Technology is improving customer service and making a big impact on how we bank
Did you know that mobile banking is fast becoming the most popular way to bank worldwide? Not exactly earth shattering news, is it? It’s probably safe to say, however, that the days of driving to the bank, credit union or even an ATM are just about over. Conducting business with a click of your mobile banking app is the new norm — it’s easy, quick and you can deposit a check while sitting poolside or watching the latest episode of “Game of Thrones”.
Your mobile banking app enables you to complete transactions – from transfers, balance inquiries, loan and bill payments, to swift, secure mobile deposits. You can even use your phone to find the closest ATM or branch location.
If you love banking with your smartphone, you’re in good company.
According to the Federal Reserve Bank, 52 percent of Smartphone owners with a bank account have tried mobile banking. Most popular? Viewing account balances (94 percent), followed by transferring between accounts (61 percent), receiving alerts (57 percent), and depositing checks (51 percent).
No matter the stats, all of us want speed, functionality, and security from our mobile banking experience.
What to look for in a mobile app.
At a minimum, your app should take care of basic transactions you’d conduct with a teller or at an ATM. It should also work seamlessly among platforms, whether you prefer Apple or Android, your tablet or laptop. To ensure the financial app is secure, check to see that your financial institution uses its best practices in mobile security management. Advia’s app, for example, uses state-of-the-art security techniques such as encryption, strong authentication and password controls, and layers of security algorithms to safeguard transactions and member information.
Compare convenience features, including the capability to make person-to-person (P2P) transfers and remote deposits. Also consider what type of virtual support your institution offers. For peace of mind, it’s helpful to have staff available via live chat, especially beyond typical business hours.
Mobile banking is convenient and full-service.
The beauty of going mobile is not having to move from the spot you’re in, whether you’re sitting at home in your jammies or cheering on your team at the ballpark. And with the availability of remote deposits, mobile banking virtually is full-service.
P2P transfers: Pay anyone, anywhere, anytime.
Whether you’re paying the babysitter or splitting the tab with friends, you can send money to anyone via your phone. For P2P transfers, you only need a valid mobile phone number or email address to complete the transaction.
Text banking, still an excellent choice.
Sometimes called SMS (Short Message Service), text banking allows you to quickly request and receive account information via text message without the hassle of logging into a system. Use it to view your current balance, transfer funds or make a payment. Text messaging is as mobile as you are and perfect in a pinch, especially if that new pair of summer sandals suddenly goes on sale…
Remember to keep your phone locked with a password since text messages are stored on your phone. And never send personal information, such as an account number or birthdate, via a text message.
Keep watch with alerts.
First, they’re a timely way to check balances before making a spending decision or to avoid an overdraft. Just set your alert to the desired amount to keep you vigilant. They’re perfect for the person who always has their phone on hand.
They also help to improve money management skills. For example, your 16-year-old son can set an alert for when his balance falls below $20.
Finally, alerts make a great safety net. They enable you to monitor transactions and balance levels and watch for potential fraud.
Snap a pic, make a deposit.
Remote check deposits are as easy as it gets. Simply snap a pic of your check and click to send to your financial institution. They’re also secure. At Advia, for example, check images are only stored on your phone until you complete the deposit, so your transaction stays private.
Navigating your choices.
At Advia, we can help you to examine all of your mobile banking choices. We offer apps for your iPhone, Android, and tablet, and a mobile banking site for any platform. Learn more and go mobile at https://www.adviacu.org/24-hour-access/mobile-text-banking/.
Contact us at 844.ADVIA.CU (844.238.4228). Deposits are federally insured by the National Credit Union Administration (NCUA) up to $250,000 per account.