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 such as 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 institutions or physical structures as such, it is dematerialised or virtualThis means that it does not have a reception desk or receptionist.

It has the major advantage of being free or cheaper than traditional banking because of the reduction in intermediaries and manpower, which will also allow reduce taxes.

As far as the services offered by online banking are concerned, there are many similarities with traditional banking.

However, there are some differences due mainly to the dematerialisation of online banking and the virtualisation of the latter, which can be summarised as follows:

  • Complete account management: free of charge and without having to go anywhere, 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 plus and pro services: these are services dedicated to professional or business use and may be subject to a charge.
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Online banking

How to choose your online bank?

The banking market has become a world for competition, as prices are coming together.

It is difficult to choose a bank properly, 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 technological and communication skills and abilities.

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 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 a variety of information to consider. It can be difficult to store all the data, but it is possible to make a fairly simple sorting, as you need to use your profile wisely. For choosing a bankIt is best to know all the objectives in as much detail as possible.

  • Banks offer accounts for students, pensioners and employees.
  • Are your financial needs important, as you need to invest in the stock market or do you just want life insurance?
  • You can also select a personalised advice according to your needs.
  • Bank fees and charges need to be carefully examined, 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, etc.
  • The banking network is also important, as 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 circumstances are also important, as if you are in a relationship you will have different needs from a single person without children. If you are unsure about which services are best, it may be a good idea to talk to a professional with experience in the sector, who will have the necessary skills to guide you.

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