Gardner Tromp / 2021-10-03 08:51:42 / 0 Comments

3 Revolutionary Benefits of Online Banking

Banking online has become very popular in the last 20 years. There are lots of services provided for your convenience, like mobile banking apps, mobile deposit, person to person payment options, etc. All these services give you great convenience when you need it most.

But did you know? Many people still haven't made the switch to online banking and it's only a matter of time before they do.

You’ve likely heard the term “digital banking” before, but what does it actually mean? Digital banking can refer to a number of different services. Some banks have online branches that allow you to bank entirely on the internet - meaning you don’t physically need to be in the same neighborhood as your bank for them to serve you.

Here are just a few of the benefits you can get from banking digitally:

1. Make purchases online

Online banking has become a convenient and safe way for consumers to make payments. A study by the Federal Reserve Bank found that 69% of people who use online banking also use it to make purchases online. It's really not that surprising given the major improvements in internet connection and access including 5G.

Online purchases

2. Deposit checks to your account

It's easy to put the check in the bank. Simply take a photo of it on their mobile app, then enter some information. When you're logged into your bank's app, you can take a transfer from your checking to savings account. From there, all you need to do is wait until the funds are transferred.

3. Pay all of your bills

Many people use the internet and mobile banking to pay for their bills on a regular basis. You can even schedule payments in advance, which will help you save time and money by not having to mail checks or go into the bank branch to wire money on time every month. However, some people might not like the idea of having their account information saved on an external website, considering it as vulnerable to hacking and data breaches.

Bills payment

Digital vs traditional banking

The two banking options, traditional and digital, have a lot in common but the experiences are different. Traditional banking has a pastoral feel to it with its public spaces where people can chat with someone about their finances. On the other hand, digital banking is quieter and more private as it takes place on a desktop or mobile device.

There's something to be said about the advantages of digital banking, but there are certain benefits that come with an in-person visit to a specialist. They get to know you by name and provide personal attention. It really comes down to your personal preferences in terms of what features are important to you. Are you comfortable using automated systems? Or do you need an advisor when it comes to financial decisions to help guide your next major decision like mortgage or retirement?

Comparison with traditional banking

Is digital banking really safe?

Digital banking has been around for a while and, to many people, it’s the safest way to keep your money. The use of AI technology provides consumers with accounts that can’t be hacked into and provide insurance from fraud, which is something you want to think about these days.

It's safe to say that today's technologies are safe and we've been adding new security features regularly. Proven technology protects your information while using mobile banking apps with HTTPS and 128-bit SSL encryption. Moreover, organizations can use strict password requirements and multiple layers of authentication safeguards to secure data in case something were to happen.

Digital banking focuses on one thing - being as easy as possible - and this is great for everyone. This means 24 hours 7 days a week access to banking services, no matter where you are in the world. Best of all, you can do all of your banking needs from the comfort of your home or while you are on the go. It has never been this easy to bank!