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As modern times create new age ecosystems of business and lifestyle, it has also begun to create different needs for how people store and access money. Whereas in the 1980s, traditional banking was the only option, in 2022 things are very different. Today people can utilize the strictly regulated traditional bank, mobile banking apps, or even cryptocurrency banks to easily move money. The differences of these 3 banking options should be reviewed with a keen eye before plotting a large sum into any account. These are the quick facts to know about each service, plus pros and cons.

Mobile Banking Apps

As one would predict, this banking option revolves around applications for smartphones and devices such as the common android and iPhone technology.

This is not the same as regular on-line banking however. Though the two are similar and can be interconnected or integrated to work in conjunction with one another, mobile banking apps will not work without a smartphone or tablet. On-line banking will work with computers and laptops; technology that is not mobile.

The Pros of Mobile Banking

Time Efficiency

Much more efficient on time. Access to your account is carried with you on your mobile device. A mobile bank app allows users to change specifics of their account, debit, or credit card directly from their phone or tablet.

Available 24-Hours

24/7 Banking - apps are available for consumer use almost every second of the day. Occasionally there are app updates that require a down-time, but notification is usually given weeks in advance.

Real-Time Activity Updates

Monitoring transactions can be done on the spot. If you feel anything sketchy has happened to your money in a mobile banking account, you can check immediately. Cancel a card or put a hold on account immediately after losing information by theft or other failure.

The Cons of Mobile Banking Apps


Though problems are rare; mobile banking, just like on-line and crypto banking, is more likely to suffer hacks or failures than a traditional hand to hand bank. According to one report, 97% of bank apps have insufficient protection of code. With that said however, keep in mind that traditional banks also work by computer and the same code.

Some mobile banking apps may require an extra surcharge for insurance as they see mobile banking as an extra risk. Check with your MBA terms of service to see if you’re being charged.

Technical Issues and Delays

Though this can happen to the computers at a traditional bank just as well, there are many more computers and devices involved with mobile banking. Also the transfer of data is almost nonstop. These can happen much more frequently than a traditional bank. If devices were eggs, just imagine how many more eggs ‘mobile banking’ involves carrying versus one local bank.

Crypto Banks

What’s a cryptocurrency bank? In layman’s terms, it’s simply a bank that has begun accepting the storage of crypto-coins along with your traditional account. These institutions are also referred to as ‘special purpose depository institutions’ or SPDI.

The first SPDI was created in Wyoming in 2019. And since then, others have come to fruition. The 3 most known are Kraken, Avanti, and Custodia.

Since then however, many other major traditional banks have joined the craze. Wirex, Ally Bank, Barclays, JP Morgan, and Goldman Sachs have all become crypto banks. According to GoBanking, Vast Bank was the first nationally chartered US bank to allow its customers to buy, sell and hold cryptocurrencies.

The biggest difference between a crypto-bank and all others is there’s no central bank backing the digital currency accounts they offer. Instead of Cryptos being backed by insurance from the US Federal Reserve, it’s backed only by trusted computer coding.

The Pros of Crypto Banking Accounts

No monthly banking fees

Unlike traditional banks, having a cryptocurrency account does not cost a user money. However, there are gas fees involved with converting fiat to cryptos.


Big supporters of cryptocurrency are all about keeping their financial information private, personal, and away from government monitoring. Crypto transactions are on a public ledger but details of who was behind each transaction are still private.

Transfers Without Hurdles

Any holder of cryptos can easily transfer money from their wallet to another user’s wallet without interference. There’s no clearing house delays like traditional banks. There’s no ‘added review’ of your transfers like those done by Paypal, Western Union, or Caribe Express. THere is a ‘bridge’ if using a common Decentralized Exchange but Atomic Exchanges are direct, peer to peer, hassle-free transfers.

The Pros of Crypto Banking Accounts

Decentralized Exchanges Aren’t Decentralized

Though it’s advertised as ‘decentralized, cryptos are not’ until atomic exchange’s like Safe Haven’s SafeSwap are the mainstream choice. There is ‘bridge’ technology between every transaction on decentralized exchanges that has been getting hacked frequently as of 2022. Until everything goes ‘atomic,’ there’s an unnecessary security issue with most decentralized exchanges because of their middle man service

Volatility Of Cryptocoins

Though the industry has come a long way, unless you’ve switched your Bitcoin or Alt-Coins into stable coins, there’s the risk of seeing your funds lose value.

