In the last 5 years, there has been over in the number of neobank users yearly. If you are still choosy about using a neobank app, it's time to turn a new leaf and embrace this fintech miracle.

Wouldn't it be relieving to have a fully-functional US account, for instance, while living in Singapore or any other country? Of course, it would.

Privat makes running a 100% virtual baking services, with top-notch security and flexibility, possible. You may be used to visiting a physical bank now and then to make complaints and run transactions.

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But, neobanks offer a more seamless experience. And while there are so many active neobank apps, Privat has proven to be one of the best.

In this piece, we'll discuss the following;

  • What neobanking is and how it works
  • All you need to know about the Privat App
  • How safe are the Privat app and neobanking generally?

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Ready, let's dive in.

Neobanking: What is it and How Does it Work?

Neobanking is simply the act of running financial services from the comfort of your home with a smartphone/laptop without visiting a physical bank. 

We mentioned from the get-go that with neobanks, you don't have to drive to the bank to process payments and carry out business transactions, which is how traditional banks work.

So far, Neobanks have over 200 million users, and more people are coming on board. For a tech-savvy generation that often appreciates digital innovations, neobanking is here to stay.

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Source: Statista

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Here are some of the services Neobanks offer;

  • They manage your accounts
  • They process payments 
  • Cash transactions 
  • They provide virtual credit cards 
  • E-wallet transactions 
  • Insurance packages

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Now, let's look at the best neobank app for you.

All you Need to Know About the Privat App

Neobanking has several adaptations, each of which has its peaks and lows. 

However, just in case you need a neobanking platform you can trust, we would like to present you with a good option as good as it can be—the Privat app.

The Privat app is a neobanking platform that allows users all over the United States to make transactions of whatever sort without moving to a physical location. Amazing, right?

This essentially means that transactions cost less time, money, and energy. Privat App does not have a physical location; thus, it boycotts many expenses that would have accumulated otherwise. 

This provides customer-tailored benefits. It also charges lower fees than other banks with physical locations would have. 

Being an online banking system, peer-2-peer transactions are pretty straightforward, payment of taxes, bills, utilities, and so on. It also makes it easy to keep track of your transactions within the app.

Furthermore, the Privat app is built to be user-friendly; accessing the platform is not what you would call jet science and would cost only a few minutes. Time is money, they say. 

Speaking of time and money, the Privat app offers a clock-round, 24/7 service and can be accessed from any part of the world. All you need is active, healthy access to the internet on your phone and/or computer.

You can consider the Privat app a convenience you never knew you needed or you probably have always known you needed but didn't have.  

In a day and time like ours, anything that saves time and money is luxury we all long for. One of the best things the Privat app offers is very delectable customer service. 

This is the core of every business, and the Privat app has gone out of its way to ensure you have the best experience as you stroll and make transactions along their streets.

How Safe is the Privat App?

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One of the significant worries that accompanies Neobanking is safety issues, especially since there is no physical structure to tag it. 

An excellent sense of security comes with knowing that your money is safe wherever you keep it and that you can retrieve it whenever you feel like it. It is pretty relieving.

The truth is, you have every right to question the security of your money. You worked for it and should be able to account for it. 

It is also a suitable safety procedure if you make it your duty to check out the security structure wherever your resources go.

One of the significant highlights of the Privat app is its security structure that ensures a Fail-Safe in extreme circumstances. 

To achieve this, the Privat app, as with other neobanking apps, insured up to $250,000 with The FDIC; Federal Deposit Insurance Corporation,  to ensure safety of your funds.

The FDIC are an independent US corporation that protects the interest of depositors of insured banks within the borders of the United States.

This means that whatever happens in the future, you can be sure that your money is safe and secured. 

Something to calm your fear, right? For further details on how FDIC works, you can always visit their website to understand whatever is necessary.

Furthermore, the privat app requires your code to access, reducing the risk of being hacked into by externals. 

Also, to ensure your details are secured from outside "pokers," all data is well protected by a complex, secured encryption system. 

You won't have to worry about someone getting their hands on your personal information.

Of course, there are other security measures that you will find riddled across the app's interface. All these ensure that your stay is delectable and at a minimal risk level.

Conclusion

While traditional banking has its peaks, Neobanking comes with a different flavor. Along with its ability to leverage.

The Privat App has many benefits including; excellent customer service, user-friendly interface, fantastic clock-round experience, and so on. 

It is an excellent place to bank safely and well. To gain more information about the privat app, click here.

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