- Fast online account opening
- Cogni Pay (instant internal transfers)
- Single-Use Cards
- Free ATM withdrawals
- Deposit at stores
Launched in March 2020, Cogni is a US-based digital banking service designed to offer a people-driven service. Intending to provide a bank-level service without the additional costs to its users, Cogni is one of the newest generations of online banking options offering flexible, effective, and convenient payment and transfer options.
Is Cogni all it sets out to be? Read on to find out more about what this banking app offers, where it’s available, and whether it might be the ideal fit for your needs:
What is Cogni
Cogni is an online, digital banking app that’s designed to offer tap-to-pay services to their customers. While their primary marketing is aimed at the transparency and practicality of their Visa Debit Card, with no additional fees, the platform offers other services too. This includes convenient, cost-free bank transfers and ‘single-use’ virtual cards to negate hacking chances as part of the online purchase process.
With over $6 million in funding, Cogni is anything but small-scale when it comes to its service, with a successful launch, three separate offices – including in New York City – and support from big-name financial institutions like Barclays – who owns 2% of Cogni. The platform also supports the use of Samsung Pay, Apple Pay, and Google Pay. A must for any modern banking app that wants to integrate into today’s payment process fully.
Where can you use Cogni
In its current iteration, Cogni appears only to be available to US customers. The Visa Debit Card prominently advertised across their website is issued by the Community Federal Savings Bank, and ZIP code and social security number are required as a part of the account creation process. While Cogni may spread to other countries in the future, they’ve connected with their specific niche well. Many European-based banking services haven’t managed to crack the US yet, which put Cogni at a unique advantage by launching in America from the start.
How does it work?
Cogni is app-only banking service. Currently available through the App Store, users must download the Cogni app to their iPad or iPhone to apply for their online bank account. Once downloaded, an identification process is required to open your account, after which your account is made live, and your tap to pay VISA debit card is supplied to you. When your account is approved – which typically takes minutes – you can begin using your account immediately.
Users can perform instant transfers to other Cogni accounts within the app, deposit cash into their account using Visa ReadyLink locations, and even create checks using the digital checkbook service. While you wait for your physical card, you can use your virtual one to make payments. You’re also able to create those one-off cards for online shopping and withdraw cash at any Allpoint ATM once your VISA debit card arrives in the mail.
What are the benefits of Cogni
Cogni is a platform that’s had a lot of thought put into it for their specific audience. A considerable amount of support for the start-up shows that many large-scale financial businesses have trust in the service – which suggests this is one platform you can trust with your money. Cogni already has a stable setup for a fledgling company, with three offices and US-based customer support only strengthening its case.
One of the most significant benefits of Cogni is the fact that it goes beyond the basics. A VISA card and online account is something that’s already easily accessible elsewhere. But add on zero fees on cash withdrawal and transfers, secure cash deposits, and the temporary one-off cards. There’s plenty extra to appeal to just about anyone considering the switch to digital. If you’re looking for an online bank account that goes above and beyond, then Cogni might be the right fit for you.
Are there downsides to using this service
So, is there anything wrong to be said about Cogni? The fact that the service is currently limited to the US may make it inaccessible to some users. But beyond that, despite the high level of backing, the newness of Cogni may be what puts off users. While the app is already garnering positive reviews, it’s very much still in the early release phase. For example, the website isn’t complete – with links going nowhere and the FAQ section is currently missing. While these are relatively minor, they’re worth considering if you’re thinking of discovering Cogni for yourself.
Is Cogni a great option for you
If you’re looking for a shiny and new app-based banking service, Cogni might be a good choice if you are based in the US. As always, it’s worth researching what service is the best fit for you. But with transfers, easy deposits, and a universal VISA debit card on offer, Cogni is generally a good all-rounder – and worth a try, if you’re after an app that has a bit of everything as standard.