The needs of small business owners are constantly evolving, especially as many industries move faster and further into digital adoption.
Banking services are following the same trend, and small business owners are beginning to realize the benefits of switching to a digital bank.
Just like we now accept online shopping as a natural convenience, digital banking is fast becoming the new way of managing personal and business finances.
Consider these reasons why you should use a digital bank for your business.
8 Reasons to Choose a Digital Bank Over Traditional Banking Institutions:
#1. Convenience
Have you or anyone you’ve known ever said, “I can’t wait to go to the bank and stand in line for two hours”? We didn’t think so.
You no longer need to waste your time and energy trekking to physical branch locations, multiple times a week, just to keep your everyday business finances in order.
In fact, you don’t need to do business this way anymore at all. Most traditional banks don’t have the technology to provide all their services online.Digital banks save you all that time spent frequently driving to local branches, making them much more convenient than traditional physical banks.
#2. Flexibility
For small business owners, trying to get their financial tasks dealt with during business hours can be an enormous headache.
Startups and newer small businesses often require owners to play a larger role in the day-to-day operations. If that person is also responsible for making sure that the business’ daily banking tasks are managed, it can quickly become overwhelming.
Thankfully, digital banks don’t require you to manage your finances within outdated 9am-5pm timeframes. If you don’t get around to doing the daily banking tasks until 8 or 9pm, you can still get everything done.
This level of flexibility makes digital banks much better for owners who need to perform administrative tasks on their own timelines, instead of their bank’s schedule.
Your business doesn’t just run from 9-to-5, and your banking shouldn’t stifle your growth.
Want a better banking relationship for you and/or your clients? Join Mike Milan for his CPE eligible webinar on May 25 @ 2:00 to learn how Truly Financial can help you and your clients. Register Today
#3. Versatility
Do you prefer to do your banking at home in your office? How about in the living room on your laptop? Maybe you’d prefer to be able to bank on your tablet or phone?
Digital banks allow you the versatility to bank in whichever way makes the most sense to you - whether that’s the couch, the office, or even in bed.
Are you going to let banks keep telling you how to plan your days, or will you take back that freedom for yourself?
#4. Free Business Bank Accounts
Unlike the many paid business bank account options through traditional financial institutions, digital banks are providing small business owners with access to free business checking accounts.
This means that you can take one important expense off your monthly budget.
Brick-and-mortar or in-branch banks have a more challenging time providing free business bank accounts. They have to worry about paying for overhead at each of their physical locations, as well as the staff that work there. Not to mention their challenging, archaic systems, which their customers actually pay for.
#5. Multi-Currency Flexibility
Some digital banks will offer multi-currency accounts that allow you to receive wire transfers. This allows you to hold funds in the same currency, until you need to convert them for other payment obligations.
They’ll also be able to offer you local checking accounts in different currencies (e.g., EUR, CAD, GBP), so you can do business more easily in those countries - all without waiting on your wire transfers to complete, or suffering losses during the currency conversion process back into your USD account.
#6. Easier Team Spend Management
Since digital banks don’t have physical locations, it’s much easier for them to be present locally and internationally - subject to country-wise licensing and regulatory requirements, of course.
Many digital financial institutions, such as Truly Financial, work with local and international banks.
Truly Financial gives you the freedom to create multiple business credit cards for employees located around the world, set unique spending limits for each person, and overall, offer better spend management solutions than old-school banks.
This lets you become a motivated champions for your business, and empower your team members to become self-directed – rather than you being forced to micromanage them.
#7. Reduced Fees
Just like the free business bank accounts, digital banks are often able to offer the same types of services that you’d find at traditional banking institutions, but at a significantly lower monthly cost.
Again, this is due largely to the efficiency in smart and AI based technology, which further enables reduced costs of overhead and staffing for the digital bank.
Those savings are passed along to you, which in many cases can mean reduced transaction fees, as well as a lower monthly cost for paid accounts with better benefits than fee-based accounts.
#8. Better Rewards
The interconnectivity of digital banks actually makes it easier for them to offer better rewards than many physical banks.
Some rewards could be based on payments made, transactions performed per month, or maintaining a specific balance in the account over extended periods of time.
Truly Financial is changing the way SMBs think about banking rewards by providing Truly Savvy points on all business spend - that’s up to 2.5% in cashback.
It’s these kinds of supportive rewards that are helping owners achieve sustainable growth faster than they ever thought possible.
Join the Better Business Banking Revolution with Truly Financial
If you’re ready to leave fat-cat banking in the dust, make the switch to digital banking services designed to help small business owners – instead of hindering them.
We’re changing the way people think about small business banking by giving owners the tools they need to build their dreams, earn to their potential, and grow without boundaries.
Are you ready to join the better business banking revolution? Register for Truly Financial today.