Digital banking is one of the most innovative ways the financial industry is adapting to this high-tech world. Traditional banks who have physical branches are well aware of these changes and to catch up, some have limited or closed down their physical presence, altered their business structure, and align their focus on building their products and services online. With a paperless and wallet-free economy in the foreseeable future, it is important to understand that while digital banks offer many benefits, they collect a lot of data points and there should be a fine line between protecting each consumer’s data privacy through tighter regulations and company transparency.
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