Digital banks have eased access to banking services such as making withdrawals and deposits without having to go through the stress of queuing up at the bank. However, the new developments in banking bring back impinging experiences similar to the ancient banking tools such as the metal box.
Banks register thousands of new users per month because people have been convinced that their money is safer in the bank than at home. Safer from robbers and other domestic hazards.
Digital banks have brought the bank not just close but in the hands of customers. This creates a resemblance to the old metal box that was at our disposal.
With digital banking, you can deposit, withdraw, open up an account and pay for utilities and other services at the click of a button; but how does this differ from the ancient old metal box? The difference if any, is that the former has a modern name tag.
Is my money safe from myself in a digital bank?
Banks have kept the money safe from robbers over time but with digital banking, we could be the new money robbers stealing from our own safe.
With the old metal box, access to funds was easy and we were saving funds just as much as we were ‘unsaving’ them. So we were literally stealing from our own safe.
We are back to the old metal box with digital banking. With a single click, a zero is off your account balance which wasn’t the case with the metal box. At least one had to struggle to break the box before accessing their savings.
How safe is a digital bank then if the saving goal is a dream given that most customers open up a bank account to save and not to spend.