No longer do people have to wait in long lines or idle at drive-thru windows to use their bank’s services. While valuable in their own right, there are now more convenient alternatives offered by digital banking. Alternatively known as “Fintech” or Financial Technology, many banks have incorporated their services into digital mediums to create more convenient channels to access and use what they have to offer.
In a world where “I’m busy” is the norm, many of us find ourselves in an extremely fast-paced society, consisting of an endless list of chores and errands. So, it makes sense for our most frequently used services, like banking, to be accessible on-the-go. Platforms like online banking or mobile app banking are some of the most popular.
In particular, checking account services have been significantly impacted by digital banking, as many people access their checking account funds in everyday transactions. Depositing checks, paying bills, and receiving real-time account information are just a few checking account services that can be accomplished in the palm of your hands.
Mobile Check Depositing
Direct deposit is one of the wonders of modern banking. Not only does the elimination of paper checks reduce clutter, but it is also kind to the planet. Instead of running checks to the bank on payday, viewing your account to see the deposit is both satisfying and a time-saver. Although, if you do need to deposit a paper check, you may deposit your checks digitally by simply taking a photo of it, authenticating the amount, and achieving instant gratification in seconds.
Online Bill Pay
It’s safe to say that paying your bills isn’t the most exciting part of the month. But with digital banking, the process can be a little less painful. Many banks and credit unions offer online bill pay as one of their digital services and can aid in organizing your bills and paying them when they’re due. It can be overwhelming to juggle all your monthly payments like electricity, car insurance, rent, etc. Utilizing this service can alleviate the stress of filing through stacks of papers, saving you time, energy, and helping to avoid those pesky late fees.
Being able to access your account at any time is extremely helpful when dealing with fraud detection. If you’re worried about the safety of your account while being stored on your phone, most digital banking providers offer a thorough authentication process every time you attempt to access your account. In addition to activation codes, fingerprint scanning is a particularly popular technique to ensure that the user is correctly authenticated before accessing their checking account. Also, bit encryption is used to ensure that all of your transactions are secure. These services enable you to monitor potentially fraudulent activity, with detection services that validate your transactions to make sure you are the one in control.
At Mechanics Cooperative Bank, we understand the importance of banking when and where you want it. That is why we offer our very own digital banking services both online and through our Mechanics Cooperative app, available in the App Store and Google Play Store. Feel free to explore our variety of Mobile Banking & Deposit services to see how you can experience the convenience of digital banking!