What is Digital Banking & Its Benefits for Users?

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.

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.

What Is Digital Banking?

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. 

None of these scenarios would trouble you if you had a digital banking account. For instance, are you a digital nomad? Today, millions of people conduct 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.

Digital Banking is Safer!

You will just need a password to sign in to your mobile banking account in traditional banking. However, entering your digital banking account will be more complex. Most applications require a fingerprint sensor, making it impossible to replace. Since we all have unique fingerprints, it is impossible to copy. Moreover, 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. 

Jeton Wallet 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. 

Visit our page to learn the benefits of digital banking for the consumers we provide!

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