Digital innovations have changed the way we live our lives — from calling a taxi, to checking the forecast or booking a hotel.
It’s also changed the way we do banking. With the click of a mouse, tap on a screen, or push of a button, we can receive paycheques, pay bills, and transfer money — all thanks to digital banking.

While many customers have embraced digitized services offered by traditional banks, more are now turning to purely digital banks, where everything is done online or by phone. This digital-only model — where customers never physically set foot in a bank — offers an appealing alternative to busy people banking in today’s go-anywhere, do-anything world.

“I think one of the big draws of the pure digital model is that it’s less expensive to run, so digital banks can pass that on to customers in terms of better savings rates,” says Dan Dickinson, Chief Digital Officer with EQ Bank, the all-Canadian digital banking arm and tradename of Equitable Bank. Equitable Bank is a federally regulated institution and is also a member of the Canada Deposit Insurance Corporation (CDIC). Along with the higher savings rates, digital banks offer quite a few additional perks to help customers make the most of their money.

Benefits of Banking Digitally

If you’re not already banking with a digital-only bank, here are six benefits you might want to consider:

Customers have access to their money as well as the customer care centre 24/7, and they can bank from anywhere — at home, at work, or on the go. This makes it very convenient for all Canadians — and especially freelancers, shift workers, entrepreneurs, and travellers.

With all digital banking transactions done online or by phone, there are no paper statements or chequebooks that add to banking costs. “Digital banks obviously run much leaner because they don’t have bank branches,” says Dickinson. This translates to no monthly fees and higher savings for the customer.

“Digital banking is about what makes sense to the customer as opposed to the banks,” says Dickinson. That’s often reflected in product design. EQ Bank’s Savings Plus Account, for example, does away with the chequing versus savings model. Instead, customers can process all their transactions through one account which also earns them interest.

Without the costly infrastructure needed to run a physical bank, the digital bank model can pass these savings on to the customer by offering higher interest rates.

Customers can make an array of transactions all from one account. “Receiving payments, paying credit card bills, and arranging pre-authorized mortgage payments can all be done in one place where the customer’s money earns interest,” says Dickinson. Plus, it’s all paperless. “In a world where we see people increasingly purchase, pre-authorize payments, or send money online, the need for paper statements is becoming obsolete,” says Dickinson.

You can simply download the app and sign up within a few minutes. There are no forms to fill out and mail in and, in a lot of cases, customers are approved and have access instantly. You can sign up online using your mobile device or computer.