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Mobile banking allows customers to withdraw cash from ATMs and make on-the-go payments and deposits with less physical contact. Depositphoto
Mobile banking allows customers to withdraw cash from ATMs and make on-the-go payments and deposits with less physical contact. Depositphoto

Going Digital is the Future of Banking

With nearly every bank now offering mobile and digital banking services, the use of them will only continue to grow.

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The digital world is taking over just about every aspect of our lives and in banking, it’s no different.

As of 2006, 80% of U.S. banks offered online banking services, providing customers with a simple, safe and convenient way to complete financial tasks and reach their monetary goals. 

In the years since — and especially since the start of the pandemic — customers have started using online banking at a quicker pace to keep track of their expenses, send and receive money, make purchases and more. 

Here are four ways digital banking can make customers’ lives easier:

  • Money When You Need It - Most online and mobile banking allows customers to freeze debit cards in the case they are stolen or misplaced, while being able to continue making purchases without the physical card in hand. Connecting apps like Zelle® to your bank account allows for convenient money transfers. 

  • Deposit Checks Securely - Instead of commuting to the bank, customers can deposit a check by signing and taking a picture with their mobile banking app and send the funds into their account.

  • Withdraw Cash and Make Deposits with Limited Contact - Mobile banking allows customers to withdraw cash from ATMs and make on-the-go payments and deposits with less physical contact.

  • Go Paperless - With the ability to check bank statements and pay bills online, all documents can be in one place for quick and easy access. 

A study by the Financial Health Network found that 81% of customers 60 to 69 own a smartphone, with 94% using their device every day.

Given the high percentage of individuals who own a smartphone and have a bank account, connecting your account to digital payment apps may have some great benefits.

Here are some tips and benefits:

  • Find Out What Your Bank Offers - Services like Zelle allow customers to connect their checking account, making it easier to send and receive money. Similar to other payment apps, like Venmo and Paypal, albeit often times they charge a fee while Zelle does not. 

  • Connect Your Credit Card - A Cash Connect survey found that 82% of businesses saw an increase in P2P apps being used for purchases over the past six months. Connecting your credit card to your P2P apps can provide an added layer of security.

  • Going Contactless - A contactless credit card allows customers to receive an added benefit of enhanced security at chip-enabled terminals without having to touch anything but your own card.

  • Using Your Banking App Safely - Mobile banking apps allow customers to check statements, deposit checks, make credit card and mortgage payments and much more in a quick and safe way. 

  • Chat With Your Banker When and Where You Want To - Some banks’ mobile apps allow customers to connect directly with a live banker to assist with all banking needs in a personalized way. 

While many online and mobile banking services have existed long before COVID-19, the pandemic has brought the level of need and convenience of these apps to an all-time high.

 

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