Online vs. Traditional Banks: What’s Best for You?

Digital Bank vs. Traditional Bank: What's best for business? | Relay

The banking sector is always changing as we speak. Whether it is about innovation or setting new regulations in place, the sector is always subject to constant changes. Gone are those days when we had to take the whole day off just to visit our banks and stand in a long queue to make any kind of deposit or to check our balance. 

Since the inception of mobile banking, everything has changed around us. Now, when we talk about banking, convenience is the first thing that comes to mind. While mobile banking is indeed a blessing for a lot of people, for some, the traditional way of banking is still the way to go! But which one is the best for you? In this blog, we will take a look at which way of banking is the right one for you! But before that, let us take a look at some of the features of opening an online account.

Features of digital savings account by IDFC

Since we are talking about what’s best for you, here are some of the key features that make the digital savings account by IDFC FIRST Bank the best bet:

  • Hassle-free fund transfers
  • Convenient withdrawal using the IDFC FIRST Bank Debit card
  • Better rate of interest
  • Check transactions and track expense

Benefits of online banking

First, let us take a look at some of the benefits of opening account online:

  • One of the biggest benefits of online banking is the high interest rates. Therefore, if you are planning to keep a lot of your cash in your account online, the high interest can lead to a massive difference in the long run.
  • Other than that, you also get fewer fees and hidden charges shenanigans when you are considering online banking. With a conventional bank, you may be included in many service charges, such as operating costs. On the other hand, with online banking, you do not have to be worried about these charges, and opening an account is much easier and quicker online.
  • The best thing about online banking is the convenience. Do you have to pay a friend? Is today the day for your electricity bill payment? Do you need a large amount of money for a big purchase? Worry not, as with online banking, you can make your payments from the comfort of your couch.

Benefits of traditional banking

Now that you understand the benefits of online credit banking let us take a look at the advantages of traditional banking:

  • Simplicity is the key! For those who are not tech-savvy, the traditional way of banking is still their preferred choice as it does not require them to learn the new procedures of online banking, which are indeed complicated.
  • Conventional bank customers may easily converse about their problems and goals with an actual human. That is perfect for the folks who find the chat option in online banking difficult or even annoying.
  • The majority of the time, conventional banks have ties to the area in which they operate. They generally support local nonprofits and schools. Traditional banks have a history that many consumers consider great.

Wrapping Up

These days, digital banks allow you to cash in the boatload of benefits potentially. Convenience is one of them. However, there are still people who prefer the old ways of banking. You need to understand these benefits to decide which one is a good fit for you.