Digital-only Banks (Next Level of Banking Experience)

  • Laxmi Dharamshi
Keywords: Digital-only Banks, branchless bank


When we think of a bank, the first picture that comes to our mind is– its long queues for simple services like account opening, address change or information about savings/loan products, the paper work behind the deposit or withdrawal of cash and so on. It is the need of the hour for banks to ascend with the next wave in banking- Digital-only banking, which scales the entire bank down to the size of an iPad, tablet or smartphone and promises the convenience of having an entire bank on our fingertips. Breaking away from conventional banking norms, Digital-only bank is a completely paperless, signature-less and branchless bank.


A study of US banking customers found that 56% prefer more of a digital than a personal relationship with their bank. Among millennials, the number is even higher – 70% prefer to interact with their banks online. Banks are now responding to this shift in consumer behavior through digital-only banks. This research article is an attempt to understand the concept and significance of Digital-only Banks. The paper also covers the evolution of Digital-only Banks in India and other parts of the world.

How to Cite
Dharamshi, L. (2019). Digital-only Banks (Next Level of Banking Experience). Journal of Global Economy, 15(1 (Special), 1-5. (Special.548