Digital Bank

[Darker45]

Maintaining physical banks is expensive. You need to pay personnel, building rent, electricity, water, other maintenance expenses, and so on. If a bank can do away with all this, so much money is saved. These savings could, in turn, be used to offer higher interests in the digital savings of clients.

But, other than this, digital banks are becoming more attractive because it provides convenience. And, probably more importantly, they're offering very useful functions. So, not only will you avoid travels going to the banks and long lines, you have also a wallet that you can use for everything. If it's drained, unlike banks, you can easily go to the nearest store and refill it.

[Iranus]

Maintaining physical banks is expensive. You need to pay personnel, building rent, electricity, water, other maintenance expenses, and so on. If a bank can do away with all this, so much money is saved. These savings could, in turn, be used to offer higher interests in the digital savings of clients.

But, other than this, digital banks are becoming more attractive because it provides convenience. And, probably more importantly, they're offering very useful functions. So, not only will you avoid travels going to the banks and long lines, you have also a wallet that you can use for everything. If it's drained, unlike banks, you can easily go to the nearest store and refill it.

Both have their pros and cons. If banks eliminated all their physical branches, there would be thousands and millions of unemployed people. And with digital banks, when there is a problem, the processing process will take longer than with physical banks. With physical banks, you will have to spend time getting the order code and standing in line, but you will meet the bank staff in person and everything will be resolved better than with online support. When it comes to money, most people want it to be settled and processed quickly, so the existence of physical banks also has its reasons and advantages.

[retreat]

Based on my experience of using digital banking services for 2 years, I feel that digital banking has advantages in terms of ease of opening an account compared to traditional banking. You only need to verify your identity and in a few minutes your account can be opened. They also offer various features which are more complete compared to traditional banking such as competitive interest, savings locking, savings allocation, etc.
The downside is that you can't go to their physical office, so all your complaints and questions will be handled online. I once replaced my card and their customer service processed it within 1 week of business hours. And I think that's it, because overall it's pretty much the same as traditional banking.

In my country, they are offering higher interest rates returns compare to their traditional bank counterpart.  Anyone knows the reason why they can do that?  Also, what is the pros and cons of using digital bank instead of traditional bank?

I think that why they can offer competitive interest to their customers is because they don't spend a lot of money on their operations, they also manage customers' money in many lending institutions, and various other management. And because of this they are able to offer competitive interest rates to their customers (usually equivalent to state interest rates).

[Strongkored]

Anyone who is familiar with digital bank?  All I know is that, unlike traditional bank, they do not have the bank building hence saving them from all costs related to it.  In my country, they are offering higher interest rates returns compare to their traditional bank counterpart.  Anyone knows the reason why they can do that?  Also, what is the pros and cons of using digital bank instead of traditional bank?

I use a digital bank for online transactions because they usually collaborate with many marketplaces where I'm usually shop online, and indeed they offer higher interest than conventional banks but it is not something that is worth choosing so that we can get benefits because usually we will It's more tempting to continue shopping online when there are funds in our digital bank account unless we don't connect it, but I still think the interest is not worth it for us to use to profit from the interest earned because the investment is much better.
Why do they pay higher interest? it is possible to attract many users and the more people who use their services, the more benefits they will provide so that they can provide high interest rates.

[Mr. Magkaisa]

Maintaining physical banks is expensive. You need to pay personnel, building rent, electricity, water, other maintenance expenses, and so on. If a bank can do away with all this, so much money is saved. These savings could, in turn, be used to offer higher interests in the digital savings of clients.

But, other than this, digital banks are becoming more attractive because it provides convenience. And, probably more importantly, they're offering very useful functions. So, not only will you avoid travels going to the banks and long lines, you have also a wallet that you can use for everything. If it's drained, unlike banks, you can easily go to the nearest store and refill it.

          -    What you say is true mate, the digital bank is becoming more attractive because people who don't like physical banks are getting an opportunity with online banks. Although there are also risks and advantages at other times as well,.

I also use a digital bank, and so far, so good. As long as you know what you are doing, your balance will not be jeopardized for sure, although there are others who are hacked because they do not notice that they have fallen into the trap of hackers.

[Albarq]

Indeed, now digital banks are appearing on the surface and many customers are starting to offer a practical level of convenience without having a physical branch by being able to send directly to the destination and there are no debit card and monthly deductions in digital banks. There is also a weakness that there is no physical office if there is an error. Our error is that it is difficult to contact them, unlike traditional banks, it is easier
because there is an office so you can come directly to the place.

[martinex]

I only seen as fore more flexibility in the use case. Well, for use I think it only needs to adjust to current conditions and needs. If we are ordinary people, if we want to make transactions, you can also do it manually without having to use the application, but if necessary, it is necessary to quickly, but before using it, it is better for users to learn first, both the functions and data security and privacy.

Why does it seem higher? I think it's relevant besides that whatever is called service improvement is always followed by additional costs related to naming their physical infrastructure and for the point of additional costs will be charged where, I think the service provider will confirm to the user by itself if it has submitted for approval and agreement.

