Some of the most common features include instant notifications about expenses, monthly expense reports, expenses without commissions abroad and the ability to freeze a card instantly. These features allow you to have more flexible and integrated control over your money.
Some other less common features include the ability to split bills or even change your pin instantly. These features are particularly useful for travel, since you can easily keep track of your expenses and also withdraw money without commissions anywhere in the world.
Why should I switch to digital banking?
It is not necessary to change your checking account to digital completely, most people open a digital bank along with the one they already have. This allows you to have the digital account as a budget tool, where you can allocate an amount per month that you are willing to spend on bills, food, entertainment, clothing, etc.
You can still make payment transfers, create permanent orders and receive a salary at a digital bank. Therefore, if you wanted, you could have a digital bank as your only account.
How safe are digital banks?
It is an area in which digital banks are much more advanced than more traditional banks. They offer secure authentication on the device in the form of facial recognition, fingerprint scanning or voice recognition. Therefore, if you are concerned about security, you can create several layers of authentication, instead of just having a PIN number.
Digital banks require a two-step authentication
Generally, digital banks require a two-step authentication process to register, and you will still have to provide an address, as in the case of standard bank accounts. It is a realistic possibility that digital banks also include iris scanning in the future to make authentication even more secure.
There are many different options to choose from in terms of digital bank accounts. The features mentioned above are covered in most digital accounts, but some may have more specialized features.