The rise of digital banking has given SMEs more choice than ever. Traditional banks offer full-service branches, trade finance, and loan products, while digital banks focus on speed, convenience, and cost-efficiency.
Digital banks are ideal for startups, freelancers, and e-commerce businesses looking to minimize overhead. For businesses that require large transfers, FX solutions, or financing, traditional banks are often still the better choice.
The ideal setup may involve using both: digital for day-to-day operations and traditional for strategic financial services.
FAQs:
Q: Can I open both a digital and traditional business account?
A: Yes, many businesses operate multiple accounts for different purposes.
User Comments:
- “Our digital bank helped us launch quickly; we added a UOB account later for trade finance.”
- “Having both gives us flexibility and control.”
Editor’s Note:
Business banking isn’t either-or—combine solutions to optimize for speed and scale.