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Digital Banks vs. Traditional Banks for Small Businesses – which one is best?



A woman using an ATM machine on the streets
In 2020, there were 5.441 banks in the European Union, a fall of 33 % compared with 2009 – Source: Eurostart EU | Photo: Ono Kosuki

You probably came across this article because you own a small business or want to open one very soon. You’d like to open a digital bank account, but you also want to know the differences between digital and traditional banks.

Keep reading and find out which is best for you in terms of fees, branches, ease of use, ATMs, investing, customer service and more. However, first you must consider the nature of your business and the conveniences you need.


Typically, traditional banks charge a monthly maintenance fee for your business accounts. The cost will differ depending on the bank, but on average, it could be between £5 and £20. However, there are ways to avoid paying those fees, by maintaining a minimum balance or setting up a monthly direct deposit.

Conversely, there are no fees attached to any online banking, and if they charge any fee, it will always be at a lower rate than that of traditional banks. This is because digital banks don’t deal with any cost associated with having a physical location and the required staff that comes with that.

Customer Service

This element is a determinant one. Customer service in traditional banks happens in person, while digital banks hold their customer support online. Many businesses are switching from traditional to online banking because they get a more comprehensive and responsive customer service. For example, some online banks like Revolut or Monzo give you the opportunity to chat with customer service agents for support, instead of having to book an appointment or make a phone call and having to wait for a long time in a queue until an agent speaks to you.


Digital banks are simply more convenient, especially nowadays as everyone in the UK owns a mobile phone. You can access all the features of your bank through your phone during the 24 hours of the day, seven days a week. You don’t have to book an appointment like you’d do with a traditional bank.

Many traditional banks have their own online app that allows customers to access some features like the account balance or making a transaction. However, you still don’t have all of your banking elements in one place like a mobile bank does.

Additionally, online and mobile banking saves us one of the most valuable commodities in life: time. They help save you from spending more time on your finances than you need, for example, by depositing a cheque online compared to visiting a physical location.

Bottom Line

Mobile banking has a lot of benefits like 24/7 access to accounts and the ability to make transactions with a single tap on the phone, which has made trips to the local bank a thing of the past.

It’s important to consider all of these factors (and more) when looking for the best option between the two. Nevertheless, there hasn’t been a better time to get savvy with mobile banking as it may be the only way forward. This is because  digital banking is always innovating technologically and has become a vital tool for organisations all over the world. Mobile banking is redesigning the role of a bank.

I am a digital marketer graduated from the London South Bank University. An ambitious individual who is also passionate about traveling and fashion and who loves learning and discovering new things.


The Häagen-Dazs Rose Project announces 50 nominees



Kim Rihal, founder of social enterprise Equal Education, is one of the 50 women shortlisted for The Häagen-Dazs Rose Project
Kim Rihal, founder of social enterprise Equal Education, is one of the 50 women shortlisted for The Häagen-Dazs Rose Project

Earlier this year, on International Women’s Day 2023, Häagen-Dazs launched ‘The Rose Project’, a global initiative with a $100,000 (USD) bursary grant inviting nominations to recognise unsung trailblazing women in honour of the brand’s female co-founder Rose Mattus. Yesterday, 23 November, on what would have been Rose Mattus’ birthday, Häagen-Dazs announced the top 50 #WomenWhoDontHoldBack nominees being shortlisted for their achievements and its five globally accomplished Häagen-Dazs Rose Project judges.

Over 2,500 applications were received for The Häagen-Dazs Rose Project putting forward pioneering efforts and societal contributions made by women across the globe. From these, 50 talented and inspirational women have been shortlisted and will be put forward to win one of five monetary grants of $20,000 (USD), which will be announced on International Women’s Day 2024, to continue their exceptional work, unleash their potential or give to a cause they are passionate about. The top 50 shortlist includes women from 17 countries hailing from across Europe, Asia, Africa & Middle East, Australia and the Americas.

The all-female judging panel from across the world has been handpicked for the final selection stage of The Häagen-Dazs Rose Project includes. UK-based author, broadcaster and philanthropist Katie Piper, fashion entrepreneur and advocate for women’s fertility issues, Velda Tan from Singapore and Spanish entrepreneur and creative director Inés Arroyo, are amongst the judges.

