Simplify Your Life With Online Banking

Simplify Your Life With Online Banking | Student FinTech

Online banking has drastically simplified the world of banking. Not only do you not have to make a trip to the bank for every little thing, but everything you need to manage your money and stay on top of your budget is in the palm of your hand (literally).

Still unsure? Let’s dive right in and see how online banking can make your life easier:

Easy Account Creation

Nowadays, it’s possible to complete the enrollment process from start to finish without ever leaving your home, which wasn’t the case when the only way to open a bank account was in person. The application forms can take less than ten minutes to fill out, depending on the bank. All you need to do is fill out a few details, and typically in a few days, your account is ready!

Electronic Statements

Paper bill statements are not only a waste of paper, but hardly anyone checks the mail anyway! It’s so much easier to stay on top of your money and stick to a budget when you get your bank statement in your email. What are you waiting for? Switch over to electronic statements ASAP.

Automatic Payments

The average person has to manage a constantly growing list of bills each month. Trying to keep your rent, utilities, car payments, insurance, federal or private student loans, and all of the other expenses in your life accounted for becomes a huge chore. To make it easier, most online banks allow you to link your bills directly to your account and have them paid on time automatically.

Use automatic bill payment only if your bank balance is more than enough to cover all of your bills at any given time, which requires discipline with budget. Manual bill payments are the best way to avoid accidental overdrafts if you live paycheck to paycheck.

Mobile Check Deposