Are online banks slowly replacing commercial banks

[Sir_Garry55]

First of all, we can all agree that using online banks is more convenient because they allow customers to access their accounts
And perform daily transactions from the comfort of their homes or anywhere they are.
Online Banks now provide a lot of services such as personal loans, investment accounts, mortgages, and many more. Getting a loan from
An online bank  is easier than getting it from a commercial bank cause all you need is a smart phone
You won't have to worry about going through too many processes or standing on a long queue
Online banks have lower transaction fees compared to commercial banks compared to commercial banks, customers can save money
In their account for a long time without worry about any deduction

[Charles-Tim]

First of all, we can all agree that using online banks is more convenient because they allow customers to access their accounts. And perform daily transactions from the comfort of their homes or anywhere they are.

Commerical banks have online banking.

Online Banks now provide a lot of services such as personal loans, investment accounts, mortgages, and many more. Getting a loan from
An online bank  is easier than getting it from a commercial bank cause all you need is a smart phone

You can also get all these on commercial bank.

If you do not want to use online banking, you can use those online lending platforms which are easier and more likely to borrow you than online banks that you are talking about.

Online banks have lower transaction fees compared to commercial banks compared to commercial bank

This is one of the reasons many people are using them. For some transactions, it is free, unlike commercial banks that do charge their customers.

The other reason is because they have less failed transactions, more successful transactions and also better notifications service than commerical banks.

customers can save money
In their account for a long time without worry about any deduction

The commercial bank that I am using, if I put money there and not using it for any transaction, they will credit the account monthly. But that is not possible as I use it for some subscriptions. If you are using commerical banks, there would be more deductions. I agree to that, but not when you leave you money there without using it.

[Barikui1]

When you say online bank, are you talking about micro finance bank? If it's micro finance bank like moniepoint, opay kuda, palm pay etc then of a truth they are gradually taking customer of the commercial banks, but almost all the service you listed here are being offered by the commercial banks also, the only difference among them is the network speed.
You hardly get failed transaction when using micro finance bank and most of them like opay that I use, the first three transfer of the day are free, and they normally give Cashback in every transaction, so who no like better thing?
But what I think that have won the heart of customers is the network speed if am not mistaking.

[Zanab247]

I don't think online banking can replace the commercial banks, because commercial banks are more reliable than online banking if you don't know and if you look around very well, you will know that all those commercial banks also introduce some online app where their customers can also carry out their online transactions.

 If you are talking about commercial banks such as access bank, ecobank, fidelity bank, GTB etc those are among the commercial banks in Nigeria and they are more safe and reliable for people to bank with than online banking such as OPay, Palmpay, monipoint etc which are not reliable to people despite that they have good network for their customers to carry out their transaction at anytime without delay.

[Samlucky O]

Actually online bank is slowly taking over. Because their transaction fee is low, people have access to loan or to invest and earn, but people are still doubting there capabilities because they don't have branch and lately they always have issues with transfer, which make people uncomfortable or have doubt about this online banking system. But for me I think online banking like opay is one of the best online app. Sorry to say this I even prefer opay to bank because of how fast and effective it is. And Anyone can open an account with ease and in the comfort of your zone.

[Mayor of ogba]

First of all, we can all agree that using online banks is more convenient because they allow customers to access their accounts
And perform daily transactions from the comfort of their homes or anywhere they are.

Commercial banks also allow people to perform daily transactions from the comfort of their homes. For instance, you can use any of your commercial bank ATM cards to make payments online.

I don't think so because most of our fathers and mothers will not want to save money in a place where there is no office to file a complaint or withdraw money without a check. After all, some of our parents are used to withdrawing money with a check. Secondly, people will continue using commercial banks because they use them to receive their monthly salary.

[Obim34]

Of a truth, with the poor management practiced by this commercial banks like when it comes to network issues and excessive charges, many people are now finding it more comfortable using the online banks including myself. Those who are using Opay can relate to the update of using USSD code when one is out of data. Why most people are yet to adopt them is because they are still in the process of situating a physical base so as to any issue, complains can be made.

[Kelward]

The Fintech banks or online banks are really taking over from our traditional commercial banks, and the main reason be say dem network speed de very fast pass the commercial banks dem own. Before now person fit to de struggle for hours make one transaction to go through, sometimes wen transactions go through and money comot for your account, e fit to take days before e go enter recipients account, na so you go carry di matter de enter bank and de speak grammar for customer service staff dem. Truth of di matter now be say our commercial banks dem don wake up now and dem don de try for speedy transactions, all thanks to di online banks dem.

But just like for crypto matters, where reputable crypto coins wey don tey for market and dem don build solid reputation and you know say your investment de safe, versus new projects wey you no know weda dem go turn to shitcoins and your investment go follow dem sink. So make we no trust online banks go forget say our commercial banks don build solid trust and reputation on ground. Online banks fit to go bankrupt or shutdown, na who you go hold, but dat one no fit happen easily for commercial banks wey get plenty branches. So e de better to do fast transactions for online banks and save our money for commercial banks.

