5 considerations to choose the right Digital Bank

Things to Consider Before Choosing a Digital Bank.
Digital Bank

Digital bank can simply be explained as the combination of Technology and Banking. Now, here is it. Digital bank is the process of performing transactions such as sending or receiving money, withdrawing money, applying for loans, and many more via an Internet-connected devices such as laptop, tablet, or phone.

The evolution of digital banking has brought a new era to the banking sector, and this is evolving every day thereby revolutionizing the way we do everyday banking.

When digital bank is compared to traditional bank, it has been seen that digital bank offers more services, opportunities and flexibility to customers. This can be classified as one of the advantages of digital banking over traditional banking.

Another advantage of digital bank is that, there are lots of digital banks out there and each of them are giving different options to satisfy customers.

Moreso, thanks to the incorporation of technology and banking system that makes digital banking possible till date. This has been most beneficial to us as we can access all important banking services such as depositing, withdrawing, sending, and even applying for loan services with just a click on our smartphones.

As the topic implies, I will discussing with you some criteria to consider when choosing digital bank for your personal or business use. So, without no further cap, let's dive into the primary reason of this article.

How to choose the right Digital Bank

Financial sectors are institutions that offers digital banking and typical examples of digital banking are mobile banking, ATMs and POS.

Digital Banking is possible via any electronic device, be it a personal computer, a tablet or a smart phone which is connected to the internet.

Therefore, choosing the bank of which we are going to be clients is no longer a process that should only be reduced to verifying who offers us the best conditions for the pocket and that also has a branch near our home or office, if you still consider the latter completely necessary.

Online services are now a critical factor in that decision process. And although today there is practically no bank that does not have a digital offer, it is also true that some clients do not know it well or do not know how to take advantage of these services. 

Here are five (5) things to consider when choosing a digital bank for business or personal use.

The Credibility of the Bank

The first thing that will come to your mind when you're planning to choose a digital bank is credibility.

You will like to know whether the bank you're going to partner with is registered or licensed by the Central Bank of Nigeria (CBN). Furthermore, you'll like to know whether the bank possesses an app which will definitely make it digital.

Provides all Bank Services

Another factors to consider when choosing a digital bank is services the bank offers. Digital Bank should be able carry out any forms of transaction through the website and the mobile app.

Moreso, you so be able to send money and view transactions history from the digital bank app or via web. Some banks also offers opening of account from the comfort of their home.

Accessible 24/7

The best digital banking platform must be easily accessed all 24 hours and must operate all 7 days a week no matter how hard things might be. You should know about the service availability of any digital bank you want to choose before choosing.

Transactions Charges

You should find out transactions charges the bank will charge when a transaction is completed. That is, know the bank charges rate and interest rate.

Some banks charge high, while some charge low. However, you should know the advantages of one over other to know the one that will suit your needs.


Top priority of financial institutions is high level security. A good digital bank should be able to providing the resources you need to protect your information on their platform.

Examples of security digital bank should have is notification that will give updates about any change made in your account and to receive credit and debit alert. Moreso, customer information must be save in a top-level security.

Nowadays, some financial institution and digital banks are using Blockchain Technology to protect their users information and to perform cross-border remittance service.

So, if you're choosing a digital bank, security is one of the most-have thing you should see before deciding to open an account with the bank.

In conclusion, digital bank is like the updated version of traditional bank. You will be able to do all transactions from the corner of your house. Thanks for reading this article. Do more to share this article with your network and drop your comments in the box below.

About the Author

Steadinet is a Multilingual Technology Network that Focus Mainly on Publication of Technology. This article was written bynEditorial Team of Steadinet Media

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