The last three years’ events have significantly altered how we conduct our daily lives. However, while not everything is new, these changes have nevertheless highlighted and placed a spotlight on systems and approaches that were previously no more than fledgeling. One prime example is online banking.
With banks forced to alter their operational norms- branch closures and limited hours, overstretched customer care lines and the need to venture outside to use an ATM- customers were forced to seek viable alternatives to match the times. As a result, traditional banking methods (by branch, phone or ATM) quickly lost their appeal.
And that is where online/digital banking comes in.
The majority of Australians now have their bank’s mobile app sitting prominently on their phone’s home screen. It is now their primary method of financial interaction as they use it for everyday banking tasks.
So, this shift leads to the question: what makes digital banking such a draw? What are the benefits of online banking?
Read on to find out.
1. Convenience
Technology is ubiquitous in today’s world. It has become so central to everyday living that you are never far from a computer. Even your mobile phone is a miniaturised computer. This prevalence means that online banking is always within reach.
With constant access to your bank at any tie comes the freedom and convenience of managing your financial matters easily. For example, you can transfer funds, check your balances, receive activity notifications and, in some cases, even deposit a check anytime and anywhere. This ability saves time, effort and resources.
2. Features
In response to the popularity of online banking, most banks are tweaking their apps to offer more features- all for your benefit. You can now enjoy such convenient online banking features as big purchase calculators, savings tools, personalised financial advice, spending trackers and many more. Some even offer virtual assistant services to help you make sound financial decisions.
The most valuable features are usually those that help you accomplish basic daily banking transactions, including:
- Mobile check deposit.
- Peer-to-peer payments.
- Locating nearby ATMs.
- Cardless ATM withdrawals.
3. Security
Security is a chief concern for everyone in the digital space- particularly when money is in play. Financial institutions recognise and agree with this consideration- hence their determination to prioritise security in online banking.
Threats exist everywhere, both in the physical and digital banking space. Fortunately, banks are well aware and are building robust security frameworks to protect you as you bank online. Some examples of these structures include:
- Multi-factor authentication
- Biometric authentication.
- Automatic risk scanning.
- Additional verification in cases of unknown devices.
Overall, online banking may be more secure than physical cards or branch visits.
4. Control
Online banking offers real-time access to your finances, thus enabling you to move and manage money as you see fit. This ability opens you up to a world with more control and free of restrictions.
It is also becoming easier to navigate daily transactions. Moreover, features like push notification alerts and automated savings tools truly put control over your finances squarely in your hands. Some apps even allow you to activate a new debit or credit card.
5. Benefits Beyond Banking
Online banking offers various essential benefits that can streamline your life and make you a better custodian of your money. However, this newfound societal connectivity can be instrumental in creating social, financial and economic change on a much larger scale.
Digital banking is also becoming a way to find options and communities tailored specifically to your needs as a customer. Therefore, you can find people and institutions whose values align with yours and with whom you would feel more confident banking.
So, as you examine your financial status and plan for your future, why not consider online banking? It will allow you to skip cumbersome trips to the bank and keep your finances at your fingertips for easier access, more convenience and better outcomes.
