This Cogni review will provide you all the essential information that while this digital banking platform is new, it’s worth it.
Digital banking is becoming the norm. More and more people prefer using it or making financial transactions using digital banks as compared to traditional ones.
In fact, according to the “Global Digital Banking Platform Market By Component (Solution and Services), By Deployment Type (On-premise and Cloud), By Type (Retail Banking and Corporate Banking), By Banking Mode (Online Banking and Mobile Banking), By Region, Industry Analysis and Forecast, 2020-2026” report, the “Global Digital Banking Platform Market is expected to reach $9 billion by 2026, rising at a market growth of 16% CAGR during the forecast period.”
Meanwhile, according to Statista report, the share of the population using digital banking in the United States alone in 2018 has reached about 61%, while it is projected to rise even more to 65.3% by the year 2022.
These reports only show that digital banking is set to continue growing as the years go by. With the unexpected turn of events in the current year wherein people are restricted to go out of their homes and rely so much on anything digital, it won’t be surprising if the numbers grow bigger.
As mentioned, a lot of people are becoming so into online banking, which is not surprising given the fact that it is very convenient, safe, and very accessible.
These days, there are actually a lot of digital banks to choose from already. With so many options out there, selecting one can get really tough.
One of the many digital banking options out there is Cogni.
Today, as mentioned earlier, we are going to do a Cogni review. We are going to provide you the essential information you need to see if this digital banking platform is the right one for you.
In particular, we are going to talk about the following:
- What is Cogni?
- What are the features of Cogni?
- Where to use Cogni?
- How does Cogni work?
- What are the benefits of using Cogni?
- What are the downsides of using Cogni?
- Is Cogni safe?
WHAT IS COGNI?
When you are looking for a digital banking partner, it is important to get to know the bank first. Do not just go with the status quo.
It is important to research your options so you can choose what’s best for you — your needs and preferences. Getting to know more about the institution or the bank will also help you build your trust and confidence in it. After all, you are going to entrust your hard-earned money to them, right?
The safety and security of your money (and your personal information) are very important especially when you are opting for digital banking.
Before we proceed, if digital banking is new to you, below is a very informative video by Project Management. It will help you know and understand better what this type of banking is all about.
Anyway, so what is Cogni all about?
As compared to other similar online banking platforms out there, Cogni is very new in the market.
This digital banking platform is in fact, was only launched this 2020.
While there are a lot of other digital banking platforms out there already, why would you consider Cogni over them?
According to the company, they established Cogni aiming to complement a user’s finances with a straightforward account, and the music to our ears, with no hidden fees.
This digital banking platform’s goal is to connect their members’ banking with their lifestyles. Furthermore, they hope to evolve with their members as their needs change. Over time, they aim to combine banking, commerce, as well as lifestyle in just a single platform.
Primarily, the marketing of the company aimed at the transparency and practicality of their Visa Debit Card, with no additional fees. But, the company actually does offer other services as well, which include convenient, cost-free bank transfers and ‘single-use’ virtual cards.
Currently, Cogni has over $6 million in funding. Needless to say, it has support from big-name financial institutions such as Barclays who owns 2% of this digital banking platform.
Furthermore, this digital banking platform supports the use of Samsung Pay, Apple Pay, and Google Pay.
Cogni has two offices including one in New York City.
WHAT ARE THE FEATURES OF COGNI?
If there’s one thing that Cogni promises its members that would be that it will be their “all-access pass to digital banking”.
In this section of our Cogni review, we are going to talk about the different features that this digital banking platform offer, which include the following:
Cogni’s primary product is its checking account. What makes it particularly stand out as compared to other checking accounts of digital banks out there is that apart from the fact that you can easily open an account in just 3 to 5 minutes, it does not require a minimum deposit amount. It does not even go through credit checks, which makes it even more attractive to all types of consumers.
With your account comes the following perks:
- Digital Card – You can easily move funds into your account, and access the money immediately — as you need it — without any hassle.
- No ATM Fees – It doesn’t matter where you are in the world. Cogni does not charge ATM fees, which means you can withdraw money in all 55,000 Allpoint ATMs without having to worry about charges.
