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Is it safe to use digital banks? (Benefits of app-based banking (It's…
Is it safe to use digital banks?
What is app-based bank?
A bank that only works in the in-app interface
Most activities take place via online services e.g. customer support :star:
friendly environment like chatting with friends
:star:
Benefits of app-based banking
The apps can help with budgeting and tracking spending
Get a broad view of how much you spent on something specifically e.g. coffee/ bubble tea/ cakes
Your money's not always protected in the same way as a traditional bank
Be aware of some safe coverage for e-banking like FSCS (Financial Services Compensation Scheme)
The bank accounts are cool and high-tech BUT you can often get better rewards elsewhere
Many fintechs firms are fully-fledged banks in order to offer the awards or promotions
They can make saving automatic
Offering the customised features to design the bank account in correspond with customer's wish and necessity
Best for savings
It's easy if you lose your card or forget your PIN
Easy to deactivate the card just with the touch of a button
Convenient to distribute the new PIN code within the app
No more call to the bank and wait for a new PIN code to be posted
Want an overdraft? You'll need to pass a credit check
Banks now have to let you give authorised apps access to your current account