Compare and examine the similarities and differences between digital and branch banking.

Expert Solution

Digital banking is a new concept as compared to branch banking. Previously, people have started using digital banking more than branch banking.

A few similarities between digital and branch banking are as follows:-
1) NEFT transactions - National Electronic Fund Transfer is the function of banking which can be performed in both, digital as well as branch banking.

2) Security - In branch banking, you have in-branch security whereas in digital banking you have end-point protection provided by the bank's online banking system.

A few differences between digital and branch banking are as follows:-

1) No need to travel - With digital banking, a person can conduct all his banking transactions from anywhere in the world. In branch banking, you need to be physically present in the bank.

2) Money withdrawal - In branch banking, you can withdraw money from the cash counter. In digital banking, you can only transfer money from one account to another. Withdrawal of money is not possible in digital banking.

3) Signature - You have to sign digitally in case of digital banking, whereas, in branch banking, as you are available physically, you give a hand signature.

4) Anytime service - In digital banking, you can perform the banking transaction at any time of the day, 24/7. Branch banking has a fixed number of hours a day working and a fixed number of days a week.

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