Easy Ways for Consumers to Simplify Their Banking and Go Digital
educating-myself | Read Time: 3 minutes
By Corynn Ciber | Published: October 2020
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.
Fast forward to this past April, and the number of those banking online has risen at a quicker pace, largely due to the pandemic. J.D. Power found that 30 percent of U.S. consumers were using their banking mobile app more frequently than they were before the pandemic, and 35 percent of consumers said they were banking online more.
Whether you are searching for a socially distant alternative to visiting your local branch or are just looking for a more convenient way to bank, here are four ways banking digitally can make life easier. And you can have the benefit of online and mobile banking, while still having great service from a human when you need it if you look for a bank that offers live customer service and digital options.
Money When You Need It
We all know the panic that sets in when you can’t find your wallet, but you don’t have to experience that anxiety anymore. Not only do most online and mobile banking platforms allow you to temporarily freeze your debit cards to thwart the opportunists that may come across your lost wallet, but you can also continue to make purchases without your card in hand. Need to grab a bite to eat while you’re on a bike ride? Stop by a local cafe and pay on your phone with a mobile bank-connected app like Apple Pay, or Samsung Pay. Connecting apps like Zelle® to your bank account allows for convenient money transfers among friends, perfect for splitting the bill instead of opting for an IOU.
Deposit Checks Securely
Secure check deposits are not limited to in-person deposits with a teller. Cut out the detour to the bank on your commute home and deposit your paycheck digitally. Endorse a check and take a picture with your mobile banking app and send the funds into your account. This process is safe, with mobile apps utilizing encrypted technology to keep your information private.
Withdraw Cash with Limited Contact
Even in a digital world, cash is sometimes necessary. Not only does online and mobile banking allow you to make deposits electronically, but it can also help you withdraw cash from an ATM with less physical contact in a safe way. You would just need to touch the Mobile Cash option on a participating ATM’s screen, open your banking mobile app on your smart phone, scan a QR code (which is the equivalent of entering a PIN on the keypad) and request the amount you need withdrawn. Next, out comes your cash.
Lighten the load of the junk mail pile and go paperless. With the ability to check bank statements and pay bills online, all your documents are in one place. Online billing also allows for payments on-the-go. Edit autopay settings and make payments at your convenience and eliminate the hassle of sorting through piles of paperwork and countless trips to the post office. You might even save a few trees.
A study by the Financial Health Network found that 81 percent of customers 60 to 69 own a smartphone. Of those who own a smartphone, 94 percent use their device every day. Digital banking is no longer just for the tech-savvy youth – it is for anyone who is looking to simplify their life, save time and eliminate one more stressor during these turbulent times.
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.
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