N26 and Axos Bank to serve US customers
Visiting a physical bank may be a hassle for consumers, its a digital era after all.
Entrepreneurs and investors are taking notice. They’re creating solutions to meet consumer demand.
A new mobile banking product by the mane of N26 is just one of the many new contenders in the digital only banking sector.
The fintech offering N26, aims to make banking easier for everyone.
What is N26 and How Does It Work?
Simply put, N26 is a virtual or mobile banking service that lets you open a fully functioning bank account right from your phone. The service is available in the form of an app and through its website. New users could sign up with just a few clicks or taps on their devices.
N26 provides features that make account maintenance feel like a walk in the park.
For instance, the virtual banking service provider does away with the minimum balance and hidden fees requirements that most conventional banks set. N26 also eliminates foreign transaction fees whenever you use your N26 debit card on any outlet when traveling through other countries.
No foreign exchange fees.
Users even get two free ATM withdrawals each month.
Despite being pitched as an online banking account, N26 does provide you with the ability to have your own physical debit card. The card in question is powered by Visa, which means that it may be utilized all over the world.
The Service Puts Special Focus on Experiences
Given that younger generations such as Millennials and Gen Z value experiences over anything else, the mobile banking service also adds a few unique features.
For example, with its Spaces feature, N26 gives you the ability to transfer money into sub-accounts and operate them as your own saving spaces.
This makes it easier for you to allocate money to certain goals. These features come without having to create separate accounts and incur additional charges on them.
The company aims to make its user interface as intuitive and seamless as messaging applications.
Along with unique features and low fees, N26 also comes with the usual slew of services that are now a staple to any banking institution.
The abilities to enjoy secure login through biometric verification, customer support, and real-time notifications all come together to make N26 a potential great option as a primary banking provider.
N26 is in Partnership with Axos Bank To Enter the United States Market
Formerly known as the Bank of Internet USA, Axos Bank has gone through a rebranding effort.
And that decision has seemingly breathed new life into the virtual bank, which operates with its share of pros and cons.
As an online bank that operates with no branches, Axos Bank has the advantage of low operational costs. But at the same time, it limits the institution from reaching out to users as efficiently as conventional banks can.
With initiatives such as N26, the bank is planning to overcome its shortcomings. It plans to show people how convenient can it be for them to operate a bank account with today’s fintech advancements. At the same time, it also wants online users to ensure that their money is safe with it as a custodian. That is why, Axos Bank and any of its offerings come with the approval of the Federal Deposit Insurance Corporation (FDIC).
Users are able to sign up for N26 banking through its app or website.