The financial industry is undergoing a substantial transition as a result of the fast adoption of digital technologies. Digital banking is the delivery of banking services through digital channels, such as mobile applications and online banking platforms. Digital banking offers convenience, security, and customization to consumers. Digital banking can result in greater efficiency, lower costs, and greater customer satisfaction for institutions.
There are many benefits to investing in digital banking infrastructure. Today, we show the benefits of investing in digital banking infrastructure using the fintech service Black Banx.
Black Banx is a digital bank that billionaire and native German Michael Gastauer founded with the goal of offering everyone a borderless financial system where money can flow freely no matter where they are.
Convenience
One of the biggest benefits of digital banking is convenience. Customers can access their accounts and perform transactions 24/7 from anywhere in the world. Using a mobile app, Black Banx customers can access their finances and transfer funds. This saves customers time and hassle, and it gives them more control over their finances, especially when considering Black Banx’s services are available in 180 countries and 28 currencies.
Security
Digital banking is also very secure. Banks use a variety of security measures to protect customer data, such as firewalls, encryption, and fraud detection systems. These measures help keep customer accounts safe from hackers and other criminals. Black Banx protects funds with industry-leading tools and a global diversification concept. Client money is never held at one bank in one country. Instead, Black Banx provides the highest level of protection by keeping segregated accounts at leading banks in different countries. As a result, money is globally diversified and protected by multiple jurisdictions.
It’s fair to assume that Black Banx proves digital banking is worth it. After being launched in 2015, they started with 200,000 customers. As of December 2022, the digital banking platform had over 20 million users. Its December revenue came to $1.1 billion, a staggering amount for a bank less than ten years old.
Black Banx offers a number of features, including:
Private clients and business clients
Private and business group accounts in 28 FIAT and 2 crypto currencies International payments in 28 FIAT and 2 crypto currencies using a local instant settlement system where possible (e.g., FPS, SEPA instant credit, etc.) platform instant payments in 28 FIAT and 2 crypto currencies Multi-currency Mastercard Debit Card (plastic and metal) + virtual cards time 24/7 currency exchange services
time 24/7 crypto trading services
Interest-bearing savings accounts in EUR, USD, GBP, and JPY
Batch upload or API to execute large numbers of payments for business customers
Black Banx’s cryptocurrency proposition is unique, offering clients autonomy by connecting its fully fledged banking platform with the features of a crypto exchange, enabling clients to use their crypto balance to pay third parties directly from the platform.
Benefits for banks
- Digital banking can also provide institutions with numerous benefits. For instance, digital financing can result in:
- Digital banking can help banks automate numerous duties, allowing personnel to focus on more complex and strategic endeavours.
- Digital banking can assist banks in reducing costs in a variety of areas, including branch operations and paper processing.
- Digital banking can assist banks in increasing consumer satisfaction by offering a more convenient, secure, and individualised experience.
The future of digital banking
The future of online banking is promising. As more people use digital technologies, demand for digital banking services will increase. Banks that invest in digital banking will be well-positioned to satisfy this demand and achieve success in the coming years.
- In addition to the aforementioned advantages, digital banking can aid banks in:
- Digital banking can assist banks in reaching customers who reside in remote areas or who do not have simple access to traditional branches.
- Digital banking can assist banks in expanding into emerging markets and other new markets.
- Digital banking can assist banks in offering new products and services, including mobile payments and peer-to-peer lending.
Overall, digital banking offers a number of benefits for both customers and banks. As the banking industry continues to evolve, digital banking is likely to play an increasingly important role. With an expected revenue of $1.9 billion by the end of the year, Black Banx proves digital banking is the way forward.
