The 5 Benefits Of Using Digital Business Banking
In a world where there isn’t much left that isn’t digital these days, digital banking is a no brainer, especially when it comes to your business. But why? What are the benefits of setting up a digital business bank account?
What Is a Digital Bank?
You might be thinking a digital bank account is the same as an online bank account, right? Wrong, a digital bank is an organisation that operates fully online, with no physical locations you could walk into. For example, Santander is an online bank, but isn’t a digital bank as they have many physical locations. With a digital bank, everything is done online using the organisation’s website or app.
Also Read: This Isn’t a Man’s World: Women in Business
In the last few years there has been a major rise in the amount of new digital banks being created trying to take advantage in the rise of the digital world. Making it as simple as possible for consumers to purchase products and services with the touch of a button from our smartphones.
As they have no physical locations to pay for, or staff at these premises, they are able to reduce their overheads and therefore can offer much more competitive pricing for their customers.
There are many different types of digital bank available these days so if you’re looking to find one for yourself, you may want to compare digital banks to find the best one for your needs.
The Advantages Of Using A Digital Bank
- Open All Hours – As a digital bank has no opening/closing times, it can be used anywhere, at any time, making it the most convenient way of banking.
- Self Service Features – As digital banks are designed with online use only, the user experience is as simple and straight forward as you could ask for. All the features you could want from a bank are easily accessible through the app or website. You shouldn’t need to speak to anyone, however, there are always live chats available for quick answers.
- Enhanced Security – As digital banks are built with digital needs in mind, security has been taken into account in all aspects. Tools such as the two-factor authentication are often in places on such apps, and you are often able to see if someone has tried to access your account.
- User Friendly – Digital banks run on code meaning they can easily be integrated into the code on other platforms such as Cloud accounting and Xero. Making it as simple as possible for you to use for your business, without needing to get software engineers involved to do this process for you.
- Money Saving – This might sound like an odd benefit but by using a digital bank you’re likely saving money on fees. Many traditional banks will charge you a fee to create a business bank account. They may also charge you fees for transferring or sending money to other businesses. Then you also have the fact you’ll be saving money on the integration aspect of a digital bank being able to sync up to other platforms, without the need for a third party.
Hopefully this article will give you some insight into the world of digital banking and why it might be the right time for you to make the move away from your traditional online bank.