Looking for Digital Banking solutions?
- Similar to a regular bank account
- Corporate accounts and individuals
- Send/receive funds, cards, payments, currency exchange
- Banking though mobile with advanced UI
With a Digital Bank account you can:
GBO can assist you to find the best digital bank account for your company
Please Contact us for digital account possibilities:
What is digital banking?
A digital banking system allows customers to do their banking on a desktop computer, laptop, tablet or mobile smartphone. With digital baking services financial transactions are made virtually without actual cash changing hands. With your digital bank account you can carry out all the traditional banking activities that you can do at a brick and mortar bank. It is possible to use digital banking to check your account balance, monitor transactions, make deposits, withdrawals, transfers and payments.
Digital bank account opening procedures
To open your digital account go to your bank’s website or download their app. Then follow the instruction to open a digital account. If you have an existing regular bank account then log in to the bank’s website or app using identifying criteria like your card PIN number. If you do not have a pre-existing bank account at the regular bank then you will need to fill in an online form and upload required documents. Some banks have introduced an express application which does not require uploading documents. Businesses applying for a digital account will need their business registration number; tax details; proof of residence; social security number; ID (like a scanned passport); an initial deposit and maybe additional requirements. If your company has multiple partners or directors and more than one person will be using the digital account then you will need to supply the contact details of all account users. Each account user will have to upload their signature to the application form and state their role in the company.
Best digital banking system
According to the Global Finance Digital Bank Conference Citi has the best digital bank system thanks to its innovations, digital banking services, consistency and reliability. Standard Chartered has been awarded best consumer digital bank for their personal touch and website design. Other banks that have been recognized for their digital banking systems have been Boubyan Bank; Wells Fargo and SEB Banka. The best digital banking systems provide convenience (use anytime anywhere); easy to use apps or website; security; speed; customer support; personal touch (intuitive platform); Cloud compatibility and low cost.
With technological innovation on the rise, the banking sector is transforming itself and undergoing pivotal changes.
Banks are moving towards the future by looking to engage new technological solutions and by the digitization of their processes. Many establishments in the banking sector are investing in Fintech companies to enhance their services and improve client experience. The future of banking is moving towards new technologies and digital solutions while shedding their legacy based systems.
Why is the future of banking technology so important for banks?
Banks that don’t take steps towards modern banking technology solutions will likely be left behind. It will be almost impossible to compete with other banks and Fintech companies that offer cutting edge digital banking and innovative services.
A major step for banks to consider is investing in banking technology and Fintech firms as soon as possible. It would also be beneficial to work with regulators to reach standards for the new technologies that are being implemented into many banking systems.
In the long term, those banks that don’t invest in the future of banking technology will be at a disadvantage. Banks need to get on board with the latest banking trends and give customers a much more innovative banking experience.
What are the latest banking technology trends for 2018?
Data analytics can give businesses crucial insights that can increase revenue and improve business practices. By monetizing data, a company can tap into and measure economic benefits while reducing expenses and accruing revenue.
Banks that offer data monetization services give their clients the opportunity to grow and improve their businesses. Data analytics can greatly influence market opportunity and clients are willing to pay their bank for these services.
Data Monetization is one of the top banking technology trends that assist businesses in realizing untapped revenue opportunities.
Customization and APIs
Most banks traditionally have a standardized system, with identical user interfaces regardless of a client’s needs. However, since different companies have unique banking needs, customization has become a major new banking tech trend. By eliminating the one size fits all model, customization can offer businesses a tailored interface and individualized support to enhance the customer experience.
Banks can provide customization via API, or application programming interface, technology. By enabling diverse software interactions, APIs allow for individualized customization, which is invaluable for many businesses. API banking offers banks the flexibility to feasibly provide customization to their clients.
For the last few years, we’ve been hearing a lot about Blockchain. Blockchain technology & Cryptocurrency is one of the biggest innovations in the banking sector for 2018. One of the main benefits it provides is its potential as an efficient alternative to lengthy and tedious banking processes. Blockchain can reduce the amount of people involved in transactions as well as performing these transactions in as secure and convenient method.
Banks worldwide have begun testing blockchain technology, publishing research data, and partnering with Fintech companies that use blockchain tech. Large banks with ample resources have even started the patent process for their own blockchain technology systems.
Blockchain is predicted to revolutionize the payments system over the next years. Digital payment volume is expected to increase significantly and the Blockchain can facilitate the extra payments volume and simultaneously lower associated fees.
Mobile Banking Advancement
Mobile banking has been around for a while and continues to be a major factor in banking technology trends in 2018. Although it’s very important for customers to access banking from a mobile platform, there are still banks that have not adapted to this critical need. Banks that don’t adjust to the current mobile era in banking will need to expand their platform to include on-the-go banking.
Changes in Regulations
There are many changes in banking regulations expected in 2018. One of the biggest game-changers is the implementation of the PSD2 (the second Payment Service Directive). Under PSD2, banks no longer monopolize their client’s payments systems and account data. This new EU regulation requires banks to share information with third party financial service companies. PSD2 allows individuals and businesses to manage their finances through any company offering those services while keeping their money in the bank.
These third party financial services can use a banks data and framework to offer services. In 2018, PSD2 will dramatically shift the banking sector by allowing financial service providers access to this data. This directive advances innovation in the banking sector and develops internet payments and security.
Additional regulation changes are occurring with FACTA (Foreign Account Tax Compliance Act), KYC (Know Your Customer), and AML (Anti Money Laundering) protocols. The financial landscape is undergoing a drastic shift with these regulatory changes and banks must now upgrade their technology and move towards innovation.
When it comes to security, banks have always faced the hazard of cyber attacks. While these attacks become more sophisticated, banks need to improve their security standards and invest in the newest and most innovative security systems.
Cyber security plays a huge role in the future of banking technology and needs to be properly implemented in every financial institution. It won’t be surprising to see new job positions such as Cyber Defense Manager that are trained to manage the latest security technologies.
Benefits of Virtual Bank Accounts
Virtual bank accounts offer several advantages over a regular account in a physical bank. As virtual banks don’t have the expense of a brick and mortar establishment they have fewer expenses and can offer low-cost services, higher interest rates and lower service fees. An added advantage is being able to do business anytime anywhere with your virtual account. Account holders can centralize outgoing and ingoing transactions yet have cash concentration, straight through reconciliation and less post-processing manual work on unmatching of items. There is less need for cash management products. With a virtual account you have more control over your account, efficiency and convenience.
- Fast transactions.
- Low administrative costs. As you probably know in business there are no “free meals” so if you are offered a free virtual account ask about hidden charges, fees and costs.
- Easy monitoring and tracking of where funds are coming from and going to.
- Improved cash flow.
- Improved turnaround time for account reconciliation.
- Option of changing the account numbers assigned to your clients/suppliers at any time.
Opening a Virtual Bank Account
Opening your virtual corporate account is a very simple and fast process. It is usually as simple as filling in an online form and making a deposit. You will need to allocate a purpose to the account and denote a legal entity or business unit. This is done by giving each virtual bank account a unique number that identifies it from other funds in the master account. If you have a virtual bank account with an IBAN number in Europe you can reduce the number of bank accounts you hold to one centralized account.