On the other hand, conventional banks still maintain traditional ways of working, they may require a number of physical documents and a longer time to verify the identity of potential customers.

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Meanwhile, conventional banks are financial institutions that have physical offices as service centers for customers. Banking transactions are carried out directly at branch offices or via ATM.

Permata Mobile X focuses on offering digital banking solutions with a variety of services such as savings, payments and investments.

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That is brief information about the differences between digital banking and conventional banks along with examples. If you look at this case, financial technology continues to develop, not only in matters of savings, accounting records alone have also developed.

In recent years, Indonesia has experienced a major transformation in the banking sector. Many financial institutions or digital banks have emerged. The following are several popular digital banks in Indonesia that are the choice of many people:

Why are banks divided into two, digital and conventional banks? To answer this question, we will need to know the meaning of both.

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Conventional banks may face challenges to adapt to these changes due to their older structures. So they are more likely to maintain traditional banking systems that require physical proof for every transaction.

Digital banks offer major advantages in terms of service availability. They provide 24/7 access via digital platforms, such as banking apps and websites. On the other hand, conventional banks have limited operating hours, this often limits customer access, especially outside office hours.

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Digital banks tend to offer a faster and easier account opening process. They utilize the latest, more sophisticated technology, such as biometric identity verification or via video call. This obviously reduces the need for physical visits.

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Most people in urban areas are already familiar with digital banks, but for some people in rural areas they may still use conventional banks.

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The digital era has made the banking world experience a massive transformation. One example is the emergence of digital banks which have revolutionized the way people manage their finances.

When discussing the differences between digital banking and conventional banks, security and data protection are important factors. Digital banks often have high layers of security with advanced encryption technology.

In general, the difference between the two lies in their business operations, digital banks are based on digital technology, while conventional banks are based on traditional banking systems which still require physical transactions. Here are other differences you need to know:

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OCR+ Fintelie can change physical data such as invoices, sales and purchase invoices, and even receipts into digital data that can be saved automatically according to journal categories. Not only that, this data can also be analyzed automatically for company decision making purposes.

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Digital banks are financial institutions that provide banking services online without a physical office. Banking transactions can be carried out via mobile applications, internet banking, or other digital platforms.

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For example, deposit interest, conventional banks usually charge an average interest of 3%, but digital banks dare to provide more, starting from 5-10%. That’s why many are switching and choosing digital banks because they are more profitable in terms of interest.

This is a product from Bank DBS Indonesia which provides banking services without a physical branch office. Digibank has various features, such as savings, transfers between banks with the advantage of free transfers, and also pay later services of up to 60 million.

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Known for its innovative features and personalized banking experience, Jenius has been popular among the young demographic. Offers digital banking services with a focus on making personal finance management easier.

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Conventional banks generally have physical infrastructure in the form of branch offices, ATM machines and customer service centers. Meanwhile, digital banks focus on digital infrastructure by offering fully online services. Customers can make transactions, transfer funds, and manage their accounts without needing to visit a physical office.

For example, accountants used to record invoices, sales and purchase invoices, receipts manually, but now they can rely on OCR technology. OCR+ Fintelite is one of them that allows manual recording work to become completely automatic.

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Digital banks generally collaborate with financial technology (fintech) companies to provide innovative services. They are quicker to adopt technologies such as artificial intelligence, machine learning, and blockchain to improve customer experience.

Amar Bank Digital offers digital savings with deposit interest of up to 9%. Not only that, Amar Bank also provides layered protection for its savings products, so they are very safe and avoid balance theft.

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Digital banks often offer lower service fees or even no monthly fees. They also tend to set more competitive interest rates for savings and loan products.