The advent of digitalization has revolutionized the banking sector and it is undergoing a paradigm shift from the traditional ways of banking. Over the decades, banks relied majorly on a process of paper documentations. Thanks to online banking, the technology has taken a leap forward and replaced paper procedures with paperless statements and digital transactions.
Green banking is an initiative that optimizes costs, reduces the risk and contributes to environmental sustainability Evolving technology has empowered the arena of Digital Banking and compared to traditional banking, this new-age banking is more convenient, faster and provides an ease of managing transactions right at the customer’s fingertips. One of the biggest advantages of Digital Banking is that it’s not necessary for you to visit a branch in order to transfer funds or update your cheque book and the online process is highly secure.
Key Features of Digital Banking:
- Quick and Convenient
- 24×7 Availability
- Safe and Secure
- Easily Accessible
- Saves Time and Effort
If you are not already a Digital Banking user and have contemplated switching to it, this World Environment Day is just the perfect day to do so. Above all, Digital Banking is not solely about making the most of its benefits but also about contributing to a greener environment.
Here’s a quick guide on how you can help to keep the world greener while you embrace the benefits of Digital Banking:
1. Electronic Statements
Opt-in to receive your banking statements digitally via email or download them online with the help of banking apps. This will reduce the usage of paper, which will result in conserving trees. Digital statements are also known as paperless statements. Be it electronic account statements, credit card statements and investment statements, you can receive any kind of statements on your mobile, laptop or desktop within a few minutes. Electronic statements save your time as it can be done or accessed from the comfort of your home without you having to step out and the charges applicable are almost negligible, not to forget that it is environment-friendly.
2. Electronic Money Transfers
Electronic money transfers minimize the amount of paper used for cheques and bank drafts, as well as reduce the amount of paper utilized in paper currency. Transferring money digitally is absolutely convenient because you don’t have to make a visit to the bank or the post office. All you would have to do is log into your online account and within a few minutes you will be able to transfer your funds.
3. Digital Wallet
Wherever you travel, you carry your smart phone with you. Similarly, use a digital wallet to make purchases and in returning you will be contributing to the environment. A digital wallet keeps your Debit or Credit in one convenient and secure location right on your smartphone. Paying for your daily expenses with a digital wallet reduces your usage of cash and helps create a greener future.
4. Mobile Banking
We all use smartphones on a daily basis then why not for banking? Not only is it convenient, it helps the environment to a great extent by eliminating your visits to the bank which reduces carbon monoxide emissions and the pollution caused by it. In order to set up your mobile banking, all you need is to open a savings account to get started.
5. Business Electronic Money Transfers
Real estate and business transactions often include huge money transfers. These involve courier truck trips between various lawyers’ offices, real estate offices, and banks. By opting for money transfers digitally for business and real estate transactions, it will eventually cut out the courier truck trips which results in pollution.
Yes you heard that right! Instead of receiving your bills by regular mail, with the help of Digital Banking receive your bills now on email. It helps the environment as it reduces the need for paper and ink and printing production, and also cuts down on postal vehicle trips, petrol and the associated pollution.
Digital Banking is playing a major role in conserving our environment. It can lead to a greener future only if everyone embraces the Digital Banking channels available.
Future is Eco-friendly Banking
Eco-friendly Banking means promoting environmental friendly practices and reducing your carbon footprint* from your banking activities. Switching from Traditional Banking to Digital Banking might have been challenging at the start due to habitual reasons but since the outbreak of COVID-19 pandemic, Contactless Banking has marked its presence into consumer’s life prominently. It has proven to be one of the safest modes of banking with various means like biometrics security system, OTP, user id and password coming into play.
Now that our future is all digital, here are ways in which you can practice eco-friendly banking:
It’s about time that we do our bit! Let’s celebrate this World Environment by switching to Digital Banking!
*Carbon Footprint: The amount of Carbon Dioxide released into the atmosphere as a result of the activities of a particular individual, organisation or community.