Now, you may wonder, what is a digital bank, and how does it stack up to a traditional bank? This is exactly what we’re going to talk about today. So, keep reading to learn the benefits of both digital and traditional banks, and why a local, community bank, like Bank of the Rockies, can provide you with the best of both worlds!
What Is a Digital Bank?
A digital bank is a licensed bank that offers banking services to its customers entirely online. These banks allow their clients to access their funds, make transfers, and perform many other standard banking activities online rather than at a physical bank location. Let’s look at some of the benefits of digital banks below.
Benefits of Digital Banking Services
There are three primary benefits of digital banking services for a customer.
With digital banking services, you can handle all of your banking needs with just a few clicks or taps. The convenience of knowing how much you’re spending and where you’re spending is crucial to staying on track with your financial goals.
2. Mobile Banking Features
With online banking, you can complete most everyday banking tasks right from your mobile phone or computer. You can access your accounts, transfer funds, pay bills, and more, all from the comfort of your own home or on-the-go.
Security is the highest priority for digital banking customers. Digital banking services offer easy access to extra security precautions such as multi-factor authentication to keep your information safe.
Benefits of Traditional Banking Services
At this point, a digital bank might sound pretty good. But, before you decide to change your bank to be fully digital, you’ll want to consider the following benefits traditional banking has to offer.
1. Customer Service
There are times when you need a real person to talk to—one who knows you. Traditional banks typically have more employees who are available to help customers, and they have more experience dealing with customer issues.
2. A Wider Scope of Services
Traditional banks offer a wider range of products and services than purely digital banks. This can be helpful for customers who need a variety of financial products, such as agricultural loans, business loans, mortgages, and investment accounts.
3. Physical Locations
Physical branches can be helpful for customers who need to deposit cash, speak with a banker, or get help with a complex issue. Traditional banks also have a wider ATM network.
4. Customized Solutions
Many traditional banks offer customized solutions for accounts, saving plans, and more. Digital banks, however, cannot typically offer the same level of customized solutions.
The Perfect Blend of Both
Traditional banks that offer online and mobile banking services, like Bank of the Rockies, provide the best of both worlds. You can enjoy the convenience of digital banking, while still having access to a personal banker and customized solutions.
Bank of the Rockies, the Oldest Bank in Montana, has proudly served the needs of consumers throughout the Meagher, Park, Lewis and Clark, Fergus, and Gallatin counties since our founding in 1883. If you are looking for a bank that offers convenience, competitive fees, and excellent customer service, then Bank of the Rockies is the right choice for you. Contact us today to learn more about our services.