What are Digital Banking Services?

Digital Bank Accounts

Digital banking services offer a way to do your banking via the Internet on your computer or mobile device. Digital banking services include all of the traditional banking tasks which were once only available in a regular brick-and-mortar bank. Digital banking services may include making transfers, deposits, checking your bank balance, accessing statements, ordering check books, applying for a loan and more. A digital banking system can be implemented by a traditional bank as an additional way for their customers to receive services or a bank can be entirely based online. Online-only banks offer digital-only remote banking with access only via the Internet, telephone, mail or ATM network. Online-only banks practice direct banking without any branches. By offering their services remotely they significantly reduce their expenses and can offer customers lower rates and charges. Almost all traditional banking services are now offered by digital banking systems making banking accessible anytime and from anywhere from your computer or mobile device.

How to Open a Digital Bank Account

With some banks the entire process of opening an account can be done online (end-to-end mobile account opening) in minutes while other banks require a follow-up visit to a physical branch. Requirements vary depending on the digital banking system and type of account.

  1. Navigate to the Bank’s Website or Banking App. Click on the tab to apply for a new account.
  2. Provide Personal Information – The required information generally includes: full name; date of birth; residential address; email address and phone number. Create a password and username for your new digital bank account.
  3. Verify your Identity – Verify your identity with one or more of the following: government-issued picture ID; tax number; social security number; passport number etc.
  4. Agree to Terms and Conditions – Read and agree to the bank’s terms and conditions by clicking “I Agree.” You may be required to print, sign and mail back the agreement documents.
  5. Initial Deposit – Transfer funds electronically into your new account.
  6. Activate Account – You will receive an email with details of how you must activate your account. This can be over the phone; by entering a code sent by email or in some cases by visiting the bank branch

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The Best Digital Banking System

The Best Digital Banking System

Of the brick-and-mortar banks that offer the best digital banking software there is Singapore-based DBS which was the first to be named the world’s leader in digital banking by Euromoney in 2016. BBVA and CitiBank have also won awards for their digital banking services. The iconic UK bank Barclays Bank has an excellent online banking system and American Express Bank’s digital banking services include 24/7 customer service phone line.

Of the digital-only online banks Ally Bank offers many financial services; an extensive ATM network; high interest rates and benefits. It is often named the best overall digital-only bank. AXOS (formerly Bank of Interest USA) offers excellent services especially their checking account interest rates. Discover Bank is perhaps the best value in digital banking with an excellent rewards program. Worth mentioning are the First Internet Bank of Indiana; GoBank (mobile-only); Chime; Simple; Charles Schwab; Capital One 360 and Synchrony Bank.

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