What is virtual banking?

Virtual banking refers to financial services provided primarily or exclusively online, without the need for customers to visit physical bank branches. Virtual banks offer a range of services, such as opening accounts, transferring funds, paying bills, and applying for loans, all through digital platforms like mobile apps and websites. This model often provides greater convenience and sometimes lower fees compared to traditional banking, as overhead costs are reduced. Security and customer support are typically managed through secure online channels and call centers.