Black Banx Shows Customer-Focused Approach Is The Way Forward In Fintech
by Abdul Aziz Mondal Finance 31 March 2023
Customers are shifting away from traditional banking models and towards digital banking solutions to manage their finances in today’s fast-paced environment. Digital banks, also known as neo and challenger banks, are financial companies that only operate online, providing consumers with features that traditional banks cannot match, particularly in customer care. In this long list, the Black Banx names always come in the first few of the names. Why? Let’s have a look.
Origin Of Black Banx
Launched in 2015 by the initiative of German billionaire Michael Gastauer the CEO of the digital banking platform Black Banx is a crucial player in customer experience in the financial world. Currently offering a unique approach to crypto and providing regular digital financial services.
The bank offers customers the ability to transfer money instantly almost anywhere in the world. Their users come first; whether they be operating private or business accounts, Black Banx has a customer-focused approach that is challenging to compete with.
With a staggering 20 million customers and $1.1bn in revenue, according to December 2022, the company is one of the leading players in the fintech market today. Black Banx is revolutionizing the customer experience by offering greater convenience, personalization, transparency, and cost savings.
How Is Fintech Functioning?
As fintech evolves, the traditional banking model will likely continue to be disrupted. Customers can expect to see more innovative digital solutions that make managing their finances more straightforward and rewarding than ever before.
Digital banks are quickly becoming the preferred choice for customers looking for a more modern, convenient, and personalized banking experience.
Customers can open a Black Banx account, transfer and deposit money, and pay bills from the comfort of their homes without visiting a physical branch. This level of convenience is particularly beneficial for busy customers who do not have the time to visit a bank during business hours.
This service is also available worldwide. Operating from 180 countries and offices located in several key capitals, Black Banx is increasingly international in scope. Demands for cross-border services have risen due to an increase in people living and working abroad, especially post-pandemic. Black Banx has provided a borderless approach to banking with customers at the heart of its business model.
What Are The Attractive Features Of Fintech?
While using Fintech digital banking, customers may check their account balances, examine transactions, and contact customer service at any time of day or night, depending on the bank. Customers with a Black Banx account may manage and monitor their cards and accounts in real-time.
This degree of accessibility is especially tempting to younger generations who have grown accustomed to the digital age’s quick gratification. Being able to accomplish anything through an app, as Black Banx does, puts wealth management back in the hands of the user, as opposed to traditional banking.
Black Banx also offers greater transparency than traditional banks. Customers can track their spending and monitor their account activity in real-time through their mobile app or online banking platform. This
helps customers stay on top of their finances and make informed decisions about their money. Additionally, digital banks often offer lower fees and better rates than traditional banks.
For example, Black Banx provides a flat fee – a huge benefit for customers looking to save money – for international transfers. In contrast, competitors provide currency exchange fees benefitting the company rather than the customer.
What Does Black Banx Offer Customers?
After creating an account, customers will receive a Black Banx debit card which can either be virtual or physical and available in 28 currencies. They can hold funds, send and receive payments worldwide, then transfer the money to other Black Banx accounts in seconds, and manage and monitor cards and accounts in real time.
With a business account, customers get Black the Banx debit cards in additional currencies for them and members of their workforce. They can freely convert currencies between accounts for bank interchange rates and hold funds while sending and receiving payments in more than 28 currencies. In addition, customers can send and receive instant fund payments, which are credited worldwide, and track the incoming and outgoing transactional status in seconds. As well as getting all the individual account benefits, business clients have the added benefit of assigning multiple users to manage and access accounts.
By operating solely online, Black Banx has lower overhead costs and can pass these savings on to its clients. This has led to increased competition in the banking industry, with traditional banks being forced to lower their fees and improve their services to stay competitive within the fintech boom.