Why traditional banks are inferior to Fintech providers? A short answer is because of the EU's strict regulation to prevent illegal activities. It requires a pile of paperwork, a time to check it, sometimes personal visits to the bank. And by the end of the application process, you’ve got high fees and longer compliance checks for your out-of-region transactions.
In contrast, Fintech providers charge less international transaction fees, have better exchange rates, and have cool apps that make everything easier. Eventually, you’ve got the same IBAN bank account for secure transactions. The only disadvantage to note is that online banks don’t give you access to overdrafts and loans. Read the full comparison of traditional and online banks here