A few years ago, banks began to offer a wide range of mobile applications (apps) and websites, allowing us to manage our finances anywhere and anytime, and take care of our financial health. . Here are some examples of this quick and easy approach to banking.
Digital banking is, as the name suggests, a virtual banking model offered to customers as one of their main channels to manage their financial products and access both traditional services – such as customer support, demand certificates of ownership or simply checking the balance of their current accounts. account – and more innovative ones – such as subscription to a virtual card or consent by electronic signature. Digital banking has become extremely popular in recent years.
According to a recent study conducted by Statista, there has been a relentless increase in the number of online banking users in the European Union. In countries like Denmark and Finland, more than 90% of the population already used this model in 2020, well above the EU average of 58%. In other countries, such as Spain, penetration was already over 60%, with smartphones being the most popular device for accessing this service.
As we said, the main reasons for this change are simplicitybecause banks are doing everything they can to make applications and websites simple and intuitive, in order to improve navigation and the user experience; convenience, in that users can carry out all kinds of transactions through their smart device from the comfort of their own home, only needing an internet connection and without having to wait in line; and to top it all, Securityin this case cybersecurity, thanks to technologies such as artificial intelligence and blockchain.
Although the latest tools offer all these advantages, utility would probably be the aspect that most consumers would highlight when talking about it. If you want to learn more about the benefits of digital banking, be sure to read this Openbank article.