In-person banking has seen a decline in the last several years — in fact, only 29% of Americans prefer to bank in person as opposed to online or via a mobile app. Digital banking has been on the rise for a while now, and the pandemic accelerated it even further. There’s good reason for that — here are some of the top benefits of online and mobile banking.
1. Ease of Access
When you need to manage your bank accounts, move money, make a deposit, etc., you no longer need to walk into a brick-and-mortar bank or speak with a representative over the phone. With online and mobile banking, you can bank from wherever you are whenever you need.
Almost all mobile banking apps today allow you to deposit checks straight from the app by uploading photos of the check. Additionally, you can automatically transfer funds from one account to another in only a couple of steps, as well as send and receive money from other individuals using different accounts or banks. Most transfers take one to three days, although some mobile banking apps allow you to expedite the transfer for a fee and receive funds the same business day.
2. Security
Online banking also helps add extra security measures to your banking experience. One example is the ability to use biometric logins (such as fingerprint or face recognition) and two-factor authentication. This helps protect your accounts from fraudulent logins on unrecognized devices.
It also allows you to go cashless and track your transactions electronically. When you are using cash, it can easily be lost or stolen, and it is also impossible to track unless doing so manually. Digital banking keeps everything under “one roof” and enables you to see everything going out and coming into your accounts.
Another security measure becoming increasingly common is the use of digital payments and e-wallets. This allows you to make transactions without the use of cash or a physical debit/credit card.
3. Helpful Features
Online and mobile banking provides many useful features that all can be taken care of with a few clicks or taps. For example, locating nearby ATMs, enabling automated savings tools, push notifications regarding low balances or overdrafts, and much more. To bridge the gap between in person and digital banking, many apps even offer features such as the ability to chat with a live representative directly within the app.
4. Credit Monitoring
An important part of managing your finances is remaining aware of your credit score and monitoring your credit report. The latest mobile banking apps and online banking allow you to access your credit score and report and look for any key changes. For example, at Republic Bank of Chicago, we have a feature called Credit Insights that provides free access to your credit score, finds savings opportunities on existing and new loans and credit cards, and monitors other factors that influence your credit.
5. Greater Control
Not only can you use your mobile banking app to make check deposits and transfer money, but apps have become more sophisticated in the amount of control you have over your accounts and cards. For example, you can easily activate a new debit or credit card, be alerted of suspicious activity within minutes, and even “lock” a card if it is missing or stolen and easily turn it back on if it’s recovered. You no longer need to call a toll-free number or deactivate and order a new card to eliminate the risk of another person fraudulently accessing your accounts.
At Republic Bank, our online banking comes with a wide range of features, including but not limited to multi-level security, Payee Positive Pay which reduces fraud loss, account reconciliation, loan payments and reporting, eStatements, account activity alerts, and much more. Learn more here or give us a call at 800-526-9127. Plus, visit our library of resources for other helpful financial tips.
