Although the global pandemic has highlighted the need for digital financial systems, mobile and online banking are not new.
“The pandemic has only expedited a process that was already occurring,” says Kevin Cohee, owner, chairman, and CEO of OneUnited Bank, the country’s largest Black-owned bank, based in Boston.
Traditional banking techniques, such as branch banking, phone banking, and ATM banking, haven’t been particularly enticing in the last year. During a global epidemic, banks curtailed or closed branch hours, customer service call lines were backed up, and ATMs required you to go out in public. Many banking customers have taken advantage of digital banking possibilities in the last year, which is unsurprising.
Whether you’ve already committed to digital banking or have yet to download your bank’s or credit union’s mobile app, here are some of the top reasons to do so.
One of the key advantages of mobile and internet banking solutions, according to Williamson, is the freedom to bank whenever and wherever you choose.
Our smartphones and computers are frequently available, allowing us to access our accounts at any time and complete a variety of banking operations swiftly.
Mobile banking apps, for example, enable you to deposit checks from virtually any location. You can review your balance, transfer funds, and set up a notification to warn you if your account goes into overdraft—all without having to go to a branch. It’ll save you a lot of time.
Longer-term benefits, such as the ability to go cashless, are also available through digital banking.
Cohee points out that paying with cash isn’t as convenient as paying with a credit card. He points out that electronic transactions are more safe (you aren’t carrying cash), cleaner (you aren’t touching currency), and you can trace what occurs with your transaction online.
“A cashless society with digital transactions is significantly more efficient and enables for far better financial resource management,” Cohee argues.
The mobile and online experiences of many banks are packed with features.
“Banks might give individualised financial advice, savings tools, large purchase calculators, or even virtual assistants that can help them evaluate what splurges they can genuinely afford,” Williamson says.
According to the Ipsos-Forbes Advisor results, the most important features are those that assist you complete routine daily banking operations.
For individuals who use their primary bank’s mobile app, mobile check deposit, for example, has been the most useful tool in the past year. Viewing statements and account balances, as well as the ability to transfer funds and pay payments, were all near the top of the list.
Peer-to-peer payments, for example, rank lower in terms of value. Still, having the option to send money to anyone in the country in minutes via your mobile banking app can be useful, and many banks now provide this service. Your mobile app may also include features such as finding local ATMs, cardless ATM withdrawal, and budgeting and tracking tools.
However, don’t choose a bank only primarily on the availability of digital banking capabilities.
“Consumers should seek for banks that prioritise providing a personal touch even in their digital channels, achieving the correct mix between human interaction and digital automation,” Williamson says.
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