Can Digital Banks Replace Traditional Banks?

What is Digital Bank?

I could say that a Digital Bank can be summed up as a Traditional Bank without the stress that can be a Traditional Bank like long lines for service, horrible service from the staff and the difficulty in creating cash deposits for other accounts. With digital banking this is completely out of the way, that is you have full utilization through your mobile device and from anywhere, however currently Digital Banks are constantly evolving, although traditional ones still try to catch up with their rivals by creating remote assistance or Online Banking the full functionality of transactions and managing your money through the mobile app they may not be able to solve the basics being done: the fast payment mode they allow

For those who have accounts with both banks you know what I am referring to, as an example I will use a digital bank called PicPay, if you are not familiar with this platform here is a short overview of what it is all about: Picpay is a popular application that allows users to make payments, recharge their prepaid cell phone, make purchases at establishments that accept Picpay as payment and even create a virtual credit card. It is a convenient and secure way of making financial transactions using a smartphone.

With great cashbacks for users of the platform, it allows you to pay anyone who has your number registered in their contacts, this is counting on the fact that the user also has a PicPay account. But this currently taking into account my country is not a problem, this is because the application is already well known throughout the country besides being one of the pioneers to use transactions using PIX. Another positive point on the part of this platform is in its Bank Balance yield just by keeping an amount in your wallet, imagine you simply leave $10 Fiat in your wallet and after some time realize that it was yielding without you having to do anything at all, can we then say that it is also a possible investment with the least possible risk? I would say yes my friend.

Which one is better compared to the others?

This is a question I may not be able to answer, each person may like a different platform or style, a great example of this is that my friends and family tend to have an account with NuBank Digital Bank, however I am not tempted to use the purple card one bit. If I were any to indicate if the person was really asking my opinion, it would indeed be C9 Bank and Original Bank. Both have the carbon aesthetic on their cards both Debit and credit, account income available according to CDI, investment options in stocks, real estate funds, government treasuries and other market assets. Without a doubt the C9 is my favorite, and the main reasons are:

• C6 Bank provides a complete and free digital account in addition to traditional movement and investment options. C6 Bank's card options and C6 Bank's Pontos Program satisfy all types of customers.

• As I mentioned previously about the Carbon Cartography of the physical card, those who do not want a more discrete card have the option of personalizing their C6 Bank cards, including the color and the name that appears on the physical card.

• C6 Bank's debit and Credit Cards have no expiration date. Both operate on the Mastercard International network.

• Diversified Investment options based on C6 card type, with those with only a debit card having a more basic selection, whereas those with a conventional or Black card can choose between fixed and variable income solutions, including those with no commission.

• For less experienced investors, assessors and even the C6 Techinvest solution are available to assist in the creation of a personalized investment portfolio based on financial goals.

Among many good advantages of using the digital account, perhaps the only setback or obstacle encountered for new users is that for the first issue of a physical card you have to pay. We can get around this by using the virtual card available in the account with active proximity payment.

Security in Digital and Traditional Banking

)

The security of digital banks is a critical concern for both users and financial institutions.The digital banks use a variety of security measures to protect their users' information and transactions, with the most commonly used in businesses being Cryptography and mobile authentication. This ensures that the data transmitted is encrypted and can only be decrypted by authorized recipients, and the authentication of factors works. This adds an extra layer of security to ensure that only the account's owner has access to it.

However it is worth mentioning that not all cryptography is totally safe from attacks.
ura of attacks, recent examples with Blockchain happening failures quite dangerous to keep your money safe, on the other hand in terms of security the Traditional Banks do not tend to have many problems with this in the form of face-to-face service, this restricts possible unwanted Withdrawals from the account or transfer without the guarantee that is the person himself. I've been tired of blocking my card countless times due to loss and only being able to unblock it in person at the bank's branch.

Conclusion

This post sums up well my choice, Digital Banking. Although I have all the concern of possible failures and not being able to access say the digital platform, I still prefer the practicality and ease in its use. I am not saying that I no longer use traditional banks, on the contrary, I am still a user of Banco Santader whose I still keep my credit and debit cards, we still have uncertainties in some companies and the one I work for currently does not accept digital banks, perhaps the only option of bank deposit without being through PIX is better.

Text translated using DeepL

All images were generated through AI (Artificial Intelligence) via ausbitbank Discord server, Join to Discord

---

About LeoFinance

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage & share micro and long-form content on the blockchain while earning cryptocurrency rewards.

Our mission is to democratize financial knowledge and access with Web3.

🔸 Twitter: https://twitter.com/FinanceLeo

🔸 Discord: https://discord.gg/E4jePHe

🔸 Whitepaper: https://whitepaper.leofinance.io

Posted Using LeoFinance Alpha