Top 5 Perks of Digital Banking

It’s your one-hour lunch break and you need to run to the bank to make a credit card payment. You have been on the line for 45 minutes and counting. Unfortunately, the person ahead of you has a huge business transaction and hundreds of questions for the customer service representative. You finally make it to the front of the line and now the bank’s computer system needs to reboot. You have no time for an actual meal, nor do you have time to complete your other errands for the day. You end up frustrated, hungry and late on your return to work.

Does this scenario sound familiar? Would you like to make your banking more efficient and convenient? Here is some great news - you can completely avoid these kinds of experiences with the help of digital banking! In this article, we break down all of the fantastic benefits of using digital banking channels.

What Is Digital Banking?

Digital banking is the use of technology to process banking transactions, with the use of Automated Teller Machines (ATMs), your computer, and other mobile devices. It makes it possible for transactions can be processed faster and cheaper with minimal need for human interaction, thereby increasing efficiency.

Before we get to the benefits, we understand that you may have some concerns about going digital. You’ll find some tips to protect yourself online in our previous blog post, “Top 10 Cybersecurity Tips for Online Banking!” which should help to address some of the questions you may have about the security of using these types of services.

Now for the benefits:

1. 24/7 ACCESS

You can access standard banking services 24/7 through any of your mobile devices, computers, or through the bank’s ATM. This includes:

• Making deposits (cash or cheques)

• Withdrawing funds

• Receiving your balance and bank statements

• Paying utility bills

• Making credit card and loan payments

• Transferring funds

• Completing wire transfers

• Creating standing orders

2. LOWER FEES

There are normally lower fees associated with digital banking than traditional ‘brick and mortar’ banking. For example, if you currently pay $1.00 for making transfers in the bank branch, this service may be free of charge when using your online account. Some banks actually offer accounts that with no fees attached once you connect to them through digital banking channels.

3. ADDITIONAL SECURITY FEATURES

You can detect fraudulent activity on your account at any time of the day. Digital banking allows you to view transactions from anywhere at any time. No more waiting for that monthly statement to determine if a transaction is suspicious. If anything is out of the ordinary, you will notice it the next time you sign in to your account online. Other safety measures include:

• Password-protected portals

• Two-step verification for online digital banking platforms

• Instant alerts and notifications sent directly to your smartphone and email account

• 24/7 access to a help center to manage any challenges or issues

4. ENVIRONMENTALLY FRIENDLY

This is a great feature. With digital banking platforms, you can receive most of your information online, which can save lots of paper and postage waste.

5. TIME-SAVING

Long gone are the days of wasting your lunch hour and vacation time trying to complete banking errands. With so many digital options at your fingertips, you can pay bills, transfer money, and check your balance in minutes at your desk, while preparing breakfast, or even while on a family trip.

Digital banking is all about saving time and money. Get familiar with your bank’s ATMs and grab your smartphones to download your bank’s digital banking app today. Use this technology to your advantage for a more comfortable, convenient banking experience. With all that extra time you’ll have, you can focus on more important things that will help you “Get Money Smart.”