5 Benefits Of Digital Banking

The article highlights the increasing importance of digital banking, which has been accelerated by the global pandemic. Kevin Cohee from OneUnited Bank emphasizes the convenience and popularity of digital banking, allowing customers to bank remotely. Features like mobile check deposit, biometric authentication, and peer-to-peer payments enhance the digital banking experience. Security measures, such as multifactor authentication and FDIC insurance, ensure customer protection. Modern digital banking platforms offer a wide range of services and tools, including community-specific options like Daylight for the LGBT+ community. While digital banking provides flexibility and ease, customers should be cautious with public Wi-Fi and device security. Online banks typically have lower fees than traditional banks, though fees like maintenance, overdraft, and wire transfers may still apply. Choosing a bank with a well-rated mobile app and intuitive website can enhance the digital banking experience, providing convenience and financial control. Users can open online bank accounts easily by completing an application and verifying their identity. Digital banks operate online, offering competitive interest rates and revenue streams similar to traditional banks, such as lending and service fees.