Queuing during business hours at a brick-and-mortar bank becomes thing of the past as digital banking is taking the world by storm. Ever since its introduction in the 90s, digital banking has made the right steps in the right direction, and clients are quick to acknowledge its benefits.
As we speak, 160 million Americans are using digital banking regularly and we expect to see the numbers rise significantly as 2022 progresses. It’s no surprise that so many Americans opt for digital banking as it allows them access to essential financial features such as making withdrawals and deposits on the go, analytic tools, money management strategies, virtual and physical cards, and so on.
Today, we are going to dive deep into the world of digital banking and go over all the key benefits that digital banking can offer.
Right off the bat, we probably have the most important feature that digital banking offers to customers and that is convenience. Time is money and no one wants to wait in a queue for hours on end just to fill out a form or make a withdrawal or a payment.
Furthermore, traditional banking methods are error-prone and you will likely have to make additional trips to the bank to correct the mistakes so that your money doesn’t end up in the wrong place. With digital banking, safety and punctuality are ensured and guaranteed.
A good online bank will go above and beyond for its customers and expand on the usual services that a conventional bank provides with features such as money goals, financial education programs, and minimum balance fees.
Going on, peer-to-peer transactions have never been easier as making a payment to anyone across the whole nation is just two clicks away and it comes in handy more often than you think.
Mobile Access to Your Accounts
Digital banking offers clients to keep track of their balance regardless of their location through the use of modern technology and the power of software applications. You will never have to rush to your local branch with the fear of being late on debt payments as you can simply open your mobile and make payments on the go.
These apps are user-friendly; features can vary as different banks offer a different set of features that come along with their application. In addition, you can set timed deposits so that you are never behind schedule on your bills.
By just tapping on your phone and opening the app, you gain access to a myriad of features, some of them include:
- Transaction limits and alerts;
- The option to transfer funds on the go;
- The option to apply for loans.
You are likely to receive staggeringly low fees when making payments when using digital banking due to the fact that banks don’t have to spend a lot of funds to maintain a certain branch and the saving can be allocated to provide a superior customer experience, hence the lower fees and in some cases, higher rates.
When dealing with finances, security is the name of the game. Everyone wants to keep their savings in a secure place and with mobile check deposits, digital banking allows you to have complete control over your outgoing transactions and keep your money as safe as possible.
If someone tries to enter your credentials with insecure internet access, the bank’s website will block them from doing so and provide you with an email or phone notification that someone tried to view your account. This will give you just enough time to reset your passwords and ensure everything is secure against fraudulent activities.
The digital banking solution also offers multi-factor authentication in addition to your password. Some banks offer fingerprint recognition or Face ID, which are cutting-edge top-of-the-line security features that will keep away anyone that should not have access to your digital bank account.
If you are accessing your digital bank account via the website, always look for the padlock symbol where you type in the URL. This means that the website is digitally secured and that the information shared between you and the bank is completely secure.
Digital banking is slowly replacing conventional banking by offering more features and more convenience to users by a long shot. If you haven’t already set up a digital banking account, don’t wait any further, let convenience and safety in your financial life take place.