The growth of digital banks has increasingly attracted young people. With technology increasingly present in our lives, it is necessary for the economic sector to run to keep up.
What this article covers:
What are the benefits of Digital Banks?
Check out some benefits below:
Exemption from fees
One of the main novelties of digital banks is the fact that they do not have physical branches. Therefore, additional expenses such as electricity, water and salary to maintain the agency’s employees do not exist, which allows digital banks not to have, for example, an annuity fee on their credit cards.
That is, transfers like DOC and TED are free.
Convenience and low bureaucracy
When opening an account in traditional banks, it is necessary to carry several documents such as an identity card, proof of residence and even the telephone number of someone close to you.
In digital banks, this batch of documents is not necessary, it is only necessary to fill in the requested data.
Now with the advent of the internet, people are unlikely to prefer a method that involves huge queues to clear their doubts. Through online platforms, from the banks themselves, it is possible to have a quick customer service to answer questions or request services.
Disadvantages of digital banks
Now see some disadvantages below:
Since they do not have physical branches, digital banks can fail customers when it comes to offering face-to-face service.
Despite the convenience that comes with using your cell phone as your own portable bank branch, if there is a system failure you have to wait for the problem to be resolved before you can regain access to your account.
Physical or digital bank: which one should I open an account at anyway?
The financial institution you are going to open the bank with depends a lot on your needs at the moment. Traditional or physical banks have many fees (credit card annual fee, account maintenance fees and fees for carrying out financial transactions) that digital banks do not have, but the face-to-face service makes all the difference for those who enjoy “eye to eye” conversations. In the eye”.
In digital banks, it is possible to resolve issues that in traditional banks would be accompanied by huge queues and bureaucratic issues, however, it is possible to be at the mercy of the company in case there is a failure in the system and it is not possible to access your account.