Digital Financial Services - DFS


 
 
Concept Explanation
 

Digital Financial Services - DFS

What is digital financial services

Digital financial services (DFS) comprises a broad range of financial services accessed and delivered through digital channels, including payments, credit, savings, remittances and insurance. It also includes mobile financial services.

Moving from traditional to digital banking

Traditional banking has been in the scene for decades now. It is a form of banking where customers have a direct face to face communication with banks. It involves a brick and mortar branch where customers visit in person to do their daily transactions.

Digital banking means banking done through a digital platform. It helps you to do all your banking transactions online without having to visit a brick and mortar branch in person. It allows you to access your bank accounts and perform your transactions at any time and at any place.

So we can say that Digital banking means banking done through a digital platform. It helps you to do all your banking transactions online without having to visit a brick and mortar branch in person. It allows you to access your bank accounts and perform your transactions at any time and at any place.

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Sample Questions
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Question : 1

In digital banking, what is the primary purpose of using a Cash Deposit Machine (CDM) with Automated Deposit cum Withdrawal Machine (ADWM) functionality?

Right Option : B
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Question : 2

Which of the following digital banking products allows customers to view and download bank statements for any specified period?

Right Option : C
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Question : 3

What distinguishes digital banking from traditional banking?

Right Option : D
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