As technology continues to advance, it’s no surprise that traditional banking is being disrupted by digital banking. Gone are the days of having to visit a physical bank branch to perform financial transactions. Today, we have digital banks that offer all the services of a traditional bank but with the convenience of doing it all online. In this article, we’ll explore what a digital bank is, how it works, and its advantages.
What Is a Digital Bank?
A digital bank is a financial institution that operates exclusively online. It’s also known as an internet-only bank or online bank. Unlike traditional banks, digital banks don’t have physical branches, and all transactions are conducted online through a website or mobile app.
How Does A Digital Bank Work?
A digital bank operates just like a traditional bank. It offers all the same services such as checking and savings accounts, loans, credit cards, and investments. However, the difference is that everything is done digitally. You can open an account, deposit money, transfer funds, and pay bills all through your computer or mobile device, from the comfort of your own home.
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