BANKING AFFAIRS

Detailed explanation-1: -A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no branch network.

Detailed explanation-2: -Internet banking, also known as online banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website.

Detailed explanation-3: -Ally, an online bank, has no physical branches, but has 24/7 customer support by phone and by chat, as well as high interest rates and no fees. Large ATM network: Ally is an online-only bank, but you can access your money with a robust nationwide ATM network of over 43, 000 locations.

Detailed explanation-4: -Examples of popular virtual banks include Mercury Bank, Starling Bank, and N26-all of which provide their business and personal customers with virtual bank accounts.

Detailed explanation-5: -Digital Banking allows you to perform banking through multiple avenues like your desktop computer, tablet, laptop, etc., whereas Mobile Banking is only accomplished via mobile devices. Plus, you can conduct mobile Banking with the internet via banking apps or without the internet via SMS.