Argumentative Essay On Digital Only Banking

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Digital-Only Banking – A Soaring Wave in Consumer Banking “How is your experience with your current bank? Surprisingly, even today, for most of us the first picture that would flash our minds when we think of our bank - would be a branch – its long queues, the paper work to be followed to deposit or withdraw cash and so on!! For Charlotte too - a smartphone habituated millennial, who recently moved into Connecticut, saw her banking expectations taking a backseat. She was shocked when, she had to do regular visits to her new branch, - just to open an account and was forced to submit many documents. Travelling issues, time mismatches, busy branch staff, all added to her woes and delayed the process of opening the account. If these issues of the customers aren’t addressed, then the banks would be at higher risk of losing such customers Thus, it is the need of the hour for banks to ascend with the next wave in banking, which brings the bank to the size of an iPad, tablet, smartphone - or even smaller promising convenience at your fingertips. That’s what the world of Digital- Only banking is, a world which you are soon to move in to! Digital-Only Banks - A New Hotspot!!…show more content…
While digital-only banks offer the convenience, speed, accessibility and cost advantage of smaller day-to-day financial transactions, it’s very difficult to conceive a world where even big life changing events like buying a house, a luxury vehicle, long term investments etc., can happen without that personal touch or the interaction between human beings – the banker and the customer. Thus the mainstream banks will definitely have to buck up to match the pace of dynamic offerings from digital-only banks while continuing to offer the physical banking services they have been providing for ages, though in innovative ways now. That’s the near future of global banking world

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