Mobile-Only Banks vs. Traditional Banks: What’s the Difference?
Since 2015, several alternative payment methods have emerged to disrupt the traditional banking and financial services industry. One of the most popular innovations is the rise of the mobile-only bank.
Mobile-only banks allow users to control their money from their phones without relying on geographical borders entirely. But many traditional banks offer similar services through online banking, so what’s the difference?
In this article, you’ll discover how mobile-only banks differ from traditional banking services—and whether or not you should switch to one.
What Is a Mobile-Only Bank?
A mobile-only bank is a financial service where you can access your account using your smartphone or tablet. Beyond seeing an overview of your finances, you can also make online purchases and transfer money to other accounts.
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