[Zanab247]

Every bank offers digital banking as their primary way of reaching and offering services to their customers so it's hard to differentiate banks with offices and not but usually we shouldn't trust a random new bank with any amount, just go with the most reputed banks whether it's government or private entity as long as it's doing its job and a little more in the interest won't make any difference.

Some of the digital bank you seen around your country is be owned by some traditional bank because they came to discovered that, many customers prefer to spend short time to carry out their transactions than the traditional bank that use to take a long time in transaction, and their charges is not too high like traditional bank.

There are many customers who don't like to operate the digital bank because if you have any issues with them, it will take some weeks or month before they can resolve it for you but if such thing happen in traditional bank, it will not take two days before you can see solution.

If your traditional bank is very safe for your fiat money, don't let the high rate charges to discourage you to start saving your money in digital bank you don't trust.

[jrrsparkles]

Some of the digital bank you seen around your country is be owned by some traditional bank because they came to discovered that, many customers prefer to spend short time to carry out their transactions than the traditional bank that use to take a long time in transaction, and their charges is not too high like traditional bank.

There are many customers who don't like to operate the digital bank because if you have any issues with them, it will take some weeks or month before they can resolve it for you but if such thing happen in traditional bank, it will not take two days before you can see solution.

If your traditional bank is very safe for your fiat money, don't let the high rate charges to discourage you to start saving your money in digital bank you don't trust.

Banks have their internet banking platform which is what we call digital banking if I am not wrong, so charges are similar whether you go to a bank physically to apply for anything and do that via online and about the scams it increased with the digital bank but it's not relevant to that discussion in my opinion though. High rates from an unknown bank that doesn't have any branch but only available online then its no for me no matter how much interest rate thy offers.

[slapper]

Every bank offers digital banking as their primary way of reaching and offering services to their customers so it's hard to differentiate banks with offices and not but usually we shouldn't trust a random new bank with any amount, just go with the most reputed banks whether it's government or private entity as long as it's doing its job and a little more in the interest won't make any difference.

Some of the digital bank you seen around your country is be owned by some traditional bank because they came to discovered that, many customers prefer to spend short time to carry out their transactions than the traditional bank that use to take a long time in transaction, and their charges is not too high like traditional bank.

There are many customers who don't like to operate the digital bank because if you have any issues with them, it will take some weeks or month before they can resolve it for you but if such thing happen in traditional bank, it will not take two days before you can see solution.

If your traditional bank is very safe for your fiat money, don't let the high rate charges to discourage you to start saving your money in digital bank you don't trust.

Digital banks are slick, cheaper, and attracting attention.  Cheaper and easier aren't always better. What if something goes wrong and your money is in limbo? Who do you call? A slow-helping chatbot? That'll cause serious issues. Traditional banks may take longer, but you'll get a real person and reliable service

We're talking about your cash, man. It goes beyond fee savings. Knowing your finances are safe and someone is there if things go wrong. A vault-like traditional bank. Sure, protecting your treasures costs, but who wouldn't desire piece of mind? Saving money by diving into digital unknowns could backfire big time

[Riginac111]

Anyone who is familiar with digital bank?  All I know is that, unlike traditional bank, they do not have the bank building hence saving them from all costs related to it.  In my country, they are offering higher interest rates returns compare to their traditional bank counterpart.  Anyone knows the reason why they can do that?  Also, what is the pros and cons of using digital bank instead of traditional bank?

I don't really understand what you mean by digital bank if you are emphasizing on cryptocurrency or digital currency kind of banking system so I will like to air my points, because I know very well that when you are banking with a cryptocurrency or saving your money on crypto related it is called a digital bank why you have access to make any transaction you want to do with your digital banking and sometimes your digital banking with the Bitcoin can appreciate based on the increment of the market why in traditional banking system your money cannot be increased or you cannot make a profit through a traditional banking system more than traditional banking system

[batang_bitcoin]

High interest rates from a digital bank aren't a trick or whatnot. They want to gather the trust of many new clients and it's more of a promo. Some cut cost is mainly part of it but eventually when they garner a lot of clients already that will deposit on them, they'd offer greater promos with their loans. With that, they are operating digitally and it's actually cost-effective not just for them but also for clients and mostly to the borrowers because with just few steps away, you get your loan if you're eligible.

[dansus021]

they are offering higher interest rates returns compare to their traditional bank counterpart is part of digital bank here in Indonesia digital bank gives you juicy apy from traditional bank first I believe this strategy because to grab more people to join their bank and second they didn't have office and have less people to operate so they can give a high yield for it customer.

I love digital bank to be honest apart from the yield, User Interface, Free Digital Debit cards, Free Transactions fees every month and etc made me move my money into digital bank.

[KingsDen]

they are offering higher interest rates returns compare to their traditional bank counterpart is part of digital bank here in Indonesia digital bank gives you juicy apy from traditional bank first I believe this strategy because to grab more people to join their bank and second they didn't have office and have less people to operate so they can give a high yield for it customer.

