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Branchless Banking
A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, mobile app, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no branch network. It may offer access to an independent banking agent network and may also provide access via ATMs (often through interbank network alliances), and bank by mail. Direct banks eliminate the costs of maintaining a branch network while offering convenience to customers who prefer digital technology. Direct banks provide some but not all of the services offered by physical banks. Direct bank transactions are conducted entirely online. Direct banks are not the same as "online banking". Online banking is an Internet-based option offered by regular banks. In the United States, direct banks are defined as online/branchless institutions with federal banking charters, with either the Federal Reserve Board, the Office o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of Bank regulation, regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure accounting liquidity, liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings Account
A savings account is a bank account at a retail banking, retail bank. Common features include a limited number of withdrawals, a lack of cheque and linked debit card facilities, limited transfer options and the inability to be overdrawn. Traditionally, transactions on savings accounts were widely recorded in a passbook, and were sometimes called passbook savings accounts, and bank statements were not provided; however, currently such transactions are commonly recorded electronically and accessible online. People deposit funds in savings account for a variety of reasons, including a safe place to hold their cash. Savings accounts normally pay interest as well: almost all of them accrue compound interest over time. Several countries require savings accounts to be protected by deposit insurance and some countries provide a government guarantee for at least a portion of the account balance. There are many types of savings accounts, often serving particular purposes. These may includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Savings Account
An online savings account (OSA) is a savings account managed and funded primarily on the Internet. Features OSAs are often characterized by a higher interest rate or lower fees, compared with traditional savings accounts. Many of these high-yield accounts have no minimum balance. Account holders may link their OSAs to their existing external bank accounts for easy transfer of funds between multiple accounts. Some also offer ATM cards so customers can directly access the funds in their OSAs. Deposits and withdrawals Some banks offering OSA's may not have bank branches and a customer may deposit funds into their account by either ACH transfer, mailing in a cheque, or direct deposit. To withdraw money, customers can initiate an ACH transfer into another account or sometimes request a check from the bank in the desired amount. Changes in banking and investing OSAs, combined with rising interest rates, have made cash an increasingly attractive investment option. They provide a rel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Neobanks
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch (banking), branches. They challenge traditional banks. In contrast to direct banks, in many cases, neobanks do not have their own banking licenses, and instead rely on partner banks. They typically have lower operational costs, which can sometimes result in lower fees and more competitive interest rates. Europe The term "neobank" gained popularity in 2019, but term’s origins are older. The term is used to describe fintech-based financial providers that were challenging traditional banks. There were two main types of company that provided services digitally: companies that applied for their own banking license and companies in a relationship with a traditional bank to provide those financial services. The former were called challenger banks and the latter were called neobanks. The term "challenger bank" is used in the United Kingdom, UK to refer to Financial te ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Challenger Banks
Challenger banks are small, recently created retail banks that compete directly with the longer-established banks in the UK, sometimes by specialising in areas underserved by the "big four" banks (Barclays, HSBC, Lloyds Banking Group, and NatWest Group). As well as new entrants to the market, some challenger banks were created following divestment from larger banking groups ( TSB Bank from Lloyds Banking Group) or wind-down of a failed large bank (Virgin Money from Northern Rock). The banks distinguish themselves from the historic banks by modern financial technology practices, such as online-only operations, that avoid the costs and complexities of traditional banking. History Prior to changes in the regulatory landscape in the UK financial services industry, setting up a new bank, with a full UK banking licence, was extremely expensive and time-consuming. This led to a very small number of banks dominating the UK market—the so-called Big Four—with virtually no competi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Agent
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. As banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional-reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but, in many ways, functioned as a continuation of ideas and concepts of credit and lending that had their roots in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Challenger Bank
