Today, the rise of digital banking has changed the landscape of traditional banking noted by Bahaa Abdul Hussein. Gone are the days when we lined in person up to open a bank account and submitted KYC documents. Today, banking processes have gone digital and you can conduct most banking activities sitting at home. In this article, we summarize the benefits of both systems for you to take your pick.
Advantages of physical banking
Human element
If you are someone who prefers to talk to a personnel than a chatbot, there is nothing wrong in sticking to old practices like visiting the physical bank. A human would also effectively understand you better and offer you the kind of help you want.
Safety deposit
In addition to banking services, you might want to store your expensive jewelry or important documents in their safety deposit boxes. For this purpose, a traditional bank cannot compare to online ones.
Customized support
Consumers all require tailormade support and advise. An A.I. can only help you so much and the tech it uses cannot be understood by people like elderly consumers and those who aren’t tech-savvy. Talking to an employee would help them better.
Multifaceted experience
Physical banks usually tend to offer a combination of both online and traditional banking services. In way, you can pick and choose what services you want to avail online and which ones you want to show up in person for.
Advantages of online banking
Round the clock access
Nothing beats the the ready accessibility of banking services from the comfort of your smartphones around the clock. You can check your balance whenever you want, update your banking details and apply for a loan easily.
Cost and time-efficient
It is no doubt digital banking saves us a lot of time and money. From having no to lesser fees and contactless transactions, you can send money to anyone in the world instantly. Physical banks take some time and heavier service charges to make international transfers.
Automatic payments
You never have to worry about missing the window to pay a bill with the arrival of online banking. Setting up automatic payments has changed the game for everything from mobile recharges to electricity bill payments.
To conclude, both online and traditional banking have their pros and cons. What suits you best depends on what generation you belong to and how familiar you are with online banking practices. There is no right or wrong choice!
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