- Complete Account Details – With your Cogni app, you get a complete view of your balance, recent amount activity, as well as monthly statements, and card spendings. Everything in one place.
Another feature that we like about Cogni is Cogni Pay, which allows you to receive money from another account, and the money gets available immediately.
So, no need to worry about covering for a friend’s needs. They can easily pay you anyway.
Along with the Cogni Pay features comes the following perks as well:
- Direct Deposit – With your Cogni account, you can set up direct deposit by sharing your account information as well as your routing number with your employer. That way you can easily receive your hard-earned money. By the way, you can do this through the app.
- Easy Bank Transfers – With Cogni, you can easily transfer money from other banks into your Cogni account. You can do this free of charge. Again, all you need is your account information and routing number.
- Deposit Worldwide with Visa ReadyLink – Unlike other digital banking platforms, with Cogni, you can deposit money to your account regardless of where you are in the world as long as there is a store with Visa ReadyLink. Your money gets available in just as little as 30 minutes!
Cogni Visa Card
To make your banking more effortless, along with your Cogni accounts comes a Cogni Visa Card.
Your Cogni Visa Card can be used not just to withdraw money but as well as in-store purchases.
But wait, there’s more!
Cogni also offers a single-use card, which you can generate for extra security or a risk-free trial.
Anyway, the Cogni Debit Card is issued by the Community Federal Savings Bank.
Apple Pay, Google Pay, and Samsung Pay Compatibility
Another notable feature that Cogni digital bank offers is that it is compatible with all your favorite person-to-person payment apps such as Apple Pay, Google Pay, and Samsung Pay.
ACH Bank Transfers
Cogni supports bill pay and bank-to-bank transfers making it easier for you to move your money.
While it’s an all-digital bank, Cogni recognizes the fact that there are things that still need the traditional way of banking. Thus, the bank also offers checks.
If you need one, all you need is to request and they will send one right to your doorstep.
In case you misplace or lost your Cogni Visa Card, Cogni provides you a freeze and unfreeze feature. This allows you to secure your account to avoid unfortunate cases.
Cogni allows you to choose your own push notifications. That way, you only get to receive alerts that are relevant to you.
With Cogni app, you stay updated on your account’s activities. Needless to say, you are alerted of potential fraud all days and times of the week.
To ensure your account’s safety and security, Cogni uses 256-bit encryption.
Of course, to complete the amazing features offered by Cogni, they are FDIC-insured as well, which means all Cogni checking accounts are protected for up to $250,000.
WHERE TO USE COGNI?
As we have mentioned in the previous sections, Cogni is just new in the market. Thus, it is not surprising if Cogni is only available at the moment to customers in the United States.
But, who knows!? Maybe in a few years’ time, they will eventually expand their coverage and reach other countries as well.
HOW DOES COGNI WORK?
In the last three sections, we talked about what Cogni is all about, its features, and where it’s available for use.
This time in our Cogni review, we’ll talk about how it actually works.
First of all, Cogni is an app-only banking service, which means, you need to download the app to take full advantage of what Cogni has to offer.
Unfortunately, Cogni is currently available only through the App Store, which means iPad and iPhone users may download it to their device free of charge.
Once the Cogni app is downloaded to your Apple device, an identification process is required to be able to open an account. In this process, you will be asked to input basic personal information similar to other apps of the same level or type.
Once done, your account will be made life automatically. Also, your tap to pay Visa card will be sent to you.
Please take note that as soon as your account is approved, which only takes a few minutes, you can immediately use your account with any transaction.
By using the Cogni app, users can perform instant fund transfers to other Cogni accounts. They can also deposit cash into their account through Visa ReadyLink locations, as well as create checks using the digital checkbook service on the app.
What’s nice about Cogni is that you do not necessarily need to wait for your physical card to make transactions. This digital banking platforms offer a virtual card, which you can use in making payments.
Furthermore, you can also create one-off cards for your online shopping.
Once your physical card arrives, you can use it in your in-store transactions as well as in withdrawing cash across all 55,000 Allpoint ATMs.
As you can see, how Cogni works is pretty simple and easy, making your banking experience a total breeze.
