The Rise of Digital-Only Banking
Wednesday March 20 , 2019
Digital-only banking is an innovative way to access all banking facilities exclusively online. For those who dread long queues and face to face interaction or those wanting to take control of their finances on the go, digital-only banking will revolutionise your banking experience.
Research carried out by PwC's Digital Banking Consumer Survey found a significant increase in the amount of consumers using digital-only means of banking using PC, tablet and mobile.
This increase of 19% in the last four years suggests customers are keen to manage their money from a screen as opposed to visiting their local branch.
These cloud-based businesses are simple and convenient to use and are already popular with the millennial generation. Benefits include real-time data analysis, expert customer service and efficiency.
Digital-only banks include Atom, Monzo, Fidor and Metro.
However, this is a fairly new concept and there are some issues to resolve so for now banking will remain 'omni-digital' allowing customers access to both digital and physical means of banking.