Benefits of Banking Digitally

If you’re not already banking with a digital-only bank, here are six benefits you might want to consider:

Convenient

Customers have access to their money as well as the customer care centre 24/7, and they can bank from anywhere — at home, at work, or on the go. This makes it very convenient for all Canadians — and especially freelancers, shift workers, entrepreneurs, and travellers.

Cost-effective

With all digital banking transactions done online or by phone, there are no paper statements or chequebooks that add to banking costs. “Digital banks obviously run much leaner because they don’t have bank branches,” says Dickinson. This translates to no monthly fees and higher savings for the customer.

Customer-focused

“Digital banking is about what makes sense to the customer as opposed to the banks,” says Dickinson. That’s often reflected in product design. EQ Bank’s Savings Plus Account, for example, does away with the chequing versus savings model. Instead, customers can process all their transactions through one account which also earns them interest.

Higher interest rates on your savings

Without the costly infrastructure needed to run a physical bank, the digital bank model can pass these savings on to the customer by offering higher interest rates.

Simplicity

Customers can make an array of transactions all from one account. “Receiving payments, paying credit card bills, and arranging pre-authorized mortgage payments can all be done in one place where the customer’s money earns interest,” says Dickinson. Plus, it’s all paperless. “In a world where we see people increasingly purchase, pre-authorize payments, or send money online, the need for paper statements is becoming obsolete,” says Dickinson.

Ease of use

You can simply download the app and sign up within a few minutes. There are no forms to fill out and mail in and, in a lot of cases, customers are approved and have access instantly. You can sign up online using your mobile device or computer.