The contemporary world pushes us towards using many digital services, and among them, the rise of online banks is undeniable. Between constant advertisements and obvious appeal, the banking sector has greatly evolved and thus offered new principles and new habits to both individuals and professionals.
After the arrival and widespread use of electronic wallets, online banks have adapted to the modern needs of users. Often linked to traditional banks, will these platforms themselves become outdated with decentralization looming? This is one of the questions that make up current myths and, more broadly, the long-standing ideas heard about online banks. We try to answer them.
Myth to discard about online banks: you don’t need to be a tech wizard
Of course, you need to have a computer or smartphone to access your accounts and benefit from the features of an online bank. However, nowadays, hardly anyone is truly without such access.
More importantly, it is clearly not necessary to be an engineer, a geek, or a tech specialist to take the plunge into online banking. This obstacle, sometimes exaggerated by traditional banks—which themselves offer mostly digital services—is unfounded.
Very often, the apps of online banks are among the most user-friendly, and if you are already used to managing your bank accounts through a traditional bank’s platform, the switch to an online bank is astonishing. Everything is generally much simpler!
Changing habits: a hurdle for older generations?
Adapting to new digital trends is never easy, and as hard as it is to admit, every generation will face this one day! Nevertheless, the most difficult task is often to break old habits and understand that improvement is possible.
Take, for example, deposits and withdrawals: for decades, people have always found it normal to wait several days to receive a withdrawal request or track a transfer. With the arrival of electronic wallets and online banks, these debits, transfers, and payments have become instant and, above all, free!
More than anything, digital platforms have also contributed to this major shift. To attract new clients with up-to-date services, dozens of online gaming platforms offer instant withdrawals. In fact, real money casinos on Casino.ca with instant withdrawals are listed by specialized platforms playing a key role. Contrary to what some may still think, it rarely takes three to five days to receive winnings. These instant transactions are made possible by the evolution of the banking sector, with added security improvements over time.
Are you talking to a computer when facing a problem?
This question is almost rhetorical but still represents one of the biggest myths to dispel about online banks today. To brush aside this preconceived idea, just rely on your personal experience. Today, all platforms, services, and even administrations operate digitally. Most often, it is traditional banks that do not fully embrace this approach with bots or “robots” acting as operators.
Most online banks offer perfectly human calls and contacts, with advisors who have exactly the same skills as those employed by physical banks. The only difference is the inability to meet them in person since these online banks do not have physical branches. Once this distinction is understood, it takes very little time to realize that the relationships with traditional and online banks are very similar.
Security is not guaranteed: a final myth to dispel
Since the advent of the Internet, there has always been fear of the unknown, especially things we do not fully control. Entrusting your money to a recognized bank without a physical branch is thus a barrier for some people. They may tend to believe that online procedures pose a risk, particularly when signing contracts, loans, or other financial actions.
However, this concern is unfounded as long as the bank is trustworthy and recognized by the state. With two-factor authentication, one-time codes, and many other security improvements, using an online bank seems safer than ever.
