Are Digital Banks As Secure As Traditional Ones?

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In today’s digital age, online banking has rapidly grown in popularity, yet many still have security-related concerns. Dependence on brick-and-mortar businesses over the years probably lead us to believe that what we can physically touch can be trusted more. However, you can rest easy knowing that even digital banks go through the same rigorous processes as any other bank.

Just as secure

In Malta’s case, it’s the MFSA and Malta Central Bank that licence and regulate local banks, whether digital or otherwise. When Gadgets met Ian Dingli from MeDirect, his message was clear: security is always key, no matter what type of bank you run.

“It is in the Bank’s best interest to ensure that the latest security standards are adhered to”, he said. “The same stringent regulations imposed by the relevant regulators apply to every financial institution without distinction”.

From a different perspective, digital banks invest and develop modern technologies in every area of activity, which in many cases translates into increased customer security. Remote document verification, for example, is based on biometrics that perform better than the human eye when comparing the image on the identification document to the selfie.

“Legacy, paper-based products, services and processing are brought to the web in traditional banks”, Ian explained, further noting that “digital banks offer instant, fully automated products and services, which provides ease of access as well as convenience.”

How to enrol

Becoming a MeDirect Bank customer is simple. All you would need to do is fill out an online application form with your personal details, upload a copy of the front and back of your ID Card and take a selfie. That’s your part done … in mere minutes.

The application is automatically passed to the Bank for a number of checks to be done through an automated process. In the case of inconsistencies, manual intervention is needed to carry out checks. Normally, clients would be able to start using their account in a matter of hours.

The best experience

The fact that Digital Banks do not have physical branches to fall back on, means that they would need to offer the full suite of services online. This leads to the implementation of the latest technologies to ensure that all customer needs are satisfied with the click of a button.

Digital Banks also place a lot of importance on user experience and seek to ensure that all online processes are as easy as possible for their clients. In fact, MeDirect has dedicated teams that are focused entirely on providing the best online experience for their clients.

Of course, most of a digital bank’s processes are online and automated. This in turn leads to lower bank charges when using a digital bank. MeDirect Bank strives to automate most of its processes, with the cost-saving being passed to clients.

Who is MeDirect?

MeDirect Bank is the third largest bank in Malta, focusing on servicing the needs of its clients through the provision of advanced digital banking solutions, with its main aim being that of providing their customers with an intuitive and easy-to-use online banking experience.

MeDirect Bank (Malta) plc, is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370). MeDirect Bank (Malta) plc, is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994.

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