Traditional vs Virtual Bank: Which One To Opt for
Written by: smm
What do we picture when we hear the word “bank”? A large building where you can go to open a credit card or tackle a payment. Interestingly, some of the modern-day banks don’t even have buildings or branches anymore. That’s because they are virtual.
The benefits of an online bank are these:
— Save time. You don’t have to waste your time going to the bank as all payments and control over them are handled using your device of choice.
— No waiting in lines. You don’t have to wait for a bank employee as you are standing in line indefinitely. In a virtual bank, you can order and get your card with just a couple of clicks. You can create a SharPay card like that as well.
— The bank is with you at all times. You can take advantage of the banking services regardless of your location. You can do so even if you are based in a small town that doesn’t have any bank branches available or overseas.
And here are some of the offline bank’s advantages:
— You can contact and interact with a consultant.
— You can get your hands on paper checks and other payment instruments right at your local bank branch.
— Cash withdrawals.
Some people mistakenly believe that physical banks are somehow safer than virtual ones. Thing is, with state-of-the-art technologies used to ensure data protection, virtual banks are in no way inferior to traditional ones. What’s more, they can even be better. For instance, the KYC/KYB procedure is what protects user data and funds. And SharPay is also using them.