6 Digital Banking Myths that you should knock off!
Times have changed and so have our way of purchasing and spending money. It is after all the era of cashless transactions. Digital banking and online payments are now the new normal for most of us, but it still has some major myths challenging and questio
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Personal Finance
- Swati Tripathi
- 2022-12-10
- 03 min read
#digital banking

So, here we take a stand to break some common myths that will make digital banking simple & seamless for you.

Myth #1: Digital Banking services are too complex

Getting used to modern technologies might be tricky for the older generation, but for the Gen-Zers, it's a daily practice. The amount of simplification and user-friendly interface has advanced over the past years. In the current times, these online payment modes have made our lives very convenient. Transferring of funds, exchange of payments and updating passbooks are now just a finger-tap away. Digitally advanced banking services are designed using simplified user-interface. This saves time, helps users connect and manage their finances from anywhere, anytime.

Myth #2: Digital Banking is only for those who can speak English

People often assume that automated banking services can be non-comprehendible because of language barriers. In a country like India, home to a lot of indigenous and regional languages. So, digital banking services have been designed to incorporate multilingual options. These include but not restricted to Hindi, Tamil, Telugu, Kannada etc. This has become one of the highlighted features of digital banking in India.

Also Read: Let’s Decode Personal Finances for Gen Z: The 50-30-20 Rule

Myth #3: Digital Banking is unsafe

“Can internet banking make my account more prone to hacking?” This is the most common concern for many internet and digital banking users, globally. Digital banks employ security softwares that are regularly being updated to combat cyber attackers. They also implement advanced encryption methods that guard data from third parties. These help in being secured from unauthorised access and any data breach. These include anticipated threats & more, because digital banking services ensure timely supervision and control.

Myth #4: Prone to wrong transactions

In advanced applications, there is always a reassurance and confirmation page that asks you to check and recheck all the details before you make a payment. Whether you’re paying via IMPS or NEFT, account numbers are usually asked twice, to avoid wrong transactions. These apps not just make you feel financially independent but help you manage them as well. With readily available transaction history, you can check every debited amount at any hour of the day. For more information, you can always choose to contact the customer service who are always available round the clock, providing its users and customers the best solution to their problems.

Also Read: 5 ways to start your journey to financial independence at the age of 18

Myth #5: It takes away the original banking experience from the customer

Some people do miss out on the days that involved writing cheques, drafting letters, and filling passbooks while waiting in the long queues of their banks. But in a time where social distancing and staying indoors is our no.1 priority, things and habits do need a change. Reformations like opening bank accounts from your mobile or laptop, features including online verification of documents, and the option of cashless payments have not just made digital banking in India a modern process but a smooth and easy one as well. Users and customers from anywhere in the world can access their money without being concerned if they are near their bank or not. This offers financial independence to the user and gives them a sense of control.

Myth #6: It is only for the young generation

Digital banking is indeed a modern and new concept but it is not at all inaccessible to the mature or the elder demography. The advancements are modern and simple at the same time. With a little help and practice, even your grandparents and elders in the family can use it. Along with a user-friendly approach, it provides various insurance schemes, investment options, etc. which might be useful across all age groups.

So, it is a fact and not a myth that digital banking services are the new way of making payments and managing your finances. From financial independence to cashless payments, digital banking methods have got it all covered!

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Also Read: 8 money saving hacks that you need right now


Q1 How to recover banking pins and passwords through the app?

The most common way to retrieve your password or to change them is through a mobile and e-mail login and verification. The user is asked to enter the OTP (One Time Password) in order to set a new password. 

Q2 Can we cancel online transfers immediately?

Unfortunately, the majority of cashless transactions and e-paying websites cannot have your processed transactions cancelled immediately. However, if the transaction fails, the deducted amount is credited to the user account within a week’s time!

Q3 How to ensure customer/user privacy while making cashless transactions?

Customer safety and privacy is a major consideration for all cashless and digital banking service providers. With strong and standardized encryption, organizations can protect their customers’ data & improve reliability.

Also Read: How to Quickly Repay Education Loan


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