What is a Digital Bank and What Services Does It Provide?

 Digital Financial Platform

Digital finance is more popular than ever in recent years, and the digital interaction between small business owners, consumers, and banks is expected to continue accelerating in the future.

I. What is a digital bank?

  • In simple terms, a digital bank is an online-based financial institution that offers services traditionally provided only at physical bank branches.
  • Digital banking platforms utilize financial technology to integrate their services with other financial providers, delivering a wide range of digital financial services to customers.

II. What services do digital accounts provide?

  • Obtain bank statements
  • Monitor transaction records
  • Fund transfers
  • Bill payments
  • Virtual card and careless payments
  • Cash withdrawals
  • Savings account management
  • Competitive foreign exchange rates and fees
  • Digital financial software enhances the accessibility, understanding, and management of traditional banking services. The growing investment in the payment sector, fueled by financial technology, drives disruptive innovation and market growth, providing significant benefits to many businesses, particularly small and medium-sized enterprises.

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