The Days of Brick-and-Mortar Banking/Services are Gone. Meet new options like Iban Wallet
We live in a digital world. Communication, work processes, gaming and even bureaucracy are now digital. Innovations are going so fast that things that were new a couple of months ago, feel like relics today. This fast pace affects our daily life and the way we interact with the world. In the same way all sectors have been adopting the changes that technology is bringing, the finance industry is also facing its own disruption.
In this article, we will examine the impact of digital finance on human lives. We will segment it into this subcategories for a better understanding:
In essence, Fintech is a broad-term and encompasses financial institutions, banks and new companies on the block, too. We can say that the emergence of ATMs in 1960s and credit cards in the 1950s was also a form of Fintech. Today, the term conveniently falls under the umbrella of digital finance, which offers a range of services like tracking the spends, online budgeting tools, digital payments or investment apps.
For instance, Iban Wallet is an investment app that allows you to save your funds and earn daily interest on your savings which are aimed to be paid on a daily basis. You can start with just €1 and earn a projected interest of 2.5% or choose other options that offer up to a 6% projected fixed rates. With your account, you can make deposits and request withdrawals when needed without fees. As simple as this is the way finance is evolving. Once you give it a try, you will be amazed by how user-friendly it is.
There was a time when banks offered incentives to open an account. Now in the age of digital finance, they have been quick to jump into the bandwagon of modern technology and offer a wider range of benefits.
As the digital landscape matures, some features are now expected from banks like a mobile app that tracks bills, funds and provide other services. Digital banking is becoming the ‘new normal’ as it offers much more than just accessing your account. It allows you the option to do your banking at any time of the day without the necessity of going to an actual office.
Digital disruptors are the providers to alternate modes of payment. Noteworthy names in this section have taken the industry by storm allowing people to move their money from different parts of the world via their portals.
Digital lending services also belong to this category. In these services, the entry barrier has been reduced, allowing seamless operation, less clutter and time-exhaustive procedures.
How Iban works?
Change is Constant
Needless to say, digital finance have made the financial services much more accessible than they previously were. They have effectively changed the world around us. It would not be a far-fetched claim to say that this industry has been majorly impacted by the digital revolution and we are sure the journey is far from over. More change is yet to come.