The Rise of Virtual Banking and Get Virtual Bank Account Online
The spread of the Covid-19 around the world has caused the global economy to a mess. However, as the saying goes, “ crisis brings business opportunity,” the coronavirus outbreak also appears to be driving growth in certain industries, such as virtual banking, which is emerging.
Virtual banks are often mistaken for internet banking or e-banking, which confuses many financial enthusiasts. But electronic banking and virtual banking have different concepts. A virtual bank is a bank that provides retail banking services and products primarily through the Internet or other electronic channels, without any physical offices. Online financial services are services provided by banks with physical branches.
Although virtual banks are still in their infancy, they have posed a potential threat to traditional banks, which are going head-to-head to survive in the highly competitive financial industry.
The rise of virtual banks
Before the threat of the pandemic, virtual banks had sprung up through technologically competitive development. the availability of the internet has changed the way people work, which has given rise to virtual banks. However, in addition to technological advancements, there are many other factors driving the creation of virtual banks.
Emerging e-commerce and fintech markets
In today’s digital environment, coupled with the ongoing global pandemic, consumer behavior has changed dramatically, making digital solutions become their first choice. From leisure and entertainment activities to financial services, there has been a marked increase in demand for online transaction platforms and mobile payment applications, especially during the coronavirus outbreak.
This inevitably gave birth to the e-commerce and fintech markets, which in turn provided more opportunities for virtual banks to grow as they were closely connected to each other. The high traffic of online consumerism can translate into demand for more virtual banking services, i.e. offering more convenient online payment solutions than e-banking. Thus, the rise of virtual banks can be compared to the emergence of e-commerce and fintech markets.
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Undeniably, virtual banking is here to stay and grow. The evolution of the banking sector is inevitable due to the gradual digital inclined society, coupled with the global pandemic, virtual banking has proven its necessity and importance. Epay provides professional online virtual bank account opening services for users who need Korea, Singapore, Hongkong(receive HKD, USD, and IDR), and Australia bank accounts. We stay on top of trends and movements in various markets to help our partners pursue their options for business growth.