available.  And because of sms/email alerts that are sent after each transaction, conducting financial transactions have never been more secure. Distance and time are no longer barriers to access to one’s accounts.

Digital advancement in the banking sector is transforming habits and lives each day, and the pace seems unstoppable. But if you are fluent in digital applications you can view this trend as an opportunity to make your life simple, secure and smart.