By Melissa Swift | Free Press Point of View
Online banking platforms and the advancement of technology has enabled consumers to be in control of their finances and incorporate money-saving strategies in their life.
Becoming familiar with digital banking tools heightens awareness of spending habits, helps individuals with money management, and provides necessary financial outlook for both the present and the future.
According to a survey published by the American Bankers Association, 44% of bank customers use mobile banking apps to manage their banking accounts—making it the most-used method to interact with financial institutions, up from 39% a year ago.
A bank’s official app is one of the most important online banking tools as it allows you to stay up to date with your finances, provides monitoring to detect fraudulent transactions, and builds awareness of the impact of day-to-day purchases.
These apps authorize consumers to track their money all in one place, transfer funds between different accounts, check balances and view transactions, pay bills online with easy bill capture, deposit checks via their mobile device, and create budgeting plans to meet personalized goals.
Digital banking features make online banking easier and more accessible. For instance, WaFd Bank’s online financial tools display insights, track spending, and create budgets using a gadget called Bubble Budgets. This provides consumers with a more complete portrait of their finances and pinpoints how users can improve and get closer to their goals more quickly.
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Digital wallets & contactless cards
Furthermore, digital wallets and contactless cards have made an impact on the world, mainly due to convenience. Paying with a mobile device is becoming more common and offers a more secure way to check-out with a simple tap and go. At WaFd Bank, debit and credit cards can be used digitally through Apple Pay, Samsung Pay and Google Pay, and you can also pay contactless with your Fitbit or other Smartwatch.
Transferring funds between different accounts is another helpful tool, allowing you to separate and organize your money. For instance, distributing money from your checking account to your savings account can empower you to put away money for big purchases or future bills. For many, the simple act of placing funds in a savings account psychologically supports the intended goal and creates a higher likelihood of attaining the financial goal because users must move money back to spend it. This also creates greater discipline with spending habits.
Zelle is a noteworthy and handy network that many banks utilize for sending money to others online. If a user has a phone number or email address, they can send them funds without having to visit a bank branch or ATM — everything is at their fingertips, making it a preferred method for many users. No more IOUs!
These money-management tools have affected online banking platforms and consumers immensely, making digital banking more useful and relevant for day-to-day and long-term financial health of consumers. Applying these tools to a financial routine will increase the likelihood of reaching savings goals, improve budgeting, enhance banking security, and prepare you for future opportunities.
Editor’s note: Ms. Swift is the treasury relationship manager at WaFd Bank.
