Traditional banks are those that have been around for a long time and have a physical presence with domestic banking licenses. Examples include RaboBank, UBS, and Commerzbank. Traditional banks offer face-to-face or one-on-one customer service and have dedicated account managers. They may also have their own branded ATMs. Although traditional banks do generally provide online possibilities, they are mostly considered additional services rather than their main focus, unlike online banks which are focused on digital platforms for banking transactions.
Traditional banking systems have their pros and cons. On one hand, these banks are locally accessible, usually safe, offer personalized services and let clients manage cash transactions easily. However, the KYC/AML requirements for access may be strict, some countries may be off limits for banking services, outdated online banking options can be time consuming to set-up, there is often a lot of administration involved and fees can be quite high. Furthermore, traditional banks work during limited hours so it’s not always easy to do business with them.
Opening a traditional bank account in 2022 may prove to be beneficial due to the rapid growth of digital banking. In recent times, traditional banks have increased their online operations and it is projected that within the next decade, all banking will be completely digital. This means that customers of traditional banks in 2022 may potentially receive a top global bank with a fully comprehensive online banking solution later on. Besides that, most traditional banks (the same goes for digital banks) prefer to work through trusted partners. FirmEU specializes in these traditional banking relations, as this is really what both the client and the banks find critical.
If you’re looking for a banking experience that offers a personal touch, then traditional banking is the way to go. Not only are traditional banking services great for building trust and loyalty in certain industries, but they can also offer a wider range of individualized options. With FirmEU, finding the right traditional banking option for your business needs is made easy!
Read more about the other FirmEU banking services here.
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