All of us, whether on a personal or professional level, need to have a relationship with a bank. Whether your only contact with your bank is depositing your paycheck every two weeks and making withdrawals or your relationship with your banker involves loans, savings, mortgages and other important issues, we all want our banking experience to be as stress-free as possible. Stress-free when it comes to banking usually means two things: ease of use and safety. We want to be able to make deposits, check balances and do other routine tasks as quickly and easily as possible. We also want to know our money is secure and that we don’t need to worry about fraud or other issues.
The banking industry is aware that these are their clients’ top concerns and are constantly trying to improve the ease of use and safety of their processes and services. Fortunately, new technology is always being introduced and improved in the banking industry and banks are constantly incorporating it to make their clients’ experiences more positive.
New Technology Now
The staff at Community Bank of Lincoln explains that Mobile Banking is certainly one of the biggest advances in technology that is affecting their customers. Mobile Banking allows customers access to their banking relationships from their mobile phones, allowing their busy customers convenience when they don’t have time to check their balance, transfer funds or pay bills. This service allows their customers the freedom to manage their accounts while on the go, making it easier than ever to take care of their financial lives.
The Electronic Payments industry is rapidly changing, according to a representative of Cornhusker Bank. Over the past few years, they have seen a growing number of ACH Transaction, Online Bill Payment Transactions and the ability to use mobile devices to initiate these transactions. This industry is constantly working to improve these technologies to facilitate person to person payments and company to company payments. Electronic payments expedite the transaction and allow customers and businesses quicker access to their money.
Another recent development, according to Community Bank, is Remote Deposit, which allows businesses to process their check deposits from their office or place of business. The business owner picks the time and how often they process their deposits. Whether you are a large or small business, time is something you never have enough of. This service creates an opportunity to select the financial institution that fits the needs of your business regardless of proximity.
Cornhusker Bank also mentions that Remote Check Capture also continues to expand. Allowing Corporate Merchants to capture checks at their location and send the bank an electronic file was made mainstream in the last few years, however Consumer Capture is relatively new to the industry. This would allow consumers to scan a check image at home and send it to the bank electronically. Due to the risks associated with this type of activity, banks will need to be very careful when determining which customers would be allowed to complete this type of transaction. This technology again expedites the movement of funds from one account to another and saves the consumer a trip to the bank.
How it Assists You
New technology helps you, the customer, in a number of ways. It allows you to save time and the hassle of having to run to the bank every time you need to perform a transaction. It also gives you more freedom to choose the bank of your choice since you are not as tied to location and it’s no longer necessary to choose a bank that’s near your work or home for convenience’s sake.
This new technology also helps you manage the many aspects of your financial life in an efficient way, making it easier than ever to keep your checkbook current, to pay bills and to keep track of loans and other financial products you may have with your bank.
Choosing the Right Bank
Although new technology is a very nice perk, it should be not be your sole consideration when it comes to choosing a bank. A bank can have all the ‘bells and whistles’ in the world, but if they are not offering you the customer service you need, it won’t matter. With technology, there is always the danger of losing the ‘personal touch’. If you rarely have to visit your bank to make deposits or manage your accounts, it can become quite easy to lose touch with those people who should be representing and advocating for you. Here are a few ways to make sure you have the right bank on your side.
Can you get a hold of someone when you need them? No matter how convenient technology is, it’s inevitable that you will sometimes have issues. Maybe the system goes down, you’re not sure how to access one of your accounts, or you simply want a live person to talk to and answer your questions. When these situations arise, is it easy to get a bank representative on the phone or in person who has the time to explain things to you and answer any questions you might have? Is it a person who is familiar with your account or does it always seem to be someone new? Is this person friendly and does he or she return your calls or emails in a timely manner? A bank can have the best technology in the world but if they don’t have the customer service to back it up, you might want to look for another bank.
Do you understand the technology? You may find yourself working with a certain bank because you like some of the new technology they offer, but then find you don’t know how to use it. If this is the case, is the bank staff taking the time to explain everything to you and help you figure out how to use the technology? Is the technology actually taking more time and energy than it would have if you didn’t use it at all? Remember, technology is not useful unless it is making your life easier or better.
Do you feel comfortable with the bank? Trusting a bank and the people who work there is of the utmost importance. After all, you are entrusting your financial present and future with them. You’ll be under constant stress if you do not fully trust either the people or the technology at the bank.
New technology in the banking industry is changing on a daily basis. If you have chosen the right bank with the customer service needed to help you understand and use the technology to your advantage, you can be rest assured that your banking will be easier and more convenient than ever before.