The Internet has taken over all corners of our lives. Financial area is one of them. If you are a Z generation, you probably have no idea how the banking system used to operate in the 90s. We had to gather a bunch of documents under our arms and wait in lines in suffocating bank branches to talk face to face with a representative. Creating a bank account took our entire day, and making an international money transfer could take more than a week. No need to say how pricey it might get per transaction. In some cases, a 3% was highly likely to be expected. This was not only time consuming but also making us annoyed and even desperate in some cases.
Traditional banks also charge you monthly or annually operating fees. In some cases these amounts might reach horrendous numbers. Digital banks or online accounts definitely saves you from these unnecessary costs.
Today, the great combination of technology with the penetration of the Internet into our lives led to breathtaking innovations in the online banking system as well. All those difficulties we faced a decade ago have taken their place on the dusty shelves of history. Thanks to the fantastic benefits of digital banking, we are not limited by mortar-and-brick banks; moreover, our mobile devices are all bank branches fitting our pockets now. We can handle all types of digital transactions with a simple phone call or just with a click from our cosy homes. Let us explain the basics first, after you finish reading our article you will definitely be surprised with the offerings of the new technology of digital banking.
What Is Digital Banking and what are the types of digital banks
Digital banking is financial solutions that use online and mobile channels for their banking services through multiple digital channels.
Briefly, it is possible to define digital banking as the traditional banking digitised at every level, from the front- to back end. This is a branchless banking system where you can create your account in a blink of an eye through a digital wallet. Digital wallets are online accounts operating much more effectively than traditional banking. Have you forgotten your mortgage payment on Christmas? Probably a salty default interest will be applied on your loan. Is it a perfect time to dispose of your Russian Rubles? You need to pay a visit to an exchange office. Or simply you are a new investor and you want to improve your finances or savings for the future but you don’t know where to start. None of these scenarios would trouble you if you had a digital banking account.
Most common types of digital banks are Neobanks, Challenger Banks, New Banks and Mobile-Only Banks. You can visit our blog to learn more about different types of digital banks and you can choose your digital bank according to your needs.
In fact digital banks are much more beneficial for everyone.For instance, are you a digital nomad? Today, millions of people continue their lives while engaging in remote work using digital telecommunications technology. Such a person can not use a local bank and is lost with translations. Have you ever tried to open an account in a bank abroad?
This is not only extraordinarily tiring but also has limited options. One of the most significant benefits of digital banking for users is independence from all strings such as location, documentation and annual fees. Today in the digital banking world there are no account management fees draining your pocket. You can even buy a house from abroad without travelling to any location. Another benefit of digital wallets, you can dive deeper into crypto currency. You can trade easily with less commissions. Also there are huge transaction costs when it comes to international money transfers. Maybe you are living abroad and want to send money to your loved ones. Digital Banking is the best option. It is quick, safer and much cheaper compared to traditional banking options.
Digital banking also brought new technological products into our lives. There are virtual credit cards or disposable virtual cards that keep you safe while you are shopping online. In a digital bank account users can more easily find information about payment methods, transaction amounts, and useful information such as financial education, investment guides and types of interest. This helps customers feel closer to the bank. Also you can easily keep track of your expenses and adjust your budget.
Time is money, faster money transfers with digital banking
We all know time equals money. In other words you should not waste time, because you could be using it to earn money. Digital banks use this motto and offer much more efficient and fast services so that we don’t waste our time. Tasks or transactions that previously required physical efforts or visits to a branch, such as depositing checks or applying for loans, can now be accomplished with just a few clicks on a screen through mobile banking apps.
Features such as mobile check deposit where customers can just take a photo of a check and deposit it digitally is a big time saver. Processing and completing such financial tasks remotely and fast allows you to focus on other priorities.
User-friendly platforms
Something which users value highly. Nowadays users increasingly use multiple devices, due to this reason companies are focusing to offer responsive designs that adapt to different configurations and screen sizes, as well as synchronising data so that it can be accessed at any time, regardless of which device the customer is using.
In other words, data synchronisation is a game-changer, allowing real-time access to financial information across all devices. No more worrying about whether your latest transaction will appear on all devices as everything updates instantaneously, giving you full control and visibility.
These features can be a little bit challenging for those who are more adapted to traditional banking ways. But in fact digital banking platforms are much easier to use and understand about your finances. In most cases most banking terms are explained in more detail and simplified.
