What is different about mobile banks to traditional banks?

Question

I get the fact that mobile banks are all done via the internet and apps but is that the only difference? With my traditional bank I can do almost all my daily banking via its app? So why would I switch to a mobile bank apart from the fact I get a cool looking card?

In: Economics

Answer 1

Banks that are only online can offer better interest rates and other benefits because they lack the overhead expense from 1000’s of branches, employees staffing those locations.