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We need to work on an auditing report by researching and assessing the digital banks operating locally, regionally, and internationally.

Their names, list of services, competitive advantages, USPs, communication style, positioning,… etc.

More often than not, the terms of digital banking and online banking are used interchangeably. However, there exists a fine line between the meaning of the terms and you must know it before digging deep in your research.

Digital banking is aimed at digitizing all the operations of the bank, core, or non-core. Basically, starting from onboarding of clients to servicing of the accounts, to closure of accounts is digital banking’s primary objective. Digital banking’s agenda is to make the physical presence of a bank’s branch redundant for its customers so that the customers can handle all banking operations from their place of convenience. Therefore, online banking is a subset of the master set, digital banking.