Insights

10 benefits of alternative, digital banking – what it is and why you should use it

May 17, 2021

Alternative, digital banking is a new approach to banking for both individuals and businesses that is revolutionising banking for the better. Alternative banking means we don’t use traditional private commercial and investment banks. Digital banking simply means we are fully online, and we do not have a physical branch on the high-street for you to visit.

Here at EWG we have paved the way for professional corporate services and funds sectors to utilise this new opportunity to better service themselves and their clients. EWG provides an innovative and cost-effective digital alternative to the traditional banking system, offering international payment solutions and currency management services. We understand what they need most from a trusted banking partner. We offer this same relationship but with a great range of new benefits. Here’s our top ten reasons why alternative, digital banking is the way forward.

Simply – it’s all online. Unlike traditional banking, we do not have a physical bank you can visit. But this means that the online access to your account and client accounts is second to none, easy, fast and secure.

It’s still personal. You still enjoy the very best customer service, with real people. You engage with us online immediately rather than booking an appointment at some point in the future. By concentrating on our client and product, our experts are always available to help and provide a personal, bespoke service

Security. We use the top technology to ensure everything is tracked and recorded. EWG follows rigorous compliance processes and is regulated by the Jersey Financial Services Commission under the Financial Services (Jersey) Law 1998. The EWG platform is authorised by the FCA under the Electronic Money Regulations 2011 and the Payment Services Regulations for issuing of electronic money and the provision of payment services.

It’s cost effective. We work in a new way which means we are able to work very efficiently. This means our fees are very competitive and in turn, the easy to use online banking platform helps out clients work more efficiently too.

Fast onboarding. Believe it or not, we can onboard a new client in 24 hours enabling transactions to take place as soon as they are required, no matter how tight the deadline. EWG is regulated by the Jersey Financial Services Commission and follows a rigorous compliance and KYC onboarding process.

Simple integration. By specialising in digital banking, here at EWG, our platform integrates into existing inhouse systems, via our market leading API, meaning getting started has never been easier.

One login, multiple accounts. The unique and intuitive EWG platform is simple to use and enables clients to manage multiple accounts using one log in, creating cost savings and time efficiencies through effective management of international payments and currency exchange transactions.

Faster reporting – the EWG online banking platform makes client reporting much faster and more efficient. With one login, you can navigate easily between clients, creating reports as needed.

It’s still bespoke. Being alternative, being digital, does not mean we can’t tailor our approach and services. We specialise in offering bespoke banking solutions tailored to meet the needs of clients in the professional corporate services and funds sectors. Each client enjoys their own unique ‘own named’ single multi-currency IBAN.

It’s not one or the other. We sit alongside other core banking partners but as an innovative, easy to onboard and simple to use alternative, that adds significant value in terms of cost reduction, efficiency and enhanced client service.

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