Mobile banking has recently gained much popularity among customers who want to manage their money when on the go. One bank that is changing the meaning of mobile banking convenience is Varo Bank. Varo Bank has come up with new features and a simple design of the app that has changed the way people use their financial accounts. In this article, I will discuss the features of Varo Bank and how it is changing the face of mobile banking.
Today, people are busier than ever and traditional banking is slow and inconvenient. This has led to the development of mobile banking where clients can make money transfers, check their account balances and make other financial decisions from the comfort of their phones or tablets.
The survey by the Federal Reserve revealed that the number of smartphone owners with a bank account who used mobile banking in 2020 was 53% while in 2019 it was 43%. This is a huge increase in the usage of mobile banking which shows that more people are interested in convenient and easily accessible banking services.
Varo Bank is a digital-only bank and the only bank that operates solely through its mobile app. It has a number of features that make the banking process easier and more convenient for the customers.
1. An Easy Process of Creating an Account
It is easy to open a Varo Bank account since the process is simple and quick. Clients can get the app from the App Store or Google Play, fill in the information and go through the verification process in a few minutes. This means that one does not have to visit a branch and fill up forms.
2. No Monthly Fees
Traditional banks, however, do not charge their customers annual fees for the basic banking services. This is good for customers who want to avoid paying extra charges and end up saving money.
3. A High-Yield Savings Account
Varo Bank provides its customers with a high-yield savings account that helps them get high interest rates on their money. This feature has no minimum balance, and there are no monthly fees charged on the account, which is particularly useful for those who want to save money without incurring other costs.
4. Early Direct Deposit
Another great feature of Varo Bank is the direct deposit feature. Customers can get their paychecks two days earlier than what is offered by other banks, thus enabling them to access their money faster. This is especially useful for the person who needs to use the paycheck to meet some pressing needs.
5. No-Charge Overdrafts
Varo Bank knows that an emergency can happen, and at times, the customer may require rolling over their balance to the next month. This is because most traditional banks penalize customers heavily for exceeding their overdraft limits while Varo Bank does not charge customers fees on their overdrafts up to a certain limit. This makes the customers worry less about the charges and helps them to avoid incurring other expenses.
Some Examples of How Varo Bank is Easy to Use
To illustrate the convenience of Varo Bank, let's consider the case of Sarah, a busy professional who likes to be flexible and easy to use when it comes to banking.
Sarah’s Experience After Switching to Varo Bank
After being dissatisfied with her previous bank, which had restricted banking, Sarah decided to try Varo Bank. She had had enough of standing in long lines at the branch and understanding the many fees that were charged on the services.
With Varo Bank, Sarah discovered that she could easily take control of her money from her phone and save time and energy. It took her only a few minutes to create the account and she was impressed with the simplicity of the app.
One of the features that she really liked was the high-yield savings account. She was able to get high interest rates on her savings without having to worry about minimum balance or monthly fees.
Also, Sarah liked the feature of early direct deposit by Varo Bank. As a freelancer, she got payments from clients and having the money deposited into her account two days earlier than usual was a great help in money management.
In all her interactions with Varo Bank, Sarah has had nothing but good things to say about the bank. The bank has helped her in a way that she was able to manage her finances easily and in the most convenient way.
Technology is still evolving
and the future of mobile banking is bright. The mobile banking market is expected to reach $1.82 trillion by 2026 at the CAGR of 12.2% during the period 2019-2026 according to a report by Allied Market Research.
This increase can be attributed to several factors, including growth in the adoption of smartphones, the emergence of new digital-only banks, and the need for easy and quick banking services.
Varo Bank is at the head of the pack in terms of defining what it means to have convenient mobile banking. It has no monthly fees, a high-interest rate savings account, early direct deposit, and fee-free overdrafts, which are very useful features that Varo Bank provides to its customers.
As the mobile banking continues to gain popularity, Varo Bank is in a good position to benefit from the trend. Varo Bank has come up with innovative ways of handling banking and focuses a lot on the convenience of the client, which makes it different from other traditional banks and attracts people who are looking for a better banking experience.
In the future of mobile banking, it is clear that Varo Bank is leading the way in reshaping the banking sector and giving customers the convenience they want.
