Online Banks

Some banks have no physical location and exist entirely online.

Online banks are a relatively new trend, providing maximum convenience.

With online banking, you can do all your banking from your smartphone.

This type of banking is very popular outside of the United States, especially in East Asia.

One of the most enticing features of mobile banking is the completely contactless transactions.

You can use the bank’s app to read QR codes, which will open a box through which you can purchase products.

Convenience is the main advantage of mobile banking.

Here are a few more:

• Fewer and lower fees: Because exclusive online banks don’t have to pay the cost of physical placement, customers of these banks can save money. There are lower fees at these banks. Most online banks don’t charge a minimum balance fee or overdraft fee. Any fees that do exist are almost guaranteed to be lower than competitors.
• Credit Services: Credit lines can be opened through mobile banks. They are also likely to charge competitive rates and lower fees because of the generally inexpensive nature of online banking.
• Simplicity: These banks are very simple. Most offer only basic current and savings accounts, and some offer credit programs.
• Versatile access: Your bank is never out of reach, including customer service that can be contacted remotely at any time.
• Overall, mobile banking is a very convenient banking solution that’s easy to use and inexpensive.

The only problem these banks have is how limited their services can be in the absence of physical locations.