Gaining a competitive advantage in the banking industry is never easy. Nonetheless, it takes a thriving industry and intellectual minds behind the big stakes, who derive a congruent direction towards one platform, that this invention was made possible. As a result, we now have one management view, one core interface and ultimately, a unified user experience across all of an individual’s devices.
To many, virtual banking has been viewed as a strategic differentiator that mirrors a user-centered, tablet-designed look and feel targeted to optimize workflows for the user and integrate marketing tools for the banks. As such, virtual banking has been said to meet the interests of clients through its exceptional features, such as providing retail account holders with wire transfer services. With the virtual banking platform, account holders can access the same information through mobile and online channels.
Besides, virtual banking has made it possible to monitor personalized analytics in real-time. Banks using this feature have come up with a set of tools aimed at utilizing collected data and making high-end informed decisions based on the same. As such, virtual banking has greatly contributed to improved financial and operational performance.
A virtual bank account in Europe can be very useful for companies outside of Europe. Receiving payments without depending on your payer’s bank to set the exchange rate can save you several percent on each transaction.
Background on virtual banking
In recent years banking has drastically changed. Banks are slowly getting on with the program, but most big banks are almost by definition huge corporations. This comes with a pil of paperwork and bureaucracy. No wonder fintech startups are coming up with new solutions that require minimal human intervention. Costs are continuously under pressure.
Virtual bank account Europe: Receiving money from the SEPA zone
There are 35 countries in the SEPA zone. Euro payments between SEPA countries are usually handled within one business day, for a 0 fee. As of November 2017 instant SEPA will be the norm, meaning payments will be settled instantly.
Virtual bank account with IBAN
With Transferwise companies that export into Europe can open up their own free virtual IBAN account to receive payments. There are some initial compliance requirements, but once these are handled receiving money from Europe becomes a lot cheaper, faster and generally less stressful.
Other uses of virtual bank accounts
Virtual bank accounts can also be used for cash management. Each customer can be assigned their own individual IBAN number to make payments into, for simplified reconciliation of invoices.
Virtual Banking is Here to Stay
With sites like Payoneer, B2B transactions have gone global and such businesses still get paid with their local currencies. As such, virtual banking has become the one-stop shop for faster payments, greater flexibility, especially with the MasterCard, and lowering transaction fees.
For freelancers, virtual banking has become the platform on which their bread and butter is mostly paid through, whether working on content mills like Upwork, Airbnb and Amazon Turk or doing other forms of independent contract jobs such as translation and transcription.
Conclusively, virtual banking plans are an extension of brands, in essence, with the mandate to grow businesses and engage account holders without necessarily visiting the bank. In a nut shell, virtual banking experience acts as a connection that appreciates into a unified banking experience anywhere, anytime, on any device.