Read on to discover the basic differences between digital and conventional banking and how digital banks are setting the next frontier innovation in the financial services sector.
Lower due to cost of maintenance
Digital banks adopt a do-it-yourself approach where customers can self-serve through various electronic channels. Digital banking brings all the traditional banking services performed at the physical premises to the customer’s digital device. It covers cashless digital activities like fund transfers, deposits, withdrawals, account balance checks, bill payments, and investments linked to account checks.
With digital banking apps that are more accessible nowadays, there are more useful tools to carry out more detailed financial transactions at the leisure of your home. This autonomy in digital banking brings more favourable transactions to track your finances on your own accord and schedule.Due to lower overhead costs in managing digital banks compared to traditional banks, they operate at a much lower cost. As all operations run online, there are no costs to support branches to be open.
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