Digital services are completely changing banking habits worldwide. Neobanks attracts more and more customers of all generations worldwide. The recent surveys which study digital uses, new consumers’ behaviors, has tried to answer the following questions:
How do we perceive the optimal banking service today? Are customers ready to switch to more independent and digital management of their finances?
The survey brings together the opinion of more than 7,000 clients in 5 countries: the US, France, Sweden, Romania, and the United Kingdom. What catches the eye is the universal desire of customers for more autonomy, freedom, and transparency. Neo-banks and their crypto-friendly services, and smartphone applications allow immediate responses, easy and fast banking operations regardless of the size of the transaction.
Surprisingly, a personal banking advisor is not expected to be essential for a good banking service. 43% of customers who have never met their advisor, 51% say they can do without it and are even 50% ready to communicate with artificial intelligence. This fact is even more present in Spain, with 66% of those questioned agreeing to leave it entirely to AI.
Crypto-friendly banking
Big Data, Cloud, Internet of Things, digitalization of transactions, and integrated management software: new technologies continue their foray into the tertiary sector and shake up the banking and insurance professions.
Banks are generally not inclined to cryptocurrencies since they still see them as a risky investment. If you are into crypto, you will need access to the fiat infrastructure and get a crypto-friendly bank to meet your business needs.
Many new banks do not yet allow the purchase of cryptocurrencies, but this is not the case for all. Some neobanks are classic online banks; others are dedicated to cryptocurrency such as IBANBit , a platform for the exchange of cryptocurrencies. For this type of service, you will receive a bank card linked to a bank account (as for a traditional bank). You will be able to credit this account, buy and sell cryptocurrencies.
The neobanks are the new type of Banking Software – Secure Paymentz without a physical agency and are developing at high speed. They become more and more crypto-friendly nowadays and therefore have many advantages over traditional banks. Here is a non-exhaustive list of their benefits:
- Instant notification with each payment
- Ephemeral virtual cards to make online payments securely
- Freeze/unfreeze card option
- Limited/limitless debit card solution
- OTC cryptocurrency to fiat money
- Lowest fees for withdrawals ATM
- Buy/Sell Cryptos
- 24/7 in-app help center
How to open cryptocurrency banking account with IBAN
Online cryptocurrency storage is effortless to use. The principle is to use an online banking service provider that secures cryptocurrencies on behalf of its customers. Today, some banks offer both a cryptocurrency storage service and a parallel cryptocurrency exchange platform. That is the case of IBANBit, where you can open your digital wallet and choose your cryptocurrency. Creating an account using the IBANBit banking platform allows you many advantages and multiples options that will change your perspective on digital banking in a positive way.
Digital shift towards mobile
In the notable transformations, we notice the change in the means of payment. The majority of people today are seriously considering replacing the bank card with a smartphone within five years. That is the opinion of 57% of US citizens, according to recent polls. In the process, 62% predict the disappearance of checks at the same time.
The agility, mobility, and advantages of a reactive international operation make mobile payment particularly attractive. From booking accommodation to obtaining a loan at a lower cost, mobile applications are part of our daily life today. Online and mobile banking is, therefore, a logical continuance of digital evolution.
A significant transformation, such as banking mobility no longer scares anyone. Clients have become their own masters. They can compare, see the advantages in use, evaluate the services, determine which will be the most suitable, and then decide that it will not be more in 3 years and change it with great ease. Power passes to the side of the customers.
The cliché of the neo-geek and the twenty-something client is no longer applicable. The average customer profile is 47 years old, of which 63% are men, and 37% are women. 52% will opt for a mobile or online bank, and 65% will make it their primary bank.
Final Thoughts
Neobanks have a bright future ahead of them thanks to the gig economy that is here to stay given that the freelance workforce is growing worldwide. Consumers are launching their startups and side hustles while millennials turn to new digital options in their everyday lives. Cryptocurrency is on its way to becoming more popular not only among established business owners but also among young entrepreneurs from generation Z. The banking sector has no other choice than to embrace the new Fintech solutions to satisfy their clients’ needs in ever-changing realities.