I love digital bank to be honest apart from the yield, User Interface, Free Digital Debit cards, Free Transactions fees every month and etc made me move my money into digital bank.

I was very much resistant of using a digital bank for a very long time until I was persuaded severally to open an account with them. Finally this year I did open an account with one of the digital banks in my country and it has been a very nice experience. They do not extort their customers unnecessarily as the traditional banks deal without remorse. They also do not charge for SMS alert as they do not send any text message to your phone, the offer limited free transaction fee. With their apps you can pay all kinds of utility bill which you might not even see in the traditional banks. Recently, their activities have not been going well in my country, it seems that the government are beginning to over tax them and give them some conditions which they cannot meet.

Since after the advent of covid-19, everyone understood that the world is tilting towards online. So, we should embrace this kind of gestures.

[GeorgeJohn]

Anyone who is familiar with digital bank?  All I know is that, unlike traditional bank, they do not have the bank building hence saving them from all costs related to it.  In my country, they are offering higher interest rates returns compare to their traditional bank counterpart.  Anyone knows the reason why they can do that?  Also, what is the pros and cons of using digital bank instead of traditional bank?

how many persons are into a digital banking because they have not been important of digital banking because in that aspect it is more safer when you invest your money or when you keep your money in the digital banking system than keeping your money in the bank. And still bank will be deducting in the name's of bank charges.

[Freeesta]

Digital banking has now become quite popular. To get money from the bank, you don’t need to go anywhere, just log into the application using your phone, go through verification and open a virtual account. Digital banks operate on the Blockchain, which greatly simplifies the transaction system and makes the network reliable and secure. Interest rates on deposits in such banks are high, but before you take money from such a bank, read the agreement carefully! In case of any problems, do not hesitate to clarify your questions in the online support of this bank.

[livingfree]

Digital banking has now become quite popular. To get money from the bank, you don’t need to go anywhere, just log into the application using your phone, go through verification and open a virtual account.

To be honest, I like it. I've just realized when I've read something about carbon footprint and it's said that we're helping our environment when do small actions like this and does transactions through digital banks or apps.

You can go everywhere, whenever you want and pay merchants on an instant scanning.

Digital banks operate on the Blockchain, which greatly simplifies the transaction system and makes the network reliable and secure. Interest rates on deposits in such banks are high, but before you take money from such a bank, read the agreement carefully! In case of any problems, do not hesitate to clarify your questions in the online support of this bank.

Not necessarily that all of them are classified to be using blockchain technology. Most of the digital banks are still the traditional banks that have made their own banking apps.

It's totally different from what we used to do with our own wallet making us our own banks.

[Mpamaegbu]

I was very much resistant of using a digital bank for a very long time until I was persuaded severally to open an account with them. Finally this year I did open an account with one of the digital banks in my country and it has been a very nice experience. They do not extort their customers unnecessarily as the traditional banks deal without remorse. They also do not charge for SMS alert as they do not send any text message to your phone, the offer limited free transaction fee. With their apps you can pay all kinds of utility bill which you might not even see in the traditional banks. Recently, their activities have not been going well in my country, it seems that the government are beginning to over tax them and give them some conditions which they cannot meet.

That feeling of skepticism, pessimism and reluctance is always there while confronting or embracing new technologies. I also felt the same way you did before I finally embraced a few of them last year. Since then it has been very smooth transaction experiences for me. In fact, I always make it a point of duty to move funds to them whenever I need to make online transfers in any environment where I suspect network might be an issue for the big-for-nothing traditional banks. Again, one can easily keep money in any of their save to earn and make daily interest and that's not even adding the free daily transfer transactions one makes on them which traditional banks charge for. As for security, the ones in my country are insured by the central bank and that gives them legitimacy.

[tengui]

I don't know for sure, but what I know is that the fundamental difference between digital banks and traditional banks is customer service. Digital banks receive reports or complaints from customers via digital means such as chat, while traditional banks receive customer reports by telephone or face to face. As far as I know, digital banks also have offices but with fewer employees, perhaps because the system is digital or online based.

[Bitco55]

I honestly always thought digital banks were just traditional banks made easy with phones and other devices. So, either one of us is getting this all wrong. Why exactly would I trust a bank that was made, founded, and runs just on the internet? They won't have customers at all trust me, and it'll be difficult too to have employees, so the difference between traditional banks and digital banks isn't that the first has a building and the other lacks it, it's that their services aren't location bound, it's limitless being on a software program. Digital banks most definitely have buildings where daily operations take place and that's how the mobile services are run.

Unless you're trying to make out an example of a literal bank and another kind of bank that's like the Bitcoin network. Mind you, nobody even knows who made Bitcoin. I bet if the Bitcoin network was part of an organization, it would have been influenced in so many ways by now. But that is not the point. The point is that, if the Bitcoin network were a digital bank, it'd still have a headquarters house to run it's operations. So, that's what I think the difference between digital and traditional banks is all about.