there are many advantages to digital banking. From saving time to saving money, digital banking has got your back.
The rise of technology has completely evolved the way we do things. From driving cars to the way we manage our money, technology is there to assist us with every move we make. As the uses of technology in banking continue to grow, the influx of online banking services have expanded greatly. But are digital banks safe? And why should we use them over a typical brick and mortar bank?
Every online bank implements numerous security measures once an account has been set up. Your digital bank account comes along with firewalls, ant-virus protection, a Security Software Layer (SSL) encryption, multi-factor authentication, credential confidentiality, automatic logout, biometric authentication, and limited liability.
These programs help to detect and prevent banking fraud. When using a digital bank account you can be sure that your money is safe and secure.
2. Access to 24 hour customer service.
Going to a physical bank means waiting in line to speak to a representative or having to schedule an appointment with limited time slots. Waiting any amount of time when you suspect banking fraud can be anxiety inducing and will put your funds at an even higher risk. Digital banking gives you access to customer service at any hour, night or day. With digital banking, no appointments (or pants) are necessary to chat with a representative. Having 24 hour customer service in your pocket will give you peace of mind and the knowledge that if you ever need help, someone will always be there to assist you.
3. Immediate access to your money.
Your money belongs to you and it’s very important that you have the ability to monitor or retrieve it whenever you want. Digital banks allow you to check your account balance, deposit checks, transfer funds, and pull out cash when needed. No one should ever have to wait any amount of time to access their important assets. Digital banks provide all of the access and information you need about your money with just a click of a button.
4. Savers earn a higher yield.
Every component to digital banking is virtual, this means that the company overhead of your virtual bank is drastically less expensive than a typical brick and mortar bank. Such little overhead allows digital banks to provide their customers with higher interest rates when they put their money into a savings account. Higher compounding interest rates mean that you can earn more money by just letting your cash sit in a virtual savings account.
5. When the bank saves money, you save money.
Less overhead on the business side of a digital banking service, means lower fees on your end of the banking service. Virtual banks are able to significantly decrease or even eliminate typical banking fees. All physical banks have maintenance fees, transaction fees, transfer fees, ATM fees etc. Because digital banks have little overhead, they give you fewer fees than a brick and mortar bank would give you and the fees they do have aren’t quite as costly as their counterpart.
As you can see, there are many advantages to digital banking. From saving time to saving money, digital banking has got your back. It’s your turn to take control over your money and switch to digital banking.