Physical or Digital Bank: which is better?
Have you ever stopped to think whether it is better to be a customer of a physical or digital bank? There is no denying that fintechs and digital banks are growing rapidly in the financial market.
There are many advantages, but there are still those who are more reluctant to trust their finances to a non-physical institution. This is a common fear, especially for older people, which is why Conta Corrente has put together some important information for you.
Continue reading and find out whether it is better to join a physical or digital bank!
How does the Physical Bank work?
Physical or traditional banks have as their principle the management of money through the opening of current accounts, joint accounts, university accounts, savings and the offering of services that make things easier for account holders.
Banco Santander, Bradesco, Itaú Unibanco and Banco do Brasil are the four largest banks in the country, which together made R$1.4T81.509 billion in profit last year. The figure was calculated by Economática, a company specialized in providing financial data.
The services offered include four withdrawals per month, two transfers between accounts at the same institution, two transfers, a checkbook with 10 sheets per month. In addition to two monthly statements, debit card, consolidated statement, among others.
What about digital banking?
The big difference is the lack of a physical service center. All products and services are provided remotely, via the internet or telephone. For many, this is a huge advantage, as it is possible to resolve everything without leaving home and waiting in lines.
In recent years, many digital banks have emerged, but the main ones are Banco Pan, Banco Inter, Nubank and Banco Original. The vast majority offer great conditions to their customers, such as free annual fees, the possibility of investments and cashback.
What is the difference between a Physical and Digital Bank?
What sets physical banks apart from digital banks is the ease of managing finances through digital tools. You no longer have to spend hours in line and deal with the bureaucracy of physical banks.
Through a smartphone, tablet or website, anytime and anywhere, it is much easier to carry out transactions.
Nowadays, digital bank customers can now manage their accounts, make payments, DOC or TED transfers, make investments and have access to other benefits/services.
Security is guaranteed, as institutions have several encryption systems to protect their users' data and money. Digital banks benefit from this facility to develop their apps and offer the same convenience to their customers with reduced or even waived fees.
Perhaps the biggest disadvantage compared to physical banks is the customer service, which in some cases can be lacking due to the lack of a physical location with staff to provide guidance. However, there are institutions with impeccable online customer service.
So, have you decided between a physical or digital bank? As we have seen, both have advantages and disadvantages, but digital banks are becoming increasingly popular. This does not mean that physical banks will cease to exist, but it is interesting to give technology and all its benefits a chance.
