What is Digital Banking? What are the benefits of opening a digital banking party?

Digital Banking is the complete digitization of a bank and all its activities, programs and functions.

What is Digital Banking?

Distinguished from traditional banks, digital banks, whether or not to set up branches, are no longer dependent on the physical branch network, but to the digital network as the core of the bank, with the help of cutting-edge technology to provide customers with online financial services, services tend to be customized and interactive, the bank's structure tends to be flat. Digital banking is a general term for a series of things such as online banking, mobile banking, mobile wallet, online account opening, online marketing and so on. Digital banking relies more on big data, analytics and the adoption of all new technologies to improve the customer experience. No longer rely on the physical branch network, which means that digital banks only need to rely on digital technology, and run online, you can complete the work that traditional banks need to do, the service tends to be customized and interactive, the banking structure tends to be flattened. In the 1870s, Citibank began using ATMs to solve some of its users' everyday problems.

II. Benefits of Digital Banking

1. Costs We have touched on this briefly in the introduction. The truth is that most digital banks offer at least one account with no monthly fees, making it a great option for less demanding customers.

The typical breakdown of traditional banking fees looks like this.

Monthly savings maintenance fee: $1-$10

Monthly checking service fee: $3-$20

Non-sufficient funds: $25-$37

Overdrafts: $35

Transfers from savings: $10-$12.50

Typically, a digital bank's checking or savings account has no monthly maintenance fee, does not offer overdrafts, so there are no overdraft or NSF fees. Transfers are free if they're internal, and there's a small fee if they're sent to another organization. This is where digital banking differs most from traditional banking. While old-school banks try to take your last penny with massive fees, digital banks often don't even charge for everyday banking.