In the last handful of years, digital banking has experienced what can arguably be considered its most substantial amount of growth. For instance, according to the World Economic Forum’s 2024 Future of Global Fintech report, some 51% of the 227 fintech companies it surveyed around the world said strong consumer demand for their services was the main driver of growth.
Indeed, digital banking continues to transform finance through 24/7 access and tech-driven services, posing an almost insurmountable challenge to traditional banking with fintech innovations like those offered by the likes of global digital banking companies like Black Banx.
Surprisingly, despite the conveniences and accessibility offered by digital banks, traditional banks remain. This is because the ‘older’ model provides an alternative that is unique from its tech-driven counterpart. Let’s take a look:
| Digital Banks | Traditional Banks | |
| Access | Entirely online, no physical branches. Manage your accounts anytime, anywhere with an internet connection. | Physical branches for in-person service, ATMs for cash deposits and withdrawals. Hours of operation may limit accessibility. |
| Fees | Often have lower fees or even no monthly maintenance charges. They may also offer fee-free ATM withdrawals through partner networks. | May have higher monthly fees, minimum balance requirements, and other service charges. |
| Interest Rates | Typically offer more competitive interest rates on savings accounts and certificates of deposit (CDs) due to lower overhead costs. | Interest rates on deposit accounts might be lower than digital banks. |
| Services | May have a limited range of financial products compared to traditional banks. Some may not offer safety deposit boxes or cashier’s checks. | Wider range of financial products and services, including loans, wealth management, safety deposit boxes, and notary services. |
From a convenience standpoint, digital banks seem to prove to be the no-brainer choice, although given their longer existence and existing regulations, traditional banks (at least for now) continue to offer a wider range of products and services. So generally speaking, the choice comes down to some potential factors:
- Banking habits: Consider how often you visit a physical branch and how important in-person service is to you.
- Financial needs: If you’re looking for the best interest rates and low fees, digital banks might be ideal. For a wider range of financial products or if you need safety deposit boxes, traditional banks may be better.
- Technology comfort level: If you’re comfortable managing your finances online, digital banking is a good option. If you prefer face-to-face interaction, traditional banks might be better.
- Some people even consider a hybrid approach: Maintain a traditional bank account for in-person needs and safety deposit boxes. Then use a digital bank for everyday banking to benefit from lower fees and potentially higher interest rates.
Evidently, the choice between generic digital banking and traditional banking is a true either-or scenario. However, the choice of platform can be what tips the scales to digital.
Black Banx: Making Global Banking Even Easier Than Local (Digital and Traditional) Banking
Another aspect worth noting in the now high-digital world is how many are able to work, buy, communicate, and do business to and from almost anywhere. With that said, the demand for global banking services are at its highest ever, with many needing their banks to be able to allow them to send and receive money and manage their finances locally and overseas.
While not a new concept, for one reason or another, banking globally continues to simply not be easy when done through traditional institutions. Between the not so favorable to the customer exchange rates to the significantly high fees to actually make transactions, it is through global banking when the limits of traditional banking are most evident.
Fortunately, there are the likes of Black Banx that have not only pursued constant fintech innovations to make banking possible on mobile devices, but have specifically committed themselves to make banking easy and accessible from almost anywhere in the world.
Anyone with decent internet access, an updated smartphone, and even just one I.D. can establish a Black Banx account and immediately enjoy a comprehensive suite of digital banking services:
- Accounts in 28 FIAT and 3 cryptocurrencies
- Accept Private and Business clients from 180 countries
- International and inter-platform instant payments in multiple currencies
- Multi-Currency Debit Card options (including plastic, metal, and virtual)
- Real-time currency exchange and crypto trading services
- Unrestricted payouts to third parties and crypto withdrawals to external wallets
- Interest-bearing savings accounts in multiple major currencies
- Solutions like batch upload or API for bulk payments for business customers
For a business model that has literally existed for centuries, traditional banks have simply continued to fail in making financial products and services available for everyone. Yet, with a simple download of an app and a few minutes to create an account, Black Banx makes a wide array of options available to anyone, options of which can be enjoyed not just locally, but globally as well.
