Digital innovation has put everything right into our hands. Our health, home, work and most importantly, wealth is just a click away. You can be on a laptop, computer, or smartphone and still access your account anywhere.
Once, you had to carry your credit card. If you forgot it at home, you are cashless. But now, if you have your mobile with you, you have everything. That is how time has changed with technological advancement.
Once the most significant player in the UK stock markets, traditional banks are falling behind. Yes, some of them have to adapt to the tech-savvy world.
But it seems to be late for them regarding their competitors. Trading banks, as the new online banking platforms call themselves, are much more convenient these days.
How are they Getting Accessible?
In traditional banks, you have an account for your expenses. Another one for savings. As for trading or investing, first, you had to qualify with a certain amount as minimum deposits.
Some investment banks even operate with only a handful of exclusive customers. Thankfully, specialist trading banks allow you to have everything under one user name or account. Things like fund transfer to other banks, FX conversions, loans and trading are all done in one place, under one trading account.
More customer-friendly experience than before
While the traditional banks adapted to the online world, they came into the game late and at a plodding pace. But people are looking for solutions fast. They can’t just wait in line to know about their account updates in the pandemic.
The more touch-free and remote the experience, the more people get attracted. Trading banks have executives all over the world who work under the clock. They always have customer service up.
Although the algorithm works like a charm and helps the client along the way, some people still find it more assuring if they talk with a human being. With that in mind, some banks have people working remotely for them, which is still unknown in traditional banks.
Trading, loan, payment and stocks all in one place
One of the most convenient features of trading banks is, yes, trading online. As everyone is investing their savings online, the banks offer them financial trading and investment options, keeping a record of their stocks and providing daily updates.
With just one account, they can trade stocks and buy goods at the same time. No matter how tech-savvy people get, they like everything in one place, and trading banks give that to them.
Fund transfers and currency conversion made easy
Maybe you need to transfer some funds overseas to someone, perhaps you live outside the UK and get paid from London, a trading bank has hassle-free options of fund transfers.
While other banks take a few days because of the paperwork process, the trading banks do it in minutes. And currency conversion is also convenient. Just select the currency you want to withdraw or send, and the task ends.