Benefits of Digital Banking

Thriving in a Digital Banking Environment

Thriving in a Digital Banking Environment

Jared A. Lockwood |
Posted on Mar 02, 2022

The number of consumers taking advantage of digital banking services continues to increase---in part because of the pandemic. When we talk about digital banking, we’re generally referring to banking on a mobile app via smartphone or banking online via computer or other device. 

Whether you’re already all in on digital banking or have yet to download the mobile app from your financial institution, here are some of the best reasons to bank digitally in 2022.

Benefits of Digital Banking

Convenience. The ability to bank wherever and whenever you want is one of the main benefits of mobile and online banking solutions. Our smartphones and computers are typically readily available, allowing 24/7 account access to take care of any number of banking tasks quickly.

Via a mobile banking app, for instance, you can check your balance, transfer funds, deposit a check, and set up a notification to alert you if your account balance falls below a certain dollar amount---all without the need to visit a banking office. It’s a real time-saver.

Options. Many banks’ mobile and online experiences offer beneficial features that provide you with options. The most valuable are typically those that can help you accomplish basic daily banking and payment transactions quickly and easily. 

  • Money Transfer Services: Person-to-person payment services and mobile payment apps have become part of everyday life for many people. Payment services and apps let you send money to people without having to write a check, swipe a card, or hand them cash.
  • Online Bill Pay Services: These programs generally allow you to sign up on your bank's website to electronically receive from and/or pay bills to the companies with whom you do business.
  • Depositing Checks using Mobile Remote Deposit Capture: Many banks allow customers to use a remote deposit capture function, which allows customers to take a picture of a check with their mobile device and deposit that check electronically without having to visit an office or use an ATM.
  • Opening a Bank Account Online: Thanks to advances in technology and online data security, you can now open an FDIC-insured bank account online in just a few minutes.  

Security. Security of your account information is a No. 1 priority for financial institutions that extends to mobile and online banking. Fortunately, many banks make it easy to take extra security precautions. For example, most banks now encourage or require you to add multifactor authentication on your mobile app and online banking account. You can also add alerts via text or email so that you know if someone else has attempted to access your accounts. 

Control. Having control over your finances with the ability to self-serve is another significant benefit of digital banking, as is real-time access to manage and move money as you see fit. With mobile banking apps and online banking websites, you are in control of your banking transactions as well as able to monitor your account activity when home or away, day or night.  Plus, banks are continuing to advance the features offered on their digital banking platforms to meet customers’ growing expectations and demands for additional services. 

You, too, can thrive in a digital banking environment. Mobile and online banking can help you take control of your financial life, providing conveniences, options and other benefits that you may not have access to through traditional banking methods. However, digital banking isn’t an all-or-nothing scenario. You can bank digitally to take advantage of its benefits and still visit your local banking office for an in-person experience. ATMs and telephone banking are also viable options and time-savers. What’s most important is to find a solution that works best for your lifestyle and preferences as a banking customer.

Jared Lockwood

Jared A. Lockwood
Electronic Services Manager