Multiple Saving options
In the digital banking world there are endless saving options available. With automatization or different package campaigns, digital banks are excellent options to save your money. For example, in online shopping, you can get a percentage of your money back. Or there are a lot of discount options available for digital bank users. Some digital banks offer premium packages or subscription programs, so you can save money on your costs. Most digital banks have multiple agreements with hotels, airway companies. And with just using online banking you can take advantage of all offers.
Other options are automatic saving accounts. When you do regular shopping you can save your pennies for rainy days. Or you can automatically connect your debit account to your savings account and every month a certain amount of your income goes to your digital savings account.
More personalization
Most digital banks offer most personalised services. With the help of AI digital banks can offer more relevant financial tools and guides where you can improve your financial literacy. Personalised spending analytics, budgeting or saving reminder tools encourage customers to go beyond. Digital banking platforms provide tailored alerts and notifications like low balance warnings, unusual activity notifications, and payment reminders, these technological features provide users with financial control and security improvements.
Another positive tool offered by digital banks are more personalised insights and recommendations based on users’ spending habits and financial goals. Traditional banks don’t have the ability to monitor your activities up to this level. These insights definitely empower the users and help them to make informed decisions and improve their financial well-being.
Wow features
Another important tool of digital banking is enabling cryptocurrency transactions or any other type of investment option within the apps. You can send or receive cryptocurrencies, buy gold or other similar products in seconds and you can trade all types of financial products from your home. Jeton is one of the leading entities in the industry. You can follow our blog and learn much more about digital banking options.
There is no limit on investment options and you can be in control of your own finances. With the help of advanced technologies now digital banks offer secure and diverse portfolios to users. We would like to remind you that there are certain fees on these types of transactions. Jeton offers the most compatible fees and prices and best personalised solutions according to your needs. With the advanced technology solutions Jeton offers the best and personalised solutions to its customers.
7/24 available customer service
No matter which country you live in we all know that traditional banking customer services never had success. It takes a long time to get an answer to your phone call, you need to wait for hours. Over phone customer services are not available 7/24. Also in many cases they are very limited in terms of services and most of the time this creates frustration and leads to other problems.
Digital banks have revolutionised this area. With the help of chatbots now digital banks are 7/24 responsive and due to advanced technology they can quickly resolve all problems and can direct customers in the right direction.
Digital Banking is Safer
In traditional banking you need to deal with lots of physical documents. Even just to open a basic account, there is a ton of paperwork that needs to be collected from different entities then submitted. Also you have to go to a branch and sign countless contracts. Moreover all these papers should be archived somewhere in the bank with all your personal information. Do you think is this safe?
In digital banking, onboarding is very practical, it is very easy to open an account. Today most digital banks offer fast services. It is possible to open an international bank account just through a short video call or simple video recorded by you. Once you are all set up within minutes then you just need a password to sign in to your mobile banking which is connected to an account in traditional banking.
However, entering your digital banking account sometimes can be a bit more complex if you are not familiar with the digital world. Most applications require a fingerprint sensor, making it impossible to replace. Since we all have unique fingerprints, it is impossible to copy. Thus you are definitely protected. Like we mentioned before, we are talking about a safer system which can not sell your personal and financial information to third parties. Unlike traditional banking, gathering your data in a shared pool, digital banking keeps you hidden and secure from any kind of spam.
Online banks strongly embody potent encryption protocols, multi-factor authentication, and biometric verification techniques to ensure the security of online transactions. If you see a suspicious transaction on your account you can freeze your account with just one tap from your screen and can connect to your bank agent in minutes instead of waiting in long queues on the phone to understand what is going on with your bank account.
Jeton is one of the strong digital banks that are available in multiple Geos around the world. It’s a regulated financial service provider. With a customer satisfaction approach from all aspects, Jeton offers a seamless, user friendly and secure online banking experience to its customers. Jeton offers compatible transaction fees and is equipped with advanced security measures for all types of cross border transactions.
Jeton is the epitome of how digital banking should be. We have created an e-wallet with efficiency, functionality, and high-security measurements. Operating through 50 fiat currencies and more than 70 payment methods, we present you with smooth and seamless online payment experiences.
Jeton aims to guide its customers in the best way possible. You can visit our page to learn the benefits of digital banking for the consumers we provide. Join the Jeton community today and enjoy banking that’s truly built around you!
