It is the dawn of the digital era, and everything around us is changing rapidly. The financial sector, our money and banks are no exception.

In fact, fully digital banks like Weyay are already here in Kuwait with features like hassle-free no paperwork required account opening process, live tracking of daily expenses and additional perks like banking rewards that are tailor-made to give us the best value for all our happy shopping times, both online and offline.

Before we get too excited, let us take a step back and look at everything this new era of no paperwork banking has to offer, so we make the most informed decision for all our hard-earned cash.

• All-day access to banking services from anywhere! You don't need to take precious productive time out of your busy schedules to physically visit your bank branch and wait hours on those long boring queues anymore. You only need a computer or just a smartphone with internet access.
• Instant loans without documents. No, this is no spam disguised as an ad. Many digitised banks now offer personal loans, especially smaller amounts geared towards students and young adults with little to no documents required and very flexible modes of repayment. Everything from applying for one online to receiving the entire amount in your account is usually completed within a few hours to a day or two.
• Convenience and security of online transactions. You can purchase everything online without ever having to visit an ATM. At the same time, maintain a readily available automated record of all those transactions whenever you need it. Yes, you no longer have to ruin your day trying to find that one receipt out of the messy hill of paper every few weeks and having to reorganise it, again and again, every time.
• Fast and efficient. Fund transfers take effect immediately. Within seconds with just a tap of your finger, you can check your balance, invest in the stock market, send money in an emergency and freeze or unfreeze your card right when you need it. Sometimes a few seconds can completely change your life or a loved one's, so the significance of this feature should be apparent.
• No Paperwork Banking. There is a reason why “No Paperwork Banking” is the tagline of most digital banks worldwide today. Such banks allow anyone to open an account right from the comfort of their homes with zero paperwork or lengthy procedures required. Some even with just a selfie and a scan of your Civil ID, pretty cool, right?

Things to keep in mind: 

Like everything else, this new age of no paperwork banking does have a few cons and still has a few things that can be improved.

• As obvious as this might be, it does require an internet connection and a weak network can often result in failed transactions.
• It also suffers the same security risks that any digital device connected to the internet has to deal with. That said, the quick advancements in technologies like biometric identification and encryption have reduced those risks by a huge margin. And you can reduce those further by adhering properly to the instruction of the concerned authorities.
• It can be the learning curve for new users and people who are not adequately familiar with smartphones. It is especially true for older people who were not born into this technological era, with some of them even being averse or having a general distrust of such modern conveniences.

The Future of Banking 

Despite the few cons, it is undeniable that digital banks are the future. Every sector needs to adapt with the times to stay relevant and functioning at its finest.

And this holds true for us as well. Not to mention, this whole shift in this industry to no paperwork banking also aligns well with Go Green initiatives.

So maybe, take this chance to try out a digital bank today and experience for yourself this future.