People are drifting away from traditional banking faster than ever. Why? Because online banking has given them everything they need and more. In the modern world, banking online comes naturally, so many have put physical banks behind them for good.
It’s OK to have some reservations about moving all your banking to an online institution. If you consider yourself more of a conventional bank user, certain aspects of online banking could be holding you back. This article will walk you through the reasons you should consider setting those concerns aside and move on from your physical bank:
There are many reasons why a physical bank can be less efficient than online banking. For starters, you never know when a line for the teller will turn a 10-minute visit into a half-hour waiting game. That’s without mentioning the time it takes to drive there, which adds elements like traffic into the mix.
Need to move some money around? Online, all it takes is a few seconds. Need a loan application or another document for some official purpose? Log on to your computer and print it off in less than a minute. No matter what the task, you’ll get it done a lot faster by avoiding a physical bank.
Nothing makes banking faster than automation. Set up automatic bill payments through online banking or even automate your savings contributions. You can do all of this using any device with an internet connection. There’s no need to visit a bank in person to work things through.
Online banking isn’t just faster; it’s more convenient by a long shot. Most of your banking needs can be done online, no matter where you are. You can transfer funds while in line at the grocery store or check on your transaction history while lying in bed.
Many of the features that used to be exclusive to physical banks are now available online. For example, you once would have had to make a trip to the bank to deposit a check. Now, you can take a picture through your mobile banking app, and the check will be processed completely online. Just make sure you’re choosing a debit card with an extensive and user-friendly app.
The operating hours of physical banks are also difficult to workaround. Most banks operate close to a 9-to-5 schedule, which may coincide with your own work schedule. Instead of sacrificing a lunch break to make a bank run, use online banking at your convenience with 24/7 availability. Many online banks even have call lines open with extended hours if you ever need to work with a support agent.
You can also get better rates and lower fees by switching to online banking. What makes that possible? Online banks don’t have the upkeep of physical buildings on their expense report, so they have more budget to devote to customer benefits. They can afford to offer lower fees and boost interest rates on savings accounts because they have lower overhead costs to manage.
Since physical banks have those high overhead costs, the fees they charge and the rates they offer will naturally be higher. In return, they offer a nice building space for you to meet with financial service providers. If you rarely make trips to the bank, though, that building holds little value to you. Getting all of the same banking features with better fees and interest rates becomes a no-brainer.
When it comes to banking, security is always high on the priority list. Many people consider physical banks to be more secure than online-only banks. That’s not necessarily the case. Bank robberies aren’t so frequent anymore, but they still happen more than you might think. However, the real vulnerability comes from within.
The biggest threat to bank security happens through the internet. Because online banks are always plugged in, it’s easy to assume that they’re easy targets. What sets them apart, though, is their digital-native focus on cybersecurity. Traditional banks also maintain tons of sensitive customer data and are just as susceptible to cyberattacks while being slower to implement needed defenses.
You can accomplish almost everything you need to do these days from a smartphone. Why not take full advantage of such amazing technology? When you move your banking online, you can use compatible apps to take your financial management to the next level.
Today, budgeting apps are the most common financial apps, too which you can sync bank information. They help you curb your spending and encourage saving, so your personal finances are always under control. Budgeting apps can also help you pursue financial goals such as getting rid of debt or saving up for retirement.
Investment apps are another type of app you can use with your online account. You can set your bank account to contribute a regular amount to a retirement fund, individual stocks, or even cryptocurrency. Of course, you should make sure an investing app aligns with your financial plans and goals before committing to it.
The future of banking is online, whether you’re ready for it or not. Modern-day consumers demand that more banking features be made available online, and companies will scramble to be the first to meet those demands. In fact, many physical banks are already establishing a significant online presence in preparation for the inevitable switch.
Just think about all the amazing things online banks will be able to do in the future. Video calls with mortgage lenders, cryptocurrency banking, and mobile payment methods are already beginning to change the way people bank today. Make the switch now, or take your chances on being a banking Flintstone in a Jetsons world.
Give online banking a try, and you’ll see just how much easier it is to do your banking. You will wonder why you didn’t make the switch sooner and never want to go back.