Challenger banks are small, recently created retail banks that compete directly with the longer-established banks in the UK, sometimes by specialising in areas underserved by the "big four" banks (Barclays, HSBC, Lloyds Banking Group, and NatWest Group). As well as new entrants to the market, some challenger banks were created following divestment from larger banking groups ( TSB Bank from Lloyds Banking Group) or wind-down of a failed large bank (Virgin Money from Northern Rock). The banks distinguish themselves from the historic banks by modern financial technology practices, such as online-only operations, that avoid the costs and complexities of traditional banking. History Prior to changes in the regulatory landscape in the UK financial services industry, setting up a new bank, with a full UK banking licence, was extremely expensive and time-consuming. This led to a very small number of banks dominating the UK market—the so-called Big Four—with virtually no competi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Oversea-Chinese Banking Corporation
Oversea-Chinese Banking Corporation Limited (), abbreviated as OCBC, is a Singaporean multinational banking and financial services corporation headquartered at the OCBC Centre. It operates through subsidiaries in several countries, primarily in the South East Asian region. OCBC has total assets of S$581 billion at the end of 2023, making it the second largest bank in Southeast Asia by assets. It is also one of the world’s most highly- rated banks, with an Aa1 rating from Moody’s and AA− rating from Standard & Poor's. OCBC is consistently ranked amongst the top three "safest banks in the world" by the magazine '' Global Finance''. The Asian Banker named OCBC as Singapore's strongest bank for 2018–2019, and the 5th strongest in the Asia–Pacific region. The bank's global network has grown to comprise more than 400 branches and representative offices in 19 countries and regions. These include 199 office networks in Indonesia under subsidiary Bank OCBC NISP, and ove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tangerine Bank
Tangerine Bank ( operating as Tangerine) is a Canadian direct bank that is a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, guaranteed investment certificates (GICs), mortgages and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a tax-free savings account (TFSA), registered retirement savings plan (RRSP) or registered retirement income fund (RRIF). The bank was founded by ING Group in April 1997 as ING Bank of Canada (operating as ING Direct). In November 2012, it was acquired by Scotiabank. The new name for the bank was revealed in November 2013, and the Tangerine branding was rolled out beginning in April 2014. Although now wholly owned by Scotiabank, Tangerine remains a separate legal entity and thus kept its unique Institution Number (614), with all accounts being under a single transit number (00152). History Tangerine was originally founded in April 1997 as ING Group (using the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ING Direct
ING Group N.V. () is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$967.8 billion, it is one of the biggest banks in the world, and consistently ranks among the largest banks globally. ING is the Dutch member of the Inter-Alpha Group of Banks, a co-operative consortium of 11 prominent European banks. Since in 2012, ING Bank is a member in the list of global systemically important banks. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank. In 2020, ING had 53.2 million clients in more than 40 countries. The company is a component of the Euro Stoxx 50 stock market index. The long-term deb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Savings Account
An online savings account (OSA) is a savings account managed and funded primarily on the Internet. Features OSAs are often characterized by a higher interest rate or lower fees, compared with traditional savings accounts. Many of these high-yield accounts have no minimum balance. Account holders may link their OSAs to their existing external bank accounts for easy transfer of funds between multiple accounts. Some also offer ATM cards so customers can directly access the funds in their OSAs. Deposits and withdrawals Some banks offering OSA's may not have bank branches and a customer may deposit funds into their account by either ACH transfer, mailing in a cheque, or direct deposit. To withdraw money, customers can initiate an ACH transfer into another account or sometimes request a check from the bank in the desired amount. Changes in banking and investing OSAs, combined with rising interest rates, have made cash an increasingly attractive investment option. They provide a rel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Security First Network Bank
Security First Network Bank (SFNB) was the first pure Internet bank in the United States. It had no physical branch bank offices and could only be accessed online. It was founded in Pineville, Kentucky, in October 1995 by Michael Karlin and James (Chip) S. Mahan III. Several months later, the bank relocated to Atlanta, Georgia. It was initially established as a savings bank along with a wholly owned software company (Security First Technologies). Eventually teller services were added in Atlanta. On September 30, 1998, Royal Bank of Canada Royal Bank of Canada (RBC; ) is a Canadian multinational Financial institution, financial services company and the Big Five (banks), largest bank in Canada by market capitalization. The bank serves over 20 million clients and has more than ... (RBC) acquired the banking portion of the Security First Network Bank, while the software development company was spun off as S1 Corporation. RBC subsequently acquired Centura Bank of No ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