WHAT ARE THE BENEFITS OF USING COGNI?
As we always do when reviewing a bank — whether it be a traditional one or in this case, a digital bank — we always see to it to take note of both the pros and cons.
By doing so, we get to help you gauge the compatibility of the bank to you based on your preferences.
So, as usual, Cogni, just like any other banks of the same kind does its share of benefits and downsides as well.
In this section, though, we are going to focus particularly on the good sides of the bank.
Some of the benefits of using Cogni that we found are as follows:
- Trusted By Large-Scale Businesses – Cogni may be a start-up, but, with the considerable amount of support it is getting especially from big companies, it only goes to show that it is a financial institution that can be trusted with your hard-earned money.
- Zero Fees – One of the best parts of being a Cogni account holder is that you get to free yourself up from paying fees and charges, which is honestly financially exhausting sometimes. With Cogni, you do not have to worry about cash withdrawals and transfer fees, and other usual fees charged by digital banks.
- Physical Checks – While some digital banking platforms have totally forgone traditional checks, Cogni believes that there are still transactions that require a physical check, thus, you can request one if you need it.
- Visa Card – While Cogni allows you to make online transactions regardless of the availability of the card, it does provide a Visa debit card as well. This allows you to make in-store transactions as well as withdraw money from Allpoint ATMs.
- Direct Deposit – Cogni supports direct deposit allowing you to receive your salary through it by simply sharing your account information as well as routing number to your employer.
- Visa ReadyLink Deposits – Unlike other digital banks out there, Cogni allows its users to deposit cash through Visa ReadyLink locations worldwide. Needless to say, funds are credited in as little as 30 minutes
- Person-to-Person Payment Apps Compatibility – Another thing to like about Cogni is that it is compatible with person-to-person payment apps, which include Apple Pay, Google Pay, and Samsung Pay.
- Customized Alerts – With the Cogni app, you can customize alerts based on your needs and preferences.
- 256-bit Encryption – With its 256-bit encryption, users are ensured of enterprise-level banking protection.
- FDIC-Insured – All Cogni checking account holders are protected because Cogni is FDIC-insured, which means all accounts are covered for up to $250,000 in the event that the bank fails.
WHAT ARE THE DOWNSIDES OF USING COGNI?
There is no such thing as a perfect bank, all the more with digital banks.
While Cogni has several features that we like, we also found a few downsides, and these are:
- Limited to the US – Unfortunately, Cogni is only available in the United States. Although, for sure they have expansion plans in the future. For now, though, interested customers from other parts of the world will have to wait.
- Incomplete Website – Cogni is very new, so, we thought it’s very understandable that there are still things being worked out. One example is their website, which while already running is still incomplete.
Overall, we have to say that the downsides are related to the bank’s very new status. Remember that Cogni was just launched early this year. So, probably, it’s best to check it out again in the next few months.
IS COGNI SAFE?
Of course, this Corgni review will not be complete if we not going to answer one of the most important questions – is it safe to use Cogni?
Well, the answer to that is yes, Cogni is safe for two very evident reasons:
First, Cogni, as we have mentioned earlier uses 256-bit encryption, which, according to Techpedia is “a data/file encryption technique that uses a 256-bit key to encrypt and decrypt data or files“. This is one of the most secure encryption methods out there and is mostly used by digital banks to keep all their members’ accounts secured and safe.
Second, Cogni is safe because it is insured under the Federal Deposit Insurance Corporation (FDIC). As you know by now, all FDIC insured account under Cogni is protected for up to $250,000 should an unfortunate thing happens to the bank.
With these two in place, account holders are ensured that their money and their personal information are protected, safe, and secured.
FINAL THOUGHTS ON COGNI REVIEW
Cogni is a digital banking service based in the United States that was designed to offer a people-driven service.
While it has a lot of good features, we particularly like the fact that it provides a bank-level service sans additional costs or fees.
Similar to other banks of the same level, Cogni offers effective, flexible, as well as very convenient payment and fund transfer options.
Are you looking for a reliable digital banking partner that is free of commonly-charged fees? If your answer is yes, then perhaps Cogni is the one you are looking for.