Current account: better option Physical Bank or Digital Bank?
A growing wave in the financial market is proving to be a new option for those looking for practicality when opening or moving their accounts. checking account: fintechs or digital banks.
Fintechs are companies with low operating costs, unlike traditional financial institutions that have physical branches and a large number of employees.
Advances in technology and increasingly efficient information systems have motivated these small startups to develop new business models. Within this growth scenario, traditional banks are seeking alternatives to reinvent their organizational processes in order to contain the loss of their customers.
Current account – Physical Bank
Personal loans, capitalization bonds, private pensions, credit cards, property and car financing are some of the services offered that charge account holders a monthly fee and interest on the services contracted.
Banco Santander, Bradesco, Itaú Unibanco and Banco do Brasil are among the largest banks in the country, together they made R$1.41 billion in profit last year. Information provided by the company specialized in providing financial data to Economatica.
Current account Digital Bank
Digital banks replace physical branches with apps and websites, which make the work of those involved, especially customers, easier. The four best digital banks are:
Pan Bank
It is very easy to open your account on Pan Bank. With it, you can get an account with no monthly fees, which doesn't use up your internet, with a free credit card that can even give you more credit when you open your account. A fully Brazilian bank that offers many benefits. You can apply for a free credit card with no annual fee that offers discounts in stores, restaurants, and travel, and you can even make payments by contactless payment. Download the app and see how simple it is to open your account.
Banco Inter
With 20 years in the market and a large investment portfolio, Banco Inter is opening up to new commercial perspectives and now allows account opening via website or app.
BMG Invest Digital
It is the investment platform of BMG bank, an institution with over 85 years of history.
Currently, in the digital age, it also offers the possibility of opening an account without leaving home, offering the best returns, Fixed Income investment options and no charges or fees.
Original Bank
Founded in March 2011 from the merger of Banco JBS and Banco Matone, Banco Original offers account opening services, credit cards, insurance, investments and loans. All online and without leaving home.
Nubank
Opened in 2013 by Colombian David Vélez, American Edward Wible and Brazilian Cristina Junqueira, it is a fintech that arrived with the proposal of the financial services market with online services.
The services included include opening a digital checking account with no fees, credit cards (some with no annual fees), investments, insurance, consortiums, loans, among others.
What is the difference between a physical bank and a digital bank checking account?
What distinguishes traditional banks from digital banks is the convenience of managing your finances using online tools, eliminating the need for long lines and dealing with the bureaucracy typical of physical banks.
Through a smartphone, tablet or website, anytime and anywhere, it is much easier to carry out transactions.
Currently, digital banking users have the ability to carry out operations on their accounts, make payments, transfers via DOC or TED, invest money and enjoy a variety of other benefits and services.
Security is guaranteed, as banks 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.
The only problem is support. Although there are contact lines with call centers, it is still a digital service, which means that it is subject to internet signal problems on both sides.
Procon's service has received complaints from customers who claim problems with the connection, applications or technical support via the call center.
In physical banks, this problem “does not exist” because the institutions have branches in every state, city and neighborhood in the country, with physical support from an employee who can resolve issues. In addition to the call centers.
Physical banks also have trained employees to answer questions and guide customers towards the best investments, personally evaluating what fits each person's profile.
It is still too early to say that digital banks have arrived to replace physical banks. As we have seen throughout this article, both have similar characteristics, but there are marked differences in taxation and service. This makes the competition for the best service and the best customer service even more fierce.
