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Digital banking for business

Banking has been transformed by the digital revolution—and the shift has been accelerated by the pandemic with the migration of consumer and business services online. There’s no doubt that your business has evolved in some way to embrace this change, too. If you haven’t already adopted some digital banking services to streamline your operations, now’s the time to start.

The following overview of available digital banking services will help you understand how shifting some of your traditional banking services to digital banking is beneficial to your business. Not only do digital banks allow users to make account deposits and transfers remotely, but they also provide the opportunity to easily apply for loans and access personalized money management services. 

Evaluate the best digital banking providers for your business

While traditional banks have begun migrating into fully digital platforms, many digital-only banks have emerged as new entrants in the market. The following list of some of the top new banking options will help you start the evaluation process of transitioning to these services. 

Be sure to do your own research related to other alternatives as well. For the most part, digital banks can help you create new accounts; provide remote check deposits; access credit cards and credit lines; and offer payment platforms, international payment options and, in some cases, rewards programs. 

Citi

Citi is a traditional bank with a strong showing in the digital space. The bank provides comprehensive online banking services as well as five key in-app features: the ability to view recurring charges, a financial wellness score, predictions of future funds after upcoming spending and bills, a snapshot of accounts at other banks, and reports that feature personalized financial insights. 

Truly Financial

Truly Financial is a digital bank that offers the convenience of receiving and paying seamlessly with a checking account, a multi-currency account, expense management functionality and more. Truly Financial’s fees are lower, and they offer more perks, faster payments and a wide global reach.

U.S. Bank

U.S. Bank’s digital banking division is gaining popularity because of its dedicated customer service and mobile app, which offers the ability to communicate with live support staff and authenticate via the app when calling customer service. This is in addition to a full array of digital banking services. 

Zelle

One of the first payment platforms available to integrate with many major banks, Zelle’s digital payments network has been widely adopted by hundreds of U.S. financial institutions for real-time peer-to-peer payments. Zelle is a fully digital bank as well, which makes transactions seamless for those who both use the app and have accounts set up to transfer and hold funds for their transactions. 

Now that you have a better idea of how digital banking can benefit your business, it’s time to implement one or more digital banking alternatives to help reduce time spent taking care of necessary banking and related back-office functions. You may be able to save money and put some perks to work for you, too! 

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