Digital bank accounts are an upcoming way to safeguard money in UAE. These accounts are similar in nature to your normal accounts. The major difference lies in the way banking is done. In most of the traditional banks you need to visit the branch to make transactions and transfers from one place to another.
The first question that pops up in our head while understanding digital bank accounts is “Why do we need a Digital Bank Account?”
Digital Bank accounts are not only easier to manage they also make life simpler. One click can solve problems and help the customer track and manage their finances better. These days convenience is one of the biggest factors that guides the decisions, thus making digital bank accounts one of the best choices to manage expenses.
Digital Banking vs Online Banking
Online Banking nowadays is being offered by almost all the traditional banks. Traditional banks in this context refers to a brick and mortar model. The banks or financial institutions in which a person has an account has started to provide plenty of activities which can be controlled through the website or mobile app, these include activities like paying bills, managing and transferring funds and e-statements. This still leaves a lot of activities that can only be done, if the customer is physically visiting the bank branch.
Digital Banking is using technology in such a way that all the steps in the banking process can be automated thus eliminating the need of a brick and mortar model. This makes it easy and convenient for customers to make transactions by removing the need to visit the bank.
The traditional banks along with other institutions are fighting head to toe to gain space in the digital world.
Ways to Save Money Using Digital Bank Accounts in UAE:
- Saving money on fines paid for not maintaining minimum balance as most of the digital bank accounts do not have a minimum balance requirement.
- Some Digital Bank Accounts offer you at least one free transfer to your home, this is one of the best features for an expat living in UAE to save money.
- You can earn interest on the money you save
- You can get enrolled in the deals for the digital bank accounts which will help you save money on dining outs, movies and shopping.
- Digital Bank account help to track expenses better and thus assists in money management.
- Save money, time and energy because you do not need to visit the bank.
Digital bank accounts not only help to save money they also make life easier for the customer. You need not rush to the bank and beat the rush to make a few money transfers. All these transfers have been simplified to such an extent that all you need to do is click a few buttons, thus making financial management very easy.