Understanding what Digital Finance is
Digital and Finance are two distinct words that has become ever so put together is our society today.
Digital is what we all can relate with on how technology is ever evolving and it has impacted tremendously in our current civilization ranging from using fire woods to prepare food to now having Gas cookers, ovens and microwaves, washing machine for laundry, generator sets as alternate power supply, Cars, trains and Airplanes as means for transportation, all of these and more are due to the technological advancement of things/studies and the acceptance of these technology to become digital.
Hence the need for the aspect regarding our finance to become digital. As we have done with other facets of our human existence.
WHAT IS FINANCE?
Finance according to the dictionary means “the management of large amount of money, especially by government or large companies” it could also mean providing fund for a person or an enterprise, therefore we can say that having money for an average person is important. with this conclusion is it safe to say it is not just okay to have finance one should also learn how to manage our finance and this article Highlights the ways to go digital
WHAT IS DIGITAL FINANCE?
Digital finance refers to the digitalization of the applications, processes and business models used in the provision of financial services in the financial sector as against the traditional method. It can also be described as the refined method of delivering financial services with the aid of smart phones, tablets and computers and also the provision of digital method to bring the financial institutions very close to rural areas with the absence of situated infrastructure for that purpose.
WHAT ARE THE BENEFITS OF DIGITAL FINANCE?
The benefits of digital finances cannot be over emphasized; a few of these benefits below;
❖ The ease of carrying out transactions from the comfort of our homes at any time of the day.
❖ The security features being provided by the banking services via the biometric authentication as well as other methods of verifications.
❖ The safe, convenient and secure banking services and features provided by the financial institutions (such features include; saving tools, financial advice, Virtual assistance that help to make financial decision based on finances available to you, finance calculator amongst others)
❖ Ability to make quick financial decision, having absolute control of your finance, push notifications for low balance and over draft and also navigate through payment as well as receive money in a twinkle of an eye is also a top notch benefit of our finance being digital
❖ Digital finance offers the option of going cashless from place to place and make payment for goods bought and services rendered via the mobile banking app or the USSD code option, we could also create a request for a new credit and debit card all from the mobile banking app
❖ Beyond the banking aspect of digital finance, a lot of other benefits can be accrued from the digitalization of finance such as the opening of a broader base of communication which can enable seminars and conferences on financial literacy.
❖ It can also streamline digital finance as per the community and specific needs to be solved.
NB: Financial literacy is very important in order to take our finances digital and also find a banking service that works for your specific need as a banking customer either by banking online or visiting a branch office.