Opening an account on an online platform
Opening an account on an online platform

In today’s world of innovation and digitalization the use of online platforms for financial transactions is gaining more and more popularity. With the increase in bureaucracy and scrutinization by conventional financial institutions around the globe, many individuals and businesses alike are tempted to seek alternatives for their day-to-day financial operations. Although there may be several advantages to banking with an online platform and they can most certainly provide the benefit of flexibility and simplification of urgent business transactions, we strongly believe that they cannot replace the need for a traditional bank account. Unlike a well-established financial institution, an online platform is more prone to closure and bankruptcy and cannot provide the fundamental security of funds and reputation that is essential for the business partnerships of any successful enterprise. 

WHY BANK WITH AN ONLINE PLATFORM?  WHY NOT?
  • Lower fees and charges
  • Multi-currency accounts
  • More flexibility with compliance compared to retail banks
  • Emphasis on online and mobile banking
  • Fast execution of international transactions
  • Low credibility and fund security
  • Limited capabilities and financial services compared to retail banks
  • No personal relationship with bankers due to lack of physical office locations for customer service
  • Difficult to conduct cash transactions

At Arnos, we always aim to stay current and informed and strive to carefully study and utilize the progressive technological advancements in the financial industry in order to facilitate business operations without compromising on legality and compliance that could negatively impact the reputation and prosperity of our clients. Our banking experts can help you find a balanced solution for your financial transactions, advise on the best institutions for account opening whether it be in a retail bank or online platform specifically catered to the jurisdiction, turnover and activity of your business. Our team can help you build a failproof compliance portfolio, assist with the initial account opening process and take on the management of your business accounts to ensure an efficient and timely flow of all your financial operations. Please feel free to contact our banking experts for more information on alternative solutions specifically tailored to your banking needs.

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