Digital banks, sometimes referred to as challenger banks, are app-based banks that don’t have physical branches. They started to gain recognition around 2014-2015 and have steadily grown in popularity.
Many people use digital banks alongside traditional accounts. This is because digital banks tend to be more limited in what they can offer, and some people still prefer being able to visit a branch in person.
However, there are some advantages to digital banks such as real-time notifications to your mobile, budgeting tools and spending alerts, round-up features to help you save in separate pots and easy in-app card freezing if you misplace your card.
Morses Club PLC (LON:MCL) is an established, relationship-driven consumer finance provider offering a range of credit products and delivering exceptional services to customers in the non-standard finance market.