Grey vs Traditional Banks: Why More People are Choosing Online Banking Services

May 4, 2023
·
3 min read

If you're looking for a more flexible way to send and receive foreign currencies, online technology banking services may be the solution. Find out why platforms like Grey are changing the way people bank in this article.

In today's digital age, more people are turning to online banking as a way to manage their finances with greater flexibility and convenience. While traditional banks still hold a significant share of the market, financial technology companies such as Grey are becoming increasingly popular among tech-savvy consumers, especially those who are remote workers working with foreign companies. In this article, we'll explore the differences between Grey and traditional banks and why more people are choosing to process their transactions online for their financial needs.

Convenience

Online banking provides users with 24/7 access to their accounts and transactions, from anywhere in the world with an Internet connection. While most traditional banks in Nigeria have mobile apps and can issue domiciliary accounts for their customers, remote workers and digital nomads working with foreign companies cannot receive international payments directly with these domiciliary accounts. Financial technology companies like Grey can easily provide foreign bank accounts even while in Africa! You can then convert the funds to your local currency or withdraw straight to your domiciliary account.

Ease of Use

Grey is designed with user experience as a primary focus. Navigation is easy, the mobile app is intuitive, and the overall user experience is far more streamlined than traditional banks which often have complex systems that require long wait times or trips to the branch to resolve issues.

Fees and Overheads

Traditional banks have significant overhead costs due to their large number of physical branches. As a result, they often charge higher fees for their services in order to maintain their large infrastructure. Online financial technology institutions, on the other hand, have relatively lower overheads, and this affords them the ability to charge lower fees.

Security

Platforms such as Grey have made strides in improving their security features. Their systems are designed to protect user data and financial information from hackers and other online threats. Furthermore, they offer two-factor authentication and other technologies that add an extra layer of security, setting a new standard in financial security.

International Capability

As stated previously, traditional banks have limitations in terms of international transfers, often taking several days to complete them. Platforms such as Grey offer fast, friction-free international transfers, that take a matter of seconds, without the need for intermediaries. This makes it ideal for individuals and businesses that deal internationally.

Customer Service

Online banking platforms also tend to have a more customer-centric approach, with customer service available through chat, email or phone. They are able to resolve issues quickly, without the need for a physical presence, and often have a far lower wait time than traditional banks.

In conclusion, financial technology platforms such as Grey offer a level of convenience, security, and international capabilities that traditional banks simply cannot match. As younger generations become more comfortable with going digital and continue to work online remotely, traditional banks may have no choice but to adapt or risk losing customers to online and mobile banking services that can meet their needs. With the abundance of advantages of using online banking, choosing the right platform, like Grey from which to manage your finances and process your international transactions is the way forward.

This article is a Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

Other Stories

43b, Emina Cres, Allen, Ikeja.

 Techpremier Media Limited. All rights reserved
magnifier