What is digital banking?

You might have heard us say “we’re a digital first bank” but what does that really mean? We'll explain more in our guide...

What is a digital bank?

A digital bank is a bank without any physical branches – where most of your banking services can be done electronically. Basically, it means you no longer need to head into town to do your banking.

 

Digital banking lets you manage your banking through your mobile or online channels without needing to leave the house. It can help take the stress out of everyday banking tasks. You won’t find first direct on the high street as we don't have any branches, but you can find out more about ways to bank with us here. 

 

There are a few different types of digital banking, including:

 

  • digital banking - where traditional banking products and processes have been made digital and can be accessed via banking apps and websites.

  • mobile banking – using your bank’s mobile app to do all your banking (from everyday banking to accessing new products and services). Both digital and traditional banks may have an app.

  • online banking - banking through your online account (usually via the bank’s website). This usually only covers everyday services such as checking your balance, paying bills and reviewing your transactions.

If you’re a first direct customer and you’re struggling with something online, you can always contact us or visit our friends at an HSBC branch for help.

Digital banking features

All the things you’d usually head into a branch for are made easier with digital banking.

 

On most banking apps, you’ll be able to:

  • check your balance 
  • make payments
  • set up standing orders and manage Direct Debits
  • update your personal details
  • view your transactions
  • transfer money
  • pay in a cheque
  • view statements.

 

Ways to bank digitally

When it comes to the different ways you can access online banking, the most common ways are:

Apps

Banking apps allow you to check your balance, view your statements, transfer money and do a whole host of other things in just a few clicks. They also mean you can set up extra security protections including notifications for your balance and overdraft updates. 

Online banking portals

You can also log into your bank account via a web browser. Often you can't do as much as you can in the app, but can still carry out basic banking activities such as checking your balance or transferring money.

Digital wallets

Digital wallets on your smartphone allow you to make contactless payments using your phone - without needing to have your physical credit or debit card to hand.

Is digital banking safe?

Banks take a lot of precautions and security measures when it comes to keeping your accounts and information secure. When using any form of digital banking, you should also take precautions to keep your information safe.

Make sure to use of all the safety features provided in your banking app or on your phone. 

 

Some of the features we enable include:

  • biometric authentication
  • fingerprint and facial recognition
  • options to freeze your card
  • real-time notifications
  • monitoring unusual activity
  • multiple ID checks
  • confirmation of payee checks.

Remember to always download official banking apps from the App Store or Google Play. These platforms have security measures in place to make sure the apps are legitimate.  

If you’re worried about bank fraud and scams, you can find out more about the latest scams here. 

What are the benefits of digital banking?

At first direct, we’re big advocates of making banking work for you.

 

Some of the main benefits of digital banking (on top of saving you a trip into town) are: 

 

  • convenience – access your accounts at any time or place from your phone, desktop or tablet. no need to head to a branch for everyday transactions

  • round the clock banking - 24/7 access to products and services

  • speed – make a payment or set up a standing order in minutes

  • user friendly Apps and website design - get your banking needs ticked off easily and free up your time to do the things you love

  • control over your finances - access to insights data to help you keep on top of your spending

  • chatbot support - help that’s there when you need it.

Interested in digital banking?

If digital banking with first direct sounds good to you, switch to a first direct 1st Account today.

 

The Current Account Switch Service (CASS) makes switching your current account simple and stress-free.

 

We'll switch your payments and transfer your balance, and your old bank will close your old account, so you don’t need to worry.

Switch to first direct

You might also like...

How to switch current accounts

Looking for a change from your current bank? Switching to first direct takes just 7 working days.
Switch to first direct

A bank account with benefits

Discover all the benefits you can get from having a first direct current account.
More about benefits

first direct perks

Get offers on everything from cinema tickets to getaways – just our way of saying thanks for banking with us.

For first direct customers with qualifying products. Terms and conditions apply.
More about perks