As with every big change, every time a new banking technology is introduced we are skeptical to try it out. It’s not until the techies and first adopters give us the thumbs up that we feel comfortable using and integrating it into our everyday lives.
While mobile banking tools and smartphones evolve and grow over the next few years, we must stay current with new banking technology. Financial institutions are constantly introducing new features and creating mobile-friendly sites to stay ahead of the curve through emerging technology.
I don’t know about you, but a brand’s way into my heart is being reliable and easy to use. When choosing a mobile banking provider, make sure services like bill management and mobile remote deposit capture (RDC) are accessible.
Bill management is not a new feature but it enhances the mobile banking experience and it’s one of the most widely used. It not only eliminates the hassle of paying bills, but also helps avoid late fees and negative records that can possibly harm your credit history. Some options that should be included in your bill management service are:
Automatic payments for recurring bills or one-time payments
Set up reminders when your bill is coming due
View payment history and review
Change or cancel scheduled payments
Still in its early stages, remote deposit capture (“RDC”) will become a core feature for mobile account management. RDC can be a lifesaver when you need to deposit a check after banking hours or just don’t feel like making a trip to the bank and standing in line. To use this service simply snap pictures of the check, choose your account, enter the amount and done! Once it clears, usually in three to five days, you will have access to the funds. Some financial institutions provide you the option of making your funds available immediately in exchange for a percentage of the check. If you choose this option, just be aware of not falling into the vicious cycle of living paycheck-to-paycheck and paying excessive fees to access your funds fast.
The banking industry is highly competitive, which means forward-thinking financial institutions will work hard to leverage financial technology to improve the banking experience. If you still feel anxious about trying out the latest bank technologies, just remember they were designed to make your life easier, give you more control of your finances, and protect your sensitive financial information.
Daphne Veras is the marketing director at Refundo, a national provider of affordable financial products and services tailored to meet the unique needs of the financially underserved. After expanding her career in retail banking for 6+ years, she decided to join the Refundo team and combine her banking and marketing capabilities. At Refundo, Daphne and the team hope to help solve real-world problems with technology. They are about to release a revolutionary mobile banking solution that combines “local community bank service” with “awesome” technology. Reach Daphne on Twitter @daphjs or LinkedIn. Follow Refundo on Twitter @refundo and connect on Google+ and Facebook.