Knowledge Center

4 Digital Financial Tools To Help You Bank Safely During COVID-19

keeping-my-information-safe | Read Time: 4 minutes

By Corynn Ciber | Published: May 2020


With the world still mired in an unprecedented pandemic and social distancing the new norm, people find themselves adjusting the “old way” of handling everyday tasks in order to stay safe.

Banking and financial services transactions are no exception, and now is as good a time as ever to find easy, fast and safe ways to bank.

Digital banking isn’t new but many people were just comfortable banking through physical channels or wanted to make sure that the digital approach still offers convenience and friendly service. Many banks offer a variety of digital tools to handle everything from paying bills and depositing checks to withdrawing cash from an ATM without needing your card or PIN.

Here are a few tools to consider trying that are easy and safe to use.

Online Banking
Many financial transactions can be handled from the comfort of your home by setting up an online account with your bank.

Online banking allows you to access and manage accounts 24 hours a day, so you can handle transactions on your own timeline, while also being able to monitor closely for suspicious transactions. You can transfer funds seamlessly, set up online statements to enhance security and pay bills without having to make a trip to the mailbox. It also enables you to be able to view past statements and download them whenever you may need.

Online banking can also be an invaluable tool for small businesses that may’ve previously handled transactions in-person. Many banks offer a variety of services for businesses via online portals, including reporting, the ability to make and collect payments and even apply for loans.

Mobile Banking
Step it up another notch by downloading your bank’s mobile app, enabling you to deposit checks anytime with the use of your phone’s camera, saving you a trip to the branch or ATM. Banking mobile apps provide an added layer of security by using biometric data or two-factor authentication methods in order to access accounts.

Many banks offer services like Zelle®, allowing you to instantly send and receive payments with people you trust, like a socially distant gift for that recent graduate in your life. Mobile apps also offer the ability to pay your mortgage and credit cards, check your credit score and even set up alerts for account activity, security and bill pay notifications.

Businesses can also benefit from banking mobile apps, which allow them to stay on top of cash flow in an ever-changing environment and even approve transfers, wires and ACH payments on the go.

Contactless Payments
Many banks now provide you with contactless debit and credit cards, which enable you to make safe, secure purchases while minimizing the amount of contact needed at card readers. Just tap your contactless card to the machine and you’re on your way.

You can also link your accounts to digital payment platforms like Apple Pay and other digital wallets, allowing your mobile device to take the place of a debit or credit card for even more contactless purchases.

Smart ATMs
With social distancing measures in place, many find themselves trying to avoid contact with highly trafficked areas. Smart ATMs allow you to get your cash from a supported ATM in a safe and secure manner while making minimum contact with the machine itself.

With just a few simple clicks through a mobile app, you can get your cash without even needing to take out your card or type in a PIN.

While it’s far from business as usual in many aspects of life, now is an opportune time to adjust how you bank to allow you to continue making the transactions you need while staying safe. Fortunately for many customers, banks offer a variety of digital tools that are ideal for social distancing and can provide for more secure and convenient transactions in the long run.

About the Author – Corynn Ciber
Corynn Ciber is Senior Vice President & Chief Digital Officer at WSFS Bank. She has more than 20 years of experience in the banking and financial services industry.


How To Protect Your Bank Accounts from Fraud

Thousands of consumers fall victim to fraud daily. From phishing schemes to imposters pretending to be your bank, there are no shortage of scams, and you need to remain vigilant in order to protect yourself, your information and your bank accounts.

Read More

Easy Ways for Consumers to Simplify Their Banking and Go Digital

Months into the pandemic, we continue to see many aspects of our lives transform at an accelerated pace. Banking is no stranger to the digital frontier. By 2006, 80 percent of U.S. banks offered online banking, in turn enabling digital banking to evolve and secure itself as a simple, safe and convenient avenue for customers to complete their financial tasks and reach their monetary goals.

Read More

Digital Considerations to Help You Prevent Fraud

You’ve seen it – someone sends you an email posing as your bank, asking you to verify your account information. Or maybe your business receives an electronic invoice from a vendor with a minor, yet off-putting, detail – like an unfamiliar email domain name. One small lapse of judgment on your part, and you’re compromised.

Read More

Managing Cash Access Just Got Easier

Cash isn’t dead – and neither is the means for getting it. A half century after they were introduced, automatic teller machines (ATMS) are still standing strong and banks are expanding ways for customers to use them through Mobile Cash technology.

Read More

How a Dog, Mobile Banking Apps and a Little Luck Came Together for a Fur-Ever Tale

As one of the millions of Americans that use mobile and online banking every year, I took the convenience and instant access to my banking accounts, ability to make quick transfers, and ease and speed in which I can pay peers and businesses for granted.

Read More