Digital Banking: Not Only Popular, But Here to Stay – A Black Banx Case Study

Digital banking

Digital banking has become increasingly popular in the last decade, and it’s easy to see why. With the continued advancements in smartphones, tablets, and other mobile devices, it is easier than ever for anyone to manage finances from the palm of their hands. 

Now, as many return to traveling and others opt to work remotely, digital banking proves to be even more beneficial, with the following just some of the advantages that continue to push its popularity among consumers.

Convenience

One of the biggest advantages of digital banking is the convenience it offers. With online banking, consumers can access their accounts and carry out transactions from anywhere at any time with an internet connection.

Faster transactions 

In line with convenience is speed and with digital banking, most transactions are processed comparatively quicker than with traditional banking. These can include processes like bill payments, transfers from one account to another, and even loan applications.

Security 

While many are understandably concerned about the security of their financial information online, most banks have robust security measures in place to protect their customers’ data. Plus, the convenience of digital banking means being able monitor one’s account more frequently, making it easier to identify and report any suspicious activity.

Access to information

Through digital banking, consumers can readily access detailed information about the account activity, including transaction history, account balances, and interest rates. This proves helpful when wanting to stay on top of one’s finances and making informed decisions about what to spend or invest.

Budgeting tools 

Speaking of spending, many digital banking platforms also offer built-in budgeting tools that allow for detailed tracking of spending habits or setting of financial goals. Some even offer personalized advice and recommendations based on a consumer’s spending patterns.

Remote check deposit

Most banks with digital services often allow users to deposit checks remotely by way of a smartphone or other mobile device. This is particularly useful for when unable to go to the bank and/or needing funds to be available sooner rather than later.

Lower fees 

As digital banking becomes utilized by more account holders, some banks are moving forward with reducing or eliminating fees associated with traditional banking. These can include ATM fees, over-the-counter fees, and monthly maintenance fees.

Environmental benefits 

Finally, digital banking has environmental benefits as well. By reducing the need for paper statements, checks, and other physical documentsand the need to maintain storage for them-—digital banking significantly reduces paper waste and promotes sustainability.

New features

With the continued advancement of digital technologies, combined with the constant competition between financial institutions, new digital banking solutions are always in development.

One such company always in search of ways to make digital banking even easier for consumers is Black Banx.

Launched in 2015 by German billionaire and CEO Michael Gastauer, Black Banx separates itself from other financial institutions by offering digital banking solutions that span 180 countries and 28 currencies.

Through Black Banx, customers are able to enjoy real time transactions made to and from almost anywhere in an instant. Along with international payments in 28 FIAT and 2 crypto currencies, the company’s services also include 24/7 real-time currency exchange services and 24/7 crypto trading services, to name a few.

Indeed, digital banking offers a wide range of benefits that continue making it increasingly popular among consumers. From convenience and security to budgeting tools and environmental benefits, there are many reasons to consider making the switch to online banking.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.