Transport Layer Security (TLS) – Definition & Detailed Explanation – Digital Banking Glossary

What is Transport Layer Security (TLS)? Transport Layer Security (TLS) is a cryptographic protocol that ensures secure communication over a computer network. It is designed to provide privacy and data integrity between two communicating applications. TLS is widely used in digital banking, e-commerce websites, and other online services to protect sensitive information such as login … Read more

Mobile Trading Platforms – Definition & Detailed Explanation – Digital Banking Glossary

What are mobile trading platforms? Mobile trading platforms are applications that allow users to trade financial instruments such as stocks, bonds, commodities, and currencies using their mobile devices. These platforms provide users with real-time market data, news, analysis tools, and the ability to execute trades from anywhere at any time. Mobile trading platforms have become … Read more

Transaction Alerts – Definition & Detailed Explanation – Digital Banking Glossary

I. What are Transaction Alerts? Transaction alerts are notifications sent to customers by their financial institution whenever there is activity on their account. These alerts can be sent via email, text message, or through the bank’s mobile app. They provide real-time updates on transactions such as deposits, withdrawals, purchases, and transfers. Transaction alerts help customers … Read more

Direct Deposit – Definition & Detailed Explanation – Digital Banking Glossary

What is Direct Deposit? Direct deposit is a convenient and secure method of electronically transferring funds directly into a recipient’s bank account. Instead of receiving a physical check, the funds are deposited directly into the recipient’s account, typically on a set schedule. How does Direct Deposit work? Direct deposit works by the sender initiating a … Read more

Budget Alerts – Definition & Detailed Explanation – Digital Banking Glossary

I. What are Budget Alerts? Budget Alerts are notifications or alerts that are sent to users to inform them about their spending habits, account balances, and financial goals. These alerts are designed to help users stay on track with their budgeting goals and avoid overspending. Budget Alerts can be customized to suit the individual needs … Read more

Contactless Payments – Definition & Detailed Explanation – Digital Banking Glossary

What are Contactless Payments? Contactless payments refer to a secure method of transaction where a consumer can make a payment for goods or services by simply tapping their contactless-enabled card or mobile device on a point-of-sale terminal. This technology allows for quick and convenient transactions without the need to physically swipe or insert a card … Read more

Spending Analytics – Definition & Detailed Explanation – Digital Banking Glossary

What is Spending Analytics? Spending Analytics is the process of tracking, categorizing, and analyzing an individual’s or organization’s spending habits and patterns. This data is typically collected from bank statements, credit card transactions, and other financial records. By using Spending Analytics, individuals can gain insights into their spending behavior, identify areas where they can save … Read more

Personal Finance Management (PFM) – Definition & Detailed Explanation – Digital Banking Glossary

What is Personal Finance Management (PFM)? Personal Finance Management (PFM) refers to the process of managing one’s financial resources to achieve financial goals and objectives. It involves tracking income, expenses, investments, and other financial activities to make informed decisions about spending, saving, and investing. PFM tools, such as budgeting apps and financial tracking software, help … Read more

ATM Networks – Definition & Detailed Explanation – Digital Banking Glossary

What are ATM Networks? ATM Networks, short for Asynchronous Transfer Mode Networks, are a type of high-speed networking technology that allows for the transfer of data, voice, and video over a single network. ATM Networks are commonly used in digital banking to facilitate transactions, provide customer service, and connect various banking systems together. How do … Read more