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6 Surprising Advantages Of Digital Banking In 2022 You Should Consider

Digital banking is becoming increasingly popular, with people of all ages using it to manage their finances. Banks are offering more and more features to make digital banking more accessible and convenient. The number of people switching to digital banking will increase as technology improves. But why are so many embracing this change? Is it all it’s cracked up to be? Does digital banking have that many advantages over traditional banking?

 

If you’re on the fence about switching to digital banking or are simply curious about what it offers, read on to learn more.

Safety

When it comes to your money, safety and security are paramount. But you might be wondering how safe digital banking is. After all, we’ve all heard stories about people having their identities stolen online. But the truth is, digital banking is very safe if you take the proper precautions.

For example, you should always use a strong password for your digital banking account. And if possible, you should enable two-factor authentication. This adds an extra layer of security by requiring you to enter a code from your phone in addition to your password.

Banks also offer guarantees on any money in your account. So if there is any fraud or theft, the bank will reimburse you for the total amount. The digital banking team at bunq easy bank protects your money using the Deposit Guarantee Scheme of the Dutch National Bank. As a result, they can offer a 100% guarantee on all the money in your account, up to €100,000.

Fewer Fees

Banking fees can be a thorn in the shoe if you’re not careful. But with digital banking, you can often avoid these fees altogether. 

For example, many online-only banks don’t charge monthly maintenance fees. And if you do international banking, the fees are usually lower with a digital bank.

Of course, you’ll still want to read the fine print to ensure you understand all the fees associated with your account. But overall, you’ll likely pay fewer fees with a digital bank.

Convenience

As we mentioned earlier, digital banking is convenient because you can do it anytime, anywhere. But convenience goes beyond just being able to bank on your schedule. With digital banking, you also have more options for how your bank works.

For example, if you need to transfer money to someone, there are several options. You can use a bank-to-bank transfer, a peer-to-peer payment service, or even send money through social media. This gives you the flexibility to choose the method that works best for you.

If you need to deposit a check, you can usually do so by taking a photo of the check with your phone. This is a huge time-saver compared to physically taking the check to the bank.

Better Interest Rates

If you’re looking to grow your savings, you’ll be happy to know that digital banks often offer better interest rates. This is because they don’t have the exact overhead costs as traditional banks. As a result, they can afford to pass those savings on to their customers through higher interest rates.

You’ll want to shop around and compare rates from different digital banks to get the best interest rate possible. But regardless of which bank you choose, you’re likely to get a better rate than you would with a traditional bank.

Personalized Service

When you bank with a large traditional bank, it can feel like you’re just a number. But with digital banking, you can often get a more personalized experience.

This is because digital banks are often smaller and more agile than traditional banks. They can quickly adapt to the changing needs of their customers. And because they don’t have branches, they often have fewer customers to serve. As a result, they can provide a more personalized experience.

Better Customer Support

If you’ve ever had to call your bank’s customer service, you know it can be a frustrating experience. But with digital banking, you often get better customer support. Digital banks have less legacy infrastructure to deal with. As a result, they can invest more in customer support.

They are also incentivized to provide good customer support because they don’t have branches. Customers unhappy with their service can easily switch to another digital bank. So digital banks have to work hard to ensure their customers are happy.

There are many advantages of digital banking. You’re likely to pay fewer fees, enjoy more convenience, and get better interest rates. And because digital banks are often smaller and more agile, you can get a more personalized experience. So if you’re looking for a better banking experience, consider switching to a digital bank.

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