After the Covid-19 pandemic took the world by surprise and shut down thousands of businesses during the process, it seems to have become apparent that the traditional or “old” ways of doing things just do not cut it any longer.
One particular area that has become a highlight during the pandemic is digital banking. Companies like WireWallet, Revolut, and Solaris Bank are the typical types of companies that could be classified as offering digital banking products. Theo Antoniou, who heads up the sales department at WireWallet spoke to us about the benefits of switching to digital banking, and why you should be considering it for your business.
Firstly, Theo Antoniou explained to us that the focus for any business should be efficiency and the ability to use their limited time constructively. With this, he told us that with digital banking, businesses can significantly decrease their time expenditure when opening an account. We researched this and it would appear that opening accounts with digital Banks on average takes around 3 working days. This is a considerable reduction on the 2-week average plus a physical visit requirement to open an account with a traditional bank.
In line with this, and secondly, Theo Antoniou told us that the security levels of banking online are significantly better. With no ability to withdraw or deposit cash, credit card fraud is almost non-existent and all digital transactions require two-factor authentication so it is nearly impossible to be a victim of fraud when banking digitally.
Lastly, there are higher levels of customer service to consider. Theo Antoniou explained that with the rise of digital banking comes the rise in customer service and that in general, digital Banks have a more customer-focused approach to their business model as opposed to traditional Banks. The reason appears to be that digital Banks are trying extra hard to gain larger market shares and with this, a higher level of customer satisfaction is required in order to obtain new clients and keep them.
There is certainly a shift happening when it comes to how businesses should be analyzing their operations, and it would seem notable that in times of uncertainty and volatility, businesses should be turning their attention to places where they can not only cut costs but increase viability and efficiency in order to maintain some level of safety for their companies.