The Anatomy of a Digital Bank

The term “digital banking” is not a new concept, it has been floating around for years in fact, but despite its long existence in the market, not many fully understand exactly what it means and how it compares to other forms of banking such as online banking and even traditional banking.

Digital banking is the FULL digitization of a bank from its processes to its products and to the services it provides. This goes beyond just a brick and mortar bank having an app or a website. Digital banking can completely migrate all the aspects of a bank into a portable device, which means clients can perform transactions and all their banking errands within the confines of a mobile application.

With digital banking, there is no need for human intervention -- everything is automated using the latest in technology as well as data to improve the overall customer experience. This is different from online banking, which yes, makes bank functions available via the internet, but some if not most of the processes still follow the traditional way.

How does a digital bank work?

Facial Recognition via Mobile Application

Secured Digital Document Upload

To complete the KYC process via a digital banking app, customers will have to send in all necessary documents. Again, this is all done through the app and requires customers to take a photo of their IDs, which will be uploaded.

Digital Signature Capability

After filling up all the required information, customers will be required to provide their digital signature, which can be signed directly on their phone screens or by taking a photo of their actual signatures.

Why Choose Digital Banking?

It's Flexible

Less Fees

Because digital banks can cut a bulk of their operation costs by not having a branch and employing less people, they are also able to lessen or completely eliminate the fees typically charged by traditional banks. This includes free withdrawals, free interbank transfers, and more.

Less Requirements

Opening a bank account, in general, requires quite several forms and other standard operating procedures before anyone can get approved for even a regular savings account.

But with digital banking, everything is done within the app, and as long as you provide and fill-up everything correctly, you can open an account in just a few minutes. And unlike all traditional banks, some digital banks allow customers to open an account without having to make an initial deposit.

It's Safe & Secure

Like any other bank account, a digital bank account requires a password before it can be accessed. But unlike regular banks, account holders are doubly protected by having to provide a fingerprint before a transaction is made or having to confirm it with a one-time PIN (OTP). 

Are you ready to Change the Way you bank?