What are the alternatives to traditional banks?
Nowadays, digital banking is expanding really fast leaving behind traditional brick-and-mortar banks. Why is this happening? The modern generation was born with technology, information and speed in its hands. Most consumers, especially teenagers, are using all the innovations in many fields to do almost everything. They know the latest trends in many industries and they seek easier ways to save time and money. They somehow live on fast-forward mode. And the Internet and mobile apps come in handy for their needs. This is perhaps one of the reasons why many of them want to skip the long queues and the waste of time when completing all the forms that the banks require. They want to have something available 24/7 anytime, anywhere. And some companies took all of these as a wake-up call and introduced over the years alternatives to traditional banks.
The most famous are the online and mobile banks such as Revolut, Monese, Monzo, N26, bunq and Payoneer. These revolutionary, challenging banks are 100% app based and are now used by millions of consumers worldwide because everything can be done on a smartphone within minutes from the comfort of their home. People who choose these financial technologies would never have to go into a branch because they don’t have one. They are easy-to-use. All you have to do is to download the app for the bank you want, prove your identity, top up your account and you are ready to use it. You can order a physical card too but most of these banks offer the opportunity to make easy payments on-the-go with Google and Apple pay. These digital banks offer competitive banking services and products including current and saving accounts, loans, insurance packages, debit and credit cards and a lot more usually at a lower price than traditional banks.
Mobile banks represent the future for hassle-free and borderless banking because you get exclusive access to your bank account via app, you can check your account balance, get customer support, control your savings, make payments and what is most important is that you can lock your card whenever you need. You get real-time notifications every time you make a transaction, money exchange or transfer and payments when you travel with no or low fees. Moreover, with these amazing banks you see where your money goes monthly because all your transactions are categorized pretty well: from transportation and bills to groceries, shopping and expenses, from holidays to personal care and many more and you can make joint accounts and split bills with your friends, colleagues or relatives to manage rent or any other bills together. This will help you see who has made each transaction so you can easily track where your money is going. With digital banking you save time and money. No stress. No risk.