Digital-Only Bank

A digital-only bank is a type of financial institution that operates exclusively online without traditional physical branch networks. These banks provide a full range of banking services through digital platforms such as mobile apps, websites, and other online interfaces. Digital-only banks cater to the needs of tech-savvy customers looking for convenience, efficiency, and 24/7 access to banking services. This model allows users to perform all typical banking activities, including opening accounts, transferring money, depositing checks via mobile photo, making payments, and accessing loans. By leveraging technology, digital-only banks often offer lower fees and higher interest rates compared to traditional banks due to reduced overhead costs. Their focus on technology-driven solutions also leads to innovative features that enhance user experience and financial management.