E-Banking Tips: How to Find a Perfect Online Bank for Your Business

By  //  August 5, 2020

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E-banking is overtaking traditional banking, and if you are about to choose your online bank, this article is here to help you in making a decision.

E-banking is overtaking traditional banking, and if you are about to choose your online bank, this article is here to help you in making a decision.

If you want to organize your earnings better, grow your wealth, and make your everyday life easier, finding a perfect bank for e-banking is critical. 

But how to choose an e-bank? 

Choosing an online bank is a process that can be complex at first since there are several points to have in mind. 

Apart from your needs and your profile, when choosing online bank service take into account some factors we give you enlisted bellow. 

As Few Fees as Possible

So, how will you save money with an online bank (compared to traditional banks)?

The savings made with e-banking can be found on the rates for the daily use of the account. For instance, there are no account maintenance fees, and you get a free credit card, everyday transactions free of charge.

For travelers, some e-banking offers can be an interesting way to save money on payments and withdrawals. Admittedly, this isn’t where the biggest savings can be made, but if you travel often, it can make a difference in the long run.

Higher Interest Rates Your Fare Best

Since online banks are not obliged to pay the overhead costs related to maintaining a physical presence, they can pay higher APY -annualized interest rates on certificates of deposits and saving accounts. So, look for the highest possible interest rates, and you will be fare best. Also, consider the option of opening several e-bank accounts to transfer the money according to rates.

Efficient Customer Support

If you think of choosing e-banking over a traditional one, it’s to save your time and nerves. You want to spare yourself waiting in line, filling up the paper. And for that, you need efficient customer support. Apart from data privacy, that’s one of the major challenges for the digital baking system.   

The profiles of customers who are used to digital technologies and the logic of mobility and immediacy are those who choose digital over brick-and-mortar banks. They search for the excellent aspect of banking, such as customer service and additional banking services offered.

Online banks are keen to apply this logic by offering multi-channel customer services as a mode of communication: via chat, email, phone, or even the video call.

The goal is to erase the breaks in their customer journey by offering longer hours and more varied modes of communication than the traditional banks called “retails”.

Crypto Banking Services

If crypto makes the part of your business, you should find a bank that can offer this kind of service. Finding the bank that offers transactions in cryptocurrency and the exchange of crypto into fiat money, is not so easy, but not impossible.

IBANBit is the digital bank with all you need in creating a crypto wallet, OTC crypto to fiat exchange, and many more excellent features. With the IBANBit e-banking platform, you choose the cutting-edge, quick, and reliable service. Also, you enjoy up-to-date technology as well as high protection of your funds, making your experience more enjoyable and productive. 

Quality Finance Management Services

Overall, beyond the mobile application allowing easy access to current e-banking services (checking accounts, making transfers, etc.) we also note the presence of some personal finance management services such as:

• Financial management: this feature enables monitoring of the types of expenses, interactive graphics, SMS alerts… These tools are primarily aiming to help you visualize and manage your budget

• Electronic signature: almost all online banks offer the possibility of opening an account in a wholly dematerialized way thanks to the presence of the electronic signature. You receive an SMS on your mobile phone, which acts as a signature.

• Banking consultancy: given that online banks charge very little for account irregularities (overdrafts, etc.), they have every interest in offering their customers services that allow them to manage their money better. It is with this in mind that online banks have turned to implement budget coaching services. The idea is to offer customers an educational approach to learn how to control their budgets better. 

Strong Security Is Compulsory

The data security is why many are slowly adopting e-banking, despite being aware of its benefits. The security of customers’ data is critical.

For that purpose, the implementation of the new feature is about to come for e-banking systems. It is the platform for financial services.

It also ensures the customers’ consent to use their private data to enhance product offers. The account aggregator is in charge of transferring but not storing personal data. When choosing the e-bank for your needs, check FDIC, US government agency, that ensures everything goes right.

Automate your workflow with legally binding documents with an electronic signature on any device.

Final Thoughts

Depending on your specific preferences, the perfect bank for you should satisfy the list of your non-negotiables. Turn your tail if you stumble upon a flurry of documents and silly requirements and conditions barreling your way. All in all, the aim should be finding e-bank with the benefits outweighing the inconveniences and making your life easier.