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: -Branchless banking is the provision of financial services outside traditional bank branches, often via agents, and transmitting transaction data via information and communication technologies. These usually include card-reading POS terminals and cell phones.

Detailed explanation-3: -A simple definition of virtual banking is access to all banking, business and financial related services without visiting any physical location before carrying these services out. A virtual bank allows you to bank online.

Detailed explanation-4: -Ally has no physical branches, so online banking is your only option. You also can’t deposit cash to any of Ally’s accounts, and the savings account doesn’t offer an ATM card.

Detailed explanation-5: -For customers, internet banking means they can carry out regular banking transactions with fewer visits to bank branches. Digital banking, on the other hand, includes personalisation methods, which result in mapping customer preferences and features like chatbots and online support.