“International Women’s Day 2023 marked the launch of The Häagen-Dazs Rose Project to honour the legacy of our co-founder, Rose Mattus, and create a fund platform to provide opportunities to women across all fields around the world who are truly deserving of support and recognition. We were thrilled to receive thousands of nominations across countries and our #WomenWhoDontHoldBack Top 50 shortlist is a compelling and diverse mosaic of trailblazing female narratives that moved us and serve as an inspiration to women everywhere”, says Aurélie Lory, Häagen-Dazs spokesperson.

To find out more about the story of each entrepreneur shortlisted for The Häagen-Dazs Rose Project, visit:

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47% of women feel their workplace is not combatting inequality



Katherine Maher, CEO, Web Summit, on Centre Stage during day one of Web Summit 2023 at the Altice Arena in Lisbon, Portugal
Katherine Maher, CEO, Web Summit, on Centre Stage during day one of Web Summit 2023 | Photo: Eóin Noonan/Web Summit

The proportion of women who feel that their workplace is not taking appropriate measures to combat gender inequality has nearly doubled in a year, a new survey has revealed.

Web Summit, the world’s largest technology event taking place in Lisbon this week, has released its third annual State of Gender Equity in Tech report, which is based on a survey distributed among its women in tech community.

76.1 percent of respondents feel empowered to pursue and/or hold a leadership position; fewer respondents (41.8 %) feel the need to choose between family and career when compared to 2022 (50.4 %); and there is at least one woman in a senior management position in 80.4 percent of respondents’ companies, a similar proportion to last year (81.3%).

The survey found that 70.5 percent of respondents feel pressure to prove their worth compared to male counterparts, while 77.2 percent feel they need to work harder to prove themselves because of their gender.

Over three quarters of respondents (76.1 %) feel empowered to pursue and/or hold a leadership position. And almost half of respondents think that their workplace is not taking appropriate measures to combat gender inequality, increasing from 26 percent in 2022 to 47
percent in 2023.

“While it is encouraging to see progress in some areas, such as those feeling the need to choose between their family and career, there are also some deeply concerning trends within this report. Seeing an increase in those who report having experienced sexism in the workplace in the last year is disheartening in 2023. We hope that this kind of research can breed some positives, and that it will push workplaces – and women within these workplaces – to broach these topics and make progress in these areas,” said Carolyn Quinlan, VP of community at Web Summit.

Last year, 42 percent of attendees at Web Summit were women and 33 percent of speakers were women. In 2023 these numbers have slightly improved with 43 percent of attendees and 38 percent of speakers on stage being women this year.

The women in tech programme at this year’s Web Summit is at capacity, and the women in tech programme at Web Summit Rio 2023 reached capacity in record time.

The WebSummit 2023 is running from November 13th to 16th in Lisbon, Portugal.

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Krispy Kreme to give away free donuts on World Kindness Day



A box of Krispy Kreme donuts opened and with donuts inside
The company, founded in 1937, is giving away 60,000 free doughnuts around the world today | Photo: Clément Proust

American multinational doughnut company and coffeehouse chain, Krispy Kreme, is celebrating “World Kindness Day” today by distributing free donuts in the US and the UK.

The chain is giving away a box of a dozen glazed donuts for free with no purchase necessary. But only the first 500 guests that visit each participating Krispy Kreme US stores on “World Kindness Day”, Monday November 13th, will be able to get a free box of donuts.

Krispy Kreme often gives away free or discounted donuts to generate buzz on special occasions. The company, founded in 1937, traditionally gives out free donuts to customers on National Donut Day, celebrated on the first Friday of June of each year. And in July, a dozen of glazed donuts were sold for 86 cents to celebrate its 86th birthday.

Thousands of free donuts are also expected to be given away today across Krispy Kreme stores in the United Kingdom, with customers being encouraged to ask for the World Kindness Day offer. No purchase necessary.

The company, which operates in over 30 countries around the world, said it wants the brand associated with World Kindness Day to make “meaningful connections” with customers.

“World Kindness Day is an opportunity to make a positive difference by being generous,” Dave Skena, Krispy Kreme’s global chief brand officer, said in a release. “Simple gestures of caring and thanks, including sharing a sweet treat, is a great way to do that.”

Krispy Kreme said that it’s considering expanding a limited partnership it has with McDonald’s to sell more of its donuts at the latter’s location.

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