What Is A Digital Bank Account

Most major banks still require you to go to their Branch and open an account in person. But now you can open a digital Bank account directly from your mobile phone or computer.

Digital banking simply means that processes and interactions with a bank can be done online. A person can open an account, download bank statements, make payments, etc all from their computer or mobile device.

This facility is especially important for export business, eCommerce, and IT developers. Many times, these types of businesses need remote accounts in their customer’s country. By opening the account digitally they can not only save on travel costs but often digital bank accounts are significantly cheaper than banking with a Branch or larger banks.

Examples of uses cases include freelancers living in one country but working in another. Ecommerce providers to Europe and Americans who are based in Asia.

B2B Pay is a 100% digital service provider.

Reading Material: Mckinsey’s Survey on Digital Banking.

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