Today’s busy lifestyles have spurred the need to develop new banking technology to keep pace with changes in the way we work and play.
Electronic banking includes common products such as ATM cards, direct deposit and online banking. While these services have been offered for decades, many people still opt for more traditional means of banking, such as opting to receive a payroll check, withdrawing cash from a teller or tracking their spending using a paper checkbook register.
However, there is no denying that convenience banking is here to stay.
Online banking has made visits to the bank almost completely unnecessary for customers. By signing into a secure site, consumers have instant access to their balances, transaction details and past statements. In addition, transfers can be completed as needed or set-up automatically to cover overdrafts.
By utilizing bill payment services, customers can pay their bills electronically and have greater control when payments are delivered. Payments can be made manually each month or set-up on a recurring basis. Other advantages of electronic bill payment include purchasing fewer stamps and not having paper statements with sensitive information sitting in your mailbox – or your neighbor’s mailbox for that matter.
Text message alerts are another feature of online banking that have become very popular. These messages can be customized, so the text can inform customers when their balance is below or above a certain threshold, when a deposit or transfer has been generated or when a payment has been completed. For users who do not use a cell phone or texting services, this same information may also be e-mailed to the recipient.
Newer technology that allows invoices to be directly sent to the consumer through their online banking service, has made it possible to avoid receiving paper statements altogether. This service, commonly referred to as electronic billing or e-billing, is popular because it allows the ultimate convenience for the end user. It is particularly desirable for individuals who travel frequently, access their banking from remote locations or want to avoid paper statements, which can be easily misplaced or lost.
E-bills also serve as a reminder of when payments are due, so consumers can avoid costly late fees and the negative impact they can have on their credit score. One more benefit of e-bills and electronic bill payment is that it is environmentally friendly.
More advanced technology includes services such as remote deposit, where checks are electronically deposited straight into an account, bypassing the need to visit the bank altogether. Businesses have been using this service for years in order to streamline operations and avoid repeated trips to the bank. This service will likely become even more popular with consumer customers with the advent of smart phones and scanning devices.
While some of the behavioral changes are generational in nature, senior citizens are increasingly embracing this new technology. The advantages of having online banking access to your accounts far outweigh the perceived risks with the advanced security features today.
Banking online has never been safer and new advances in security are developing rapidly. In fact, the best way to monitor fraud and protect your accounts is by utilizing online banking.
Peoples Bank offers online banking, online bill payment and e-bills free with any checking account. We also offer free Internet access in our lobby to assist customers in setting up their accounts. Come in today for a free demonstration.
For more information on People’s Bank, call your local People’s bank or visit www.ibankpeoples.com.