Digital banking and what it means for cryptocurrency

The main idea of ​​digital banking is to provide clients with remote access andbank account and finance management. Thus, to check account transactions, you no longer need to go to the nearest ATM, since most well-known banking institutions have already implemented Internet banking. But when you still have to go to the office to sign papers, you realize that the digital banking ecosystem has a long way to go. In addition, the bank is still in full control of your money.

As we know, traditional banks are notbig fans of cryptocurrencies. Therefore, using a bank account to finance cryptocurrency transactions may result in it being frozen. For example, if the cryptocurrency is used for criminal transactions or violates the AML policy. At the moment, banking transactions with cryptocurrency are almost impossible.

What is digital banking?

Digital banking – is a service that allows customers to use banking features usually only available inside a bank branch:

Cash deposits;

Exemptions;

Transfers and payments;

Balance check;

Opening and maintaining an account;

Applying for financial products.

And with the advent of the Internet, mobile banking has turned into the same bank statement, but on a smaller screen.

Improved user experience

In many cases, the online banking application has the same interface as the website platform. However, as a rule, the latter are heavily overloaded with many functions and a cumbersome menu.

Digital banking companies have followed this trend and developed simple applications that are easy to understand.

Use of data and biometrics

Make the client feel safewhen using a banking application is one of the most important tasks. However, all these security processes can be annoying when checking your bank account every day – or even more often.

One approach to convenience – Login using biometric data.

Thanks to the introduction of fingerprint readers in smartphones, it has become easier for application creators to implement fingerprint-based identity verification systems.

Usefulness and safety

We can say that the level of the bank depends onhow useful and safe it is for clients. Modern digital banks must provide customers with immediate access to deposits and related financial services, such as exchanges and investment options in stocks and cryptocurrencies. Banks must stop acting like “big brother” and let users act the way they want.

Moreover, it is important to be sure that you do not lose your money due to hacks and server errors.

List of banking applications

Currently there are many on the marketonline banking applications. After all, competition brings progress, and progress brings better products and services. So, below are the best online banking apps.

Monzo

Monzo Bank Limited – company,registered in England and Wales, offers its clients a financial platform that allows them to manage their money quickly and easily. The service offers joint accounts, flexible savings accounts, overdrafts, payroll sorters, and bank accounts. The application can be used anywhere in the world where Mastercard is accepted.

In terms of fees, a user can withdraw up to £200 from ATMs without fees, while overdraft fees are £50 per day.

For cryptocurrency users, Monzo works with 3DSecure and supports money transfers to exchanges such as Coinbase. However, for larger amounts, the service may request AML.

Service is available in the UK and the USA.

Plutus

BLOCK CODE LTD – British companywhich is behind the creation of Plutus. Plutus – a cryptocurrency-enabled financial app used by thousands of people in the UK and across Europe. The service provides its clients with IBAN accounts along with a Visa card.

Plutus Card allows you to shop at morethan 60 million sellers around the world and receive a 3% return in cryptocurrency and up to 30% cashback in individual stores. The application is user-friendly and can be used for general tasks, such as accounts and transactions anywhere in the world.

Plutus provides support for cryptocurrencies by offering options for buying, selling and converting Bitcoin, Ethereum and Pluton from the application.

However, Plutus has yet to obtain a banking license, while its services are provided in accordance with the recommendations of the FCA.

Chime

Chime– is an online bank servingUS customers only. The company provides free Visa cards that can be used free of charge at Money Plus or Visa Plus network ATMs. The service supports direct integration with Paxful so its clients can instantly trade BTC within the app.

Fidor bank

Fidor Bank – this is an online banklicensed in Germ. The application offers various credit offers and card products, foreign currency investment options or online savings bonds – all in one account.

Fidor Bank is focused on Germany, but can also be used by users from Europe and the USA.

As for cryptocurrencies, Fidor works with the Kraken and Bitcoin.de exchanges, allowing customers to withdraw and deposit funds within a few minutes.

Revolut

Revolut– is a digital banking company with a global presence. Revolut provides a Visa card and is used throughout the UK, Europe, USA, Canada, Australia and Singapore.

The application offers domestic and internationalSWIFT and SEPA payments, supports up to 29 different currencies, bank transfers (even via SMS), split accounts and advanced credit card control (including freezing and disabling some of its features without making one phone call to the bank).

You can access cryptocurrency and exchange trading without a commission.

Revolut offers a standard version that already has extensive features, but also Premium and Metal, to meet the needs of more demanding customers.

Output

Banking through the applications offeredprogressive fintech companies, allows people to take control of their finances and increase the usefulness of banking services. With virtually no paperwork and office visits, they are truly moving the banking system into the digital age.

Even though they still need to getAccepted by a wider public, they give their customers control over accounts and allow transactions that traditional banks are unable to perform remotely.

More importantly, banks operating in the modeonline, offer their applications ways that allow technical specialists to make transfers and gain access to financial products that are not always available at banks.

And with the growing interest in cryptocurrencies, these financial instruments began to provide access and integrate with cryptocurrency exchanges, going beyond Bitcoin.