Lower due to cost of maintenance
On the flipside, however, this means that there will be more cost incurred on the bank’s side, which will be passed down to the customer.Digital banking consists of any banking transactions you can do online. Online direct deposits, checking your balance on mobile applications, and transferring money between accounts online are all digital banking activities.
Digital banking also provides an ecosystem to enjoy seamless banking services with speed, accuracy, and ease. It relies on different technologies to provide services through several interfaces.It is without a doubt that digital banking provides the ultimate convenience since you are able to access your accounts at any time instead of planning banking activities within a branch’s operating hours.
Digital banks will then have more control over the money the customers invest, adding more to the savings over time.Digital banks usually offer compelling rates compared to traditional banks. This helps to increase the return of any investments made from savings accounts and helps customers to reach their respective saving goals faster.
The supporting government and regulatory policies have also acted as a catalyst for digital banks to play a pivotal role in the cashless economy.Launched on Aug 31, 2021, GXS Bank is one of the Lion City’s first digital banks for consumers and businesses. You are able to get an interest rate of 0.08 per cent on your main savings account and up to 3.48 per cent per annum on each Savings Pocket.
I think one of the biggest benefits of digital banking is its accessibility to anyone around the world. It doesn't matter what your economic background is, but you have a place to store your finances and make future investments.
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