Online banking: what is an online bank?

HomeBanksChoosing a bankOnline banking: what is an online bank?

With the advent of new technologies, our daily activities have seen a great change, especially in financial areas like online banking.

These were first introduced in the 1990s, but their use has become increasingly essential since then.

This article will discuss the basic definitions and criteria for choosing online banks.

What is an online bank and what are its services?

An online bank is a bank that is only available and exclusively on the internetIt resembles the traditionally known bank except that it is not defined by establishments or physical structures as such, it is dematerialized or virtualThis means that it does not have a reception desk or receptionist.

It has the major advantage of being free or less expensive than the classic bank because of the reduction of intermediaries and of the implementation, which will also allow reduce taxes.

Regarding the services offered by the online bank, it has many similarities with the classic bank.

However, there are some differences due mainly to the dematerialization of the online banking and the virtualization of it, we can cite these services in summary as follows:

  • The complete management of the account: free of charge and without having to move, which is not possible with a traditional bank that requires employees and sometimes a long queue.
  • Printing, ordering and data management services: becomes even easier and requires no waiting time or travel or filing.
  • Additional services plus and pro: these are services dedicated to a professional use or to companies and can be paid.
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Online banking

How to choose your online bank?

The banking market has become a world for competition, as prices are getting closer.

It is difficult to choose the right bank, so you will have to rely on the criteria available and the characteristics of each bank and the services offered. For example, you can look for a bank according to your skills and abilities in technology and communication.

You should also try to find a bank that offers applications or services compatible with your work machine (android, computer, iPhone and iPad...).

Finally and most importantly, the income rate or deposit rate, as some online banks impose fixed limits or minimum balances, which can be a limiting factor.

Know your profile to identify the best bank

Choosing a bank can be quite complex, as you have various information to consider. It can be difficult to store all the data, but it is possible to make a fairly simple sorting, as you have to use your profile wisely. For choose your bankIt is preferable to know all the objectives in as much detail as possible.

  • Banks offer accounts for students, retirees and employees.
  • Are your financial needs important because you need to invest in the stock market or do you just want life insurance?
  • You can also select a personalized advice according to your needs.
  • Bank fees and charges should be studied carefully, as the difference between institutions is often substantial.
  • The range of banking products is not to be overlooked, as banks have sought to differentiate themselves from the competition with insurance, loans, contracts with orders ...
  • The banking network is also essential, because it is always unpleasant to travel miles to withdraw money.
  • You should therefore select the bank that suits you and is the least expensive.
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In addition, your personal situation is also important, because if you are in a relationship, you will have different needs than a single person without children. If you can't figure out which services are best, it may be a good idea to talk to a professional with experience in the industry who will have the skills to guide you.

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