Deltec Bank’s view – Digital Only Banking
Digital-only banks are the new ‘must-haves’ for the new generation of banking customers such as Generation Z and Millennial cohorts. These kinds of expectations from the younger working members of our population are creating the new, agile, and on-going innovative platforms which are placing them leaps and bounds ahead of their bricks and mortar or more-traditional counterparts.
With their real-time data analysis and more agile platforms and technologies, digital-only banks are becoming increasingly more popular and widespread.
The new consumers of Gen Z and their older siblings and peers, the millennials have a growing reliance on their smart based techs, such as phones and tablets. This, coupled with their requirement for ‘on-the-move’ data, drives the digital banking industry forwards.
By tapping into some of the key traits and characteristics of these ‘on-the-move’ consumers, the new wave of digital banks is developing real-time intelligence, which will provide consumer information action, which will be personalized.
Such information as sending alerts to their customers which outline recent spending habits, right through to messaging with information warning them that purchases they may have or about to make, are beyond their budget.
These services have a hefty weight when it comes to improving saving habits and will have the added bonus of developing trust which will most certainly result in ongoing customer loyalty of their brand over time.
“With their real-time data analysis and more agile platforms and technologies, digital-only banks are becoming increasingly more popular and widespread.”
Agile technologies
Unlike traditional banks, the new digital-only banks don’t work with hefty and laborious slow IT platforms, which are extremely complex along with being excessively expensive to operate.
The new digital-only banks mostly have a cloud-based infrastructure, rather than an infrastructure based on the bank’s bricks and mortar premises.
Recently, the Fidor Group began utilizing application programming interface (APIs), and also began to open its application to third parties.
It’s also partnered with Bitcoin exchanges and has integrated the ‘Ripple’ blockchain payments protocol. Such features enable these agile technology-based banks to deploy newer customer solutions much faster and better serve the ever-fleeting new kind of digital-native customers.
Benefits of digital-only banks
There are many benefits for consumers of digital-only banks. The first big bonus is that, for many digital-only banks, you are able to open an account with a simple application and limited ID verification documents. Simply scanning in your ID cards and copies of required bills that match your account can be the best first step to obtaining your digital bank account.
Let’s finish below on a few benefits customers of all generations will be able to enjoy when embarking on banking via a digital-only variety.
“The first big bonus is that, for many digital-only banks, you are able to open an account with a simple application and limited ID verification documents.”
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
Media ContactCompany Name: Deltec International GroupContact Person: Media ManagerEmail: Send EmailPhone: 242 302 4100Country: BahamasWebsite: https://www.deltecbank.com/