Gas Fees

Cryptos can make major gains. That is what makes them attractive to most. Bitcoin is a store of value for the long term and most alt-coins today are short term ‘slot machines.’ Then there are some with utility that have major expectations of growth like META, Solana, Ethereum, MINA, VeChain, and more. These are all great opportunities to gain wealth.

However, the downside to crypto trading even affects your bank account. When looking to buy, sell, or trade cryptos there are gas fees. These gas fees can be as much as $1 per $15 you convert; More than 6% just to do 1 trade. Definitely be aware of these taxation when dealing with any Crypto Bank account.

Traditional Banking

What’s traditional when it comes to banking? Banks that have a physical brick & mortar location and local license, these are the original tradition of operation by financial institutions. Customers must carry in cash or check to carry out whatever their desired transaction is.

In the United States, traditional banks are as common as fast food restaurants or supermarkets. Brands like Chase, Bank of America, CitiBank, Capital One, Truist, TD Bank, and PNC are household names.

For people who still like the art of conversation and seeing a person in front of them to do business, this is still the ‘go to’ option. The biggest sales point of any bank of this type should be old fashioned human interaction.

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And there are other pluses and minuses to this style of banking as well, of course.

3 Pros of Traditional Banking

Simple Security

Physical banks still use computers. Any financial institution can still be hacked just like any crypto bank or mobile app. However, since there are far less computers involved & baning location where you visit can hold your money, there’s less opportunity for hackers to strike your account.

Physical banks are more likely to be robbed by someone in person. And this happens very little in reality.

Withdrawing Large Sums of Money

Many mobile banking apps and crypto banking cards have withdrawal limits. If you go to a traditional bank, you can withdraw as much as you like with a quick verification of your ID.

Also, ATM access is usually less restrictive when using a native debit card at a traditional bank. Many crypto debit cards and mobile banking apps like chime or Cash App have limits on how much cash can be pulled out at one time.

Person To Person Customer Service

As mentioned above, a traditional bank provides a person you can meet face to face whenever there's a problem. An actual bank manager will fix your account without excuse, with a short visit to a brick and mortar location.

Mobile banking apps have phone customer service reps that usually have little to no power to help clients. If there is a fee or bank closure, there is less explanation or responsibility taken by mobile banks. They simply read a line and end the conversation.

The physical customer service representative has yet to be replaced by anything similar in value by mobile banking apps.

3 Cons to Traditional Banking

Wasted Time

The main reason Mobile banking apps and crypto banks are thriving is simply time efficiency. Today’s generation prefers the ability of working out of hand, from home, by themself. Driving to a physical bank and having to wait in a line, this is why traditional banks are fading away.


Most physical banks are charging a monthly fee in 2022. People are tired of paying a fee for banks to hold their funds, when it’s well known that banks make their profits from loaning out client’s money as well. Twice as nice, isn’t ‘nice’ at all.

Beyond those fees, there’s also a lot of Overdraft or Insufficient Funds charges being illegally imposed by financial institutions across the globe. There’s been record breaking class action lawsuits over this issue.

Mobile Banking apps don't tend to have all of these fees. This makes the digital banks more appealing.


In 2022, many people are tired of their money being under the control of others. Traditional banks are more stricken by government regulation.

Cryptos and crypto banking revolves around the idea of Decentralization and using technology to completely avoid an outside party being between a currency’s owner and whomever they choose to do business with. No chances of red flag, account freezes, or some other random ‘regulation.’

Having faster access to your account with mobile banking gives each user more control. Cryptos are highly privatized at this moment, though regulation is coming. It too is supposed to give users more control, though much of the ‘decentralized cryptocurrencies’ does not describe all cryptos.

However, traditional banking means if anything happens the account owner will not be the first in line of command to work its controls. Instead, the account owner will have to go to the local bank and talk to a representative about their issues and have them check the account.

Time consuming and leaves the account holder in a stressful position.

Mobile vs Crypto vs Traditional

Through it all, no matter the pros and cons, the final decision is based on individual needs.

Though it can be argued Mobile Banking is the best financial tool of the current era, still some may prefer a Crypto account or to see a person, eye to eye, to deal with account issues.

Various sites exist today that share valuable information on choosing the right account service. Glancing at a site like Top Mobile Banks, can make the process of selecting a checking, savings, or other options much easier.

Top Mobile Banks has details on banks from around the and their services. This includes but is not limited to the UK, China, Australia, United States, Canada, Dubai & The United Arab Emirates, Saudi Arabia, Indonesia, Mexico, Brazil, & Colombia.

One thing is clear before all of these details however; Everyone needs to have a banking account and understand how to properly use it. Do the research with anything that’s related to finance before signing on a dotted line.

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