Digital Bank US banks are all over the place – from community to regional, local, and national banks. If a customer wants a conventional banking experience served through loans and debit cards, then she should go for these types of banks.
To help customers avoid those long lines and wait, Citigroup has opened the first bank that is 100% digital Citi. It has very simple banking processes and is branching out into different categories of financial services in the US.
Opening banking accounts online allows individuals to conduct economic transactions that they might otherwise need to go through in person. This process eliminates the need for people to be available locally in order to complete their banking needs.
These advancements give great benefits not only to individuals but also with respect to bank management. In this guide, we are going over some of the standard aspects of opening a digital account.
In recent times, new players (like Simple and Moven) have emerged trying to disrupt the traditional U.S banking industry while claiming that they are more customer-centric and better value than Amazon might eventually become potent competitors for large banks in the US market like Chase or Bank of America
Biometric authentication is the process of identifying people by unique physical characteristics. It is almost impossible to hack, making it a more secure type of ID in the digital era than offline methods like presenting a phone number or ID card.
SunTrust’s platform can also involve voice recognition, as you do when signing up for Apple Pay. There are security concerns when using biometrics often though; people worry their data will not be safe in bigger data systems.