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Online banking is gaining followers, but … is it true that it offers better products?

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More than half of Spaniards have already switched from physical to digital banking or claim to be interested in doing so. Faced with this unstoppable growth, to which the crisis caused by Covid-19 has undoubtedly contributed, more and more customers are debating between choosing online banking or traditional banking, looking at their characteristics. Current accounts, cards, links or commissions are some of them. But who actually offers the most advantageous products?

As the pandemic continues to evolve and many countries experience a second wave, the way citizens interact and transact has shifted towards digital platforms. In Spain, 61% have an interest in digital banking solutions, above the European average, while 46% say that they now carry out financial transactions through an app more frequently than before the pandemic, mainly thanks to the time saving and simplicity, according to the study on the evolution of European banking developed by Mastercard.

"Digital penetration in society has taken a giant step in the middle of the pandemic. Many people have discovered the huge advantages that digitization implies. "" Banks are guaranteeing access to financial services during the crisis through all available means, although it is mobile communication and the Internet that is being more chosen by customers over traditional channels such as is the physical office and cashiers", points out the spokesman for the Spanish Banking Association (AEB), José Luis Martínez Campuzano, adding that saving time, ease of use, availability and absence of physical contact in payments are the four characteristics that customers stand out most for the use of digital and mobile banking.

It considers that financial institutions "adapt to the needs and desires of a most demanding customer, who marks when and where wants to establish a relationship with its entity. "Faced with this change in culture," it would not be viable for the survival of a financial institution to stay away from the digital model that must be increasingly prioritized as users are doing. But this is still compatible with banks serving all customersboth digital and those who prefer traditional channels, with the dual objective of providing the best customer service and reinforcing the generalized access to current financial services in Spain ", he concludes.

WHAT ABOUT THE OFFER?

Regarding the conditions of your checking accounts, online banking shows to have some much more competitive conditions than traditional banking, they ensure from the Kelisto comparator, analyzing the offers of entities such as Santander, BBVA, La Caixa, Banco Sabadell, Bankia or Bankinter, as well as Openbank, N26, EVO Banco, Activobank, Imagin or Bnext.

Regarding the required link, none of the online banking entities analyzed requires that customers meet any requirement to enjoy their benefits and avoid commissions. Things change if we look at traditional banking, where the increase in commissions or requirements to get rid of them.

They recommend that customers, when choosing between online banking or traditional banking offers, take into account that the commission policy is one of the great assets of digital banksSince virtually none charge a maintenance or administration fee and most offer unlimited free transfers. In addition, they advise carefully reading the fine print of the contract to make sure conditions don't change over time, since it is increasingly common for an entity to let you enjoy, for example, a free debit card during the first year, but to start charging you from the thirteenth month.

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