 

[Spaceman1000$]

First of all, we can all agree that using online banks is more convenient because they allow customers to access their accounts
And perform daily transactions from the comfort of their homes or anywhere they are.
Online Banks now provide a lot of services such as personal loans, investment accounts, mortgages, and many more. Getting a loan from
An online bank  is easier than getting it from a commercial bank cause all you need is a smart phone
You won't have to worry about going through too many processes or standing on a long queue
Online banks have lower transaction fees compared to commercial banks compared to commercial banks, customers can save money
In their account for a long time without worry about any deduction

Yes online banks are slowly replacing commercial banks in terms of customers usability, yes if you talk about collecting loans from a commercial bank, there is high level of bureaucracy and bottlenecks that you will have to go through to get a loan, unlike the online banks that with just a request, you will get your loan almost immediately.

There are other setbacks experience by commercial banks users like delay in receiving money that has been transferred, I have a commercial bank right now, if I make a transfer, it will take the receiver at least 20-30 minutes before the Person will receive credit alert, unlike the online banks that will deliver any amount of money you transfer and less than a second. For me the online banking has really made the banking system in Nigeria to be very fast and easy.

[Miles2006]

Have said this before that online banks will takeover commercials banks in terms of network, have experienced this several times, even when I'm stranded and I need the money urgently my bank will always disappoint. I use to experience this and during the cashless policy in Nigeria I created an opay account and ever since network issue has never been a problem, comparing traditional banks online system and fintech banking system still doesn't make any difference in terms of network.
Secondly transaction fee should be considered also, seeing the free transaction fee commercial banks are offering, it seems they want to compete with fintech banks but let's wait if this offer will stay for long. One thing have observed usung commercial banks and I have never experience such from opay is the strange calls I get from a banking agent it's either the person wants me to request for a loan or the person want to get my personal information like my BVN number using a thickish method, sometimes I laugh after receiving such calls but with this little point you'll know that using fintech banking app saves streee

[Nangiconference]

Commerical banks have online banking.

I believe that the online bank is talking about is fintech Banks like opay most especially and Palmpay those bank provides seamless transactions where you can buy your data, airtime do all payment of bills at no cost.
The registration is so easy and can be done and at any time and any day without going to the bank with much paperwork. the existence of fintech Banks cannot be overemphasized I really enjoy them even in terms of their discount bonuses for transacting with them.

[Moreno233]

The treat of online banking is real and the commercial banks are really facing it because it's not business as usual for them. The emergence of Opay, Kuda, PalmPay and the others have shifted the competition in the banking sector to another level. The played a key role in banking service penetration to the rural villages and the younger generation. Other advantages that make them preferable and acceptable are:

• Ability to open account with just phone number as the account number
• Easy sign up and easy to use mobile applications even without BVN initially
• Zero charge transfers, I don't know how the online banks survive without charging transaction fees

The success of these online banks have made the commercial banks to improve their services else they may be pushed out of business. GTB and FCMB are not relenting on their services, although they still have a lot of catching up to do. As long as their charge exorbitant fees for all sort of things, people will always for the online banks except those afraid of the high risk of the online banks. 

[Brainiac01]

First of all, we can all agree that using online banks is more convenient because they allow customers to access their accounts
And perform daily transactions from the comfort of their homes or anywhere they are.
Online Banks now provide a lot of services such as personal loans, investment accounts, mortgages, and many more. Getting a loan from
An online bank  is easier than getting it from a commercial bank cause all you need is a smart phone
You won't have to worry about going through too many processes or standing on a long queue
Online banks have lower transaction fees compared to commercial banks compared to commercial banks, customers can save money
In their account for a long time without worry about any deduction

Within all you've said lies the reasons why online banks are thriving and starting to be the first choice of a large number of people.
You can say these banks are:
• less fees charge per transaction
• Seamless
• Convenient as it can be done anywhere as long as there is a smartphone and connectivity
• Almost void of Hurdles and rigmarole associated with commercial banks
• More benefic when it comes to loan giving. And most online banks require no collateral

[Promocodeudo]

First of all, we can all agree that using online banks is more convenient because they allow customers to access their accounts
And perform daily transactions from the comfort of their homes or anywhere they are.
Online Banks now provide a lot of services such as personal loans, investment accounts, mortgages, and many more. Getting a loan from
An online bank  is easier than getting it from a commercial bank cause all you need is a smart phone
You won't have to worry about going through too many processes or standing on a long queue
Online banks have lower transaction fees compared to commercial banks compared to commercial banks, customers can save money
In their account for a long time without worry about any deduction

The answer is yes, the only banks have started replacing commercial banks and the reason is because online banks are reliable and the network is always available whenever you want to do your transactions, let me use opay for example since I started making use of opay, I have never experience network issue, my transaction both receiving and sending of funds are always done smoothly without obstruction, the commercial bank network is not funny, somedays you will send funds to person it will stay for days in some cases you will have to go to the bank to fill a reversal form, but in this online banks the reversal of unsuccessful transaction is made immediately without the filling of any kind of form or request.

[Cryptomultiplier]

For me, unless online banks have branches opened to conduct businesses in various places across the nation or state, then they still got a long way to go while the premise of them replacing our regular banks still brews.

One of the latest developments is the fact that online banks now request for NIMC and BVN details before even completing a transaction or accommodation of old or new customers.
The move works in accordance with this post of having them replace the commercial banks because we are heading in that direction, but I doubt in a decade, we will see the total annihilation of commercial banks because they have existed since the creation of many states and colonies since the existence of this country and will do so for many years before online banks becomes a household name to do with.