Internet banking has become a must-have for banks and their customers. The service has evolved over the years into a reliable resource customers can depend on to perform simple banking transactions, such as moving money between accounts, paying bills and keeping an eye on their spending.
With the rapid growth of smartphones, Internet banking has become even simpler to use. No matter where you are, or what time of the day it is, you can check your balance and more.
In March of 2015, the U.S. Federal Reserve released a study that examined consumers and their usage of mobile financial services. It found that of the 87 percent of the population that owned a smartphone, 52 percent used Mobile Banking features in the year prior to the survey. This number was up from the previous year.
Internet banking offers numerous benefits and advantages that help make financial management easier, as it's not always possible to visit the local branch. These benefits apply whether you're banking from a desktop computer (Internet Banking), or your smartphone (Mobile Banking).
Convenience and simplicity
Mobile Banking is popular because it doesn't require a huge time commitment to accomplish what you set out to do. For example, you can arrive at the office on Monday and immediately see what the balance is for your checking account, which will allow you to properly budget for the upcoming week.
t's also easy to peruse transaction history, transfer money and even pay bills. Perhaps the most advantageous feature of Mobile Banking on a smartphone is the ability to deposit a check as soon as you receive it. Instead of making a trip to the bank, you can complete the deposit in a few minutes using your phone's camera.
Once you get home after spending the entire day out, you can track your spending and adjust if need be. There is no excuse for not keeping up with your daily transactions and monthly statements, because they are now offered electronically. Opting into eStatements via Internet Banking offers another benefit: You will go greener by not be wasting as much paper.
Keeping track of every bill can be overwhelming at times, and it's not unheard of to sometimes forget about one of those monthly payments.
With Internet Banking, those days are gone, because you can pay every bill with great ease. You can even schedule automatic payments. This feature is especially helpful if you know the a monthly bill will be the same for the foreseeable future.
Balance is important
Today's generation specializes in multitasking, and relishes Internet and Mobile Banking for the ease of use. However, customers should still attempt to visit their local branch whenever they can, because if there is a downside to mobile banking, it's the absence of building relationships.
"You should still make an effort to visit your bank's local branch."
When you visit a bank's branch, you receive hands-on help and over time, you get to know everyone. Building these relationships is important but aren't always possible if you always use Internet or Mobile Banking.
Building these types of relationships is not possible if you stick solely to mobile banking. While it is convenient, you should still make an effort to visit your bank's local branch on occasion.
For more tips and updates on the latest in banking technology, contact Landmark Bank.
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