What is Virtual Bank?

Everyone! New Version of Bank without any branch limitation. We used to inform the branches of the bank when you opened an account or did any transaction. However, right now there is a major adaptation of the bank because ฺNational Bank is preparing to push for Virtual Banks. ACU PAY will not fail to bring everyone to the scene of trends from this big news. Let’s see when the launch will begin, shall we?

What is Virtual Bank?

A branchless commercial bank or Virtual Bank is a new version of bank which has no limit about branches  but can do any transaction in full function. As mentioned, the service will be on a digital platform since there is no branch. Also, there is no ATM or CDM of the Virtual Bank. In some countries branchless banks are called Virtual Banks, in some countries they are called digital banks.

Benefits of Virtual Bank

  1. Branchless commercial banks have lower cost

    Of course, having a branchless bank will save customers time and energy, and it will cost less than other commercial banks because there is no need to set up a branch or a bank. When the cost is cheaper, the offer on interest or service fees is definitely better.

  2. Users can fully arrange their own account

    As a Digital Bank, we will be able to organize our own accounts and control our own finances at any time in financial transactions without having to waste any time at the bank.

  3. More convenient

    It is easier and faster to do transactions on online platforms without having to travel and queue up to do financial transactions at the bank or office. 

Target group of branchless commercial banks

Virtual banks can serve everyone but the main target are retail customers and SMEs who are familiar with online platforms or have done transactions in the digital world. Also, it focuses on those who have not yet accessed the financial system, the loan system, as well as the sample group of unserved and underserved financial products.

Criteria for selecting candidates for the establishment of Virtual Bank

  • BOT pays attention to strong financial stability and has sufficient funds to invest in technology and systems when it starts operating Virtual Bank.
  • If medium-sized enterprises that have the potential to expand on financial services that meet the needs of the target group, they may have to partner with other businesses to establish Virtual Bank.

In 2024, it is expected that the candidates for the opening of Virtual Banks will be announced and approved by the Finance Minister.

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