It is 2022 and almost everything you want is on the internet, including banks. When you decide you want a bank account, you can decide whether you want to have a traditional one, with physical shops and ATMs, or a digital one. If you decide on internet banking over traditional banking, here are some of the advantages you could end up enjoying.
Enjoy Better Rates and Lower Fees
Unlike traditional banking, internet banking does not have overhead costs, rent, or any other costs related to running a business physically. This means that customers who get into digital banks enjoy lower rates and higher interest on savings because the bank does not have to pay for a lot of overheads. Traditional banks are also prone to offering you a wider range of fees like minimum balances and much more. None of these come into play when you are in a digital bank.
Fewer Personal Relationships
Introverts are going to love this digital banking benefit because they prefer little human interaction. Internet banking offers services all online, so you do not have to ever queue in a banking hall or an ATM line. Additionally, you do not have talk to a teller physically when you have an issue. Instead, you have your inquiries, complaints, or queries answered via email or other digital means like they do over at SoFi mobile banking.
If you like these physical interactions, you are at liberty to consider using traditional banking. For some people, physical interactions at the bank present a great customer service experience.
Enjoy Flexibility
Internet banking is one of the most flexible ways to bank for those who are always busy or on the road. Many online banks offer apps or website access options. Some also have USSD options, even though they are not as common anymore. Using these access points, you almost never have to walk into a banking hall ever again. You can call in or use social media to call customer care.
Enjoy Convenience
A lot of digital banks offer convenience in that they can be accessed from anywhere in the world. Whether you are traveling across continents or from one county to another, you can access your digital bank account from any place of your convenience. They also offer multiple currencies, so you do not need to keep buying or selling currencies. This makes moving from one point to another easy. Additionally, it makes transacting across borders easy. This helps businesses go global, which is really working for the cottage industry.
Opening up a digital bank account is a great option when looking for convenience and flexibility in the financial industry. Before you make a choice, shop around, and compare one bank to the other. This is so you can make an informed decision. Sometimes the marketing is deceiving. Therefore, read into the terms and conditions as well as the fine print before clicking “ACCEPT”.
