It is a usual practice for the renowned bank of the UK to offer rewards for switching from branch banking to online. By providing a flat monthly fee, helping through the multi-currency transaction and ensuring the highest experience of customers, the new generation of online banking is creating a pretty tricky situation for traditional banking. According to the recent forecast of Statista, 76% of people in Great Britain are using online banking services regularly. The practice is rising upward ever since it started in 2007.
Why should you switch to online banking?
By considering everything, isn’t it a valid question that why people are leaning towards online banking? Opening a bank account online can provide multiple benefits for you. So let us look at some specific features driving the switch to modern banking in increasing numbers every day.
Modern online banking provides you with cashless transaction facilities. You can use mobile banking facilities for purchasing goods and services. The online banking service does not charge any fee for cards. Also, it has the facilities of apps through which UK people can do banking, investment, and trading simultaneously over smartphones. The banks additionally offer a money map by which customers can track their transactions all the time. By money-map, you can also set your budget limit and can control your expenses.
Ease of trading
Some modern banks also offer trading opportunities right from the app. There is no custody or administration fee required for the minimum deposit. Per trading, the banks charge a flat rate of a fixed amount, which does not change upon the size. It does not require any hidden charge or inactive fees as well.
In addition, they charge a minimal amount compared to traditional banks for annual funding investment. The system claims that the more you are holding your portfolio, the less you have to pay. The opening of the account is entirely free.
Home banking convenience
If a bank offers you the chance to open an account online, the chances are it will allow you to do everything else remotely, too. From checking your bank statements to updating your address and verification data, you no longer need to leave your houses to do banking. So why go and queue up in a line when you can get things done with a few taps of your fingers!
And if things look a bit complicated, you can always contact a customer service representative for help. Depending on how advanced the online bank of your choosing, you will often get things done without any delay. They usually remain available 24/7 too.
Most importantly, the procedure of opening an online account is as straightforward as it could get. By just proving your identity and address with digital documents, you can apply to open a bank account online. While online banking is becoming a new norm, the UK’s banks are undoubtedly creating a revolution in their native industry.