Fintech products and services
There are some banks that don’t have physical branches in Ireland and are only online or mobile based. These are sometimes called fintech providers as they use technology to provide financial products and services to customers.
How do fintech providers work?
They allow you to open an account using your phone without the need to visit a bank in person. You enter your details and upload the required documents using your smartphone and monitor your account through a mobile app.
They are usually app-based and can come with a physical debit card or a digital wallet. They can offer services like international transfers, currency exchange, insurance and the ability to trade in crypto-currency.
What should I consider before opening this type of account?
These types of accounts can have some benefits and fintech providers offer you additional choices when it comes to picking a provider and can have services that you don’t get from all traditional banks. They also allow you to open accounts and use services in a quick and convenient way without the need to visit a branch or complete paperwork.
But there are also drawbacks to this type of service, such as being uncertain if they are regulated by the Central Bank of Ireland and what your rights are if you are unhappy with the service or want to make a complaint. These types of accounts may not suit some people that are not comfortable using this type of technology.
As these types of accounts and products can be opened with speed and ease it can sometimes mean you don’t have time to consider the risks and benefits. Whether you decide to open an account in your local bank or through a smartphone app, you should always make sure that that it meets your needs and is good value.
Last updated on 2 August 2019