The Digital Banking Advantage

Richard Rotondo
October 23, 2023
mins read

Traditional banking, with its physical branches, is no longer your sole choice for managing, transferring, and investing your money.

In recent years, a notable surge in online banks has reshaped the banking landscape. At Monesty, we’re a digital only bank proud to be part of this change.

In this blog, we'll delve into the reasons driving the increasing adoption of digital banks like Monesty and unveil the many advantages they offer.

Join us as we explore digital banking and its potential to simplify your life.

The benefits of digital banks like Monesty

Some of the most significant advantages of digital banks include:

1. Ease of Access

Digital banks like Monesty allow you to manage your finances and access banking services 24/7.

Unlike traditional banks with fixed operating hours, online banks eliminate the need to visit physical branches or adhere to specific schedules.

You can conduct transactions, check account balances, and make payments anytime that suits you, day or night.

2. Lower fees, higher interest rates

Digital banks also have a cost advantage over traditional brick-and-mortar banks because they don't incur expenses for maintaining physical branches.

As a result, they can offer you lower or even no fees for various services, such as maintenance fees, ATM fees, and wire transfer fees.

Additionally, digital banks often provide higher interest rates on savings accounts and certificates of deposit, allowing you to earn more on your deposits.

3. Environmental friendliness

Digital banks support environmental sustainability by conducting all transactions and correspondence online.

This reduces paper usage for statements, checks, and documents and the energy needed to run physical branches.

This eco-friendly approach aligns with the increasing focus on environmental conservation and reducing the carbon footprint linked to traditional banking methods.

4. Convenient customer service

Digital banks put a strong emphasis on making customer support easy to access. They provide customers with convenient ways to reach out to support representatives online.

This means you can swiftly and efficiently get assistance with account-related matters or inquiries through chat functions, messaging services, or dedicated customer service platforms.

At Monesty, we take this commitment even further by offering MonestyLIVE Connect video chat as part of our customer service, providing you with the ultimate convenience when it comes to getting assistance with account-related matters or inquiries.

This accessibility means you don't have to visit a physical branch or endure lengthy wait times on phone calls, making customer service hassle-free.

5. Enhanced security

Security is a top priority for digital banks. They employ advanced encryption and authentication measures to safeguard customer data and financial transactions.

Additionally, many digital banks implement multi-factor authentication (MFA) and continuous monitoring for suspicious activities. At Monesty, our partnership with EverSafe ensures a personal detection and alert system that stops potential exploiters before they can deplete a lifetime of savings.

6. FDIC insurance

Like traditional banks, digital banks that are members of the Federal Deposit Insurance Corporation (FDIC) offer the same level of deposit protection.

FDIC insurance ensures that customer deposits, up to a specified limit, are protected in case of bank failure.

This assurance provides you peace of mind knowing that a government agency backs your money and is safe from financial institution insolvency.

Overall, digital banking is fundamentally changing how we manage our finances.

Institutions like Monesty showcase the numerous advantages of digital banks, from convenient customer service to ease of access. It's no surprise that many people are making the switch.

Join Monesty for a better banking experience today

Join Monesty today to enjoy our no-fee account or explore our Safe Harbor account with exclusive value-added services.

Start your application now and experience the benefits of a full-service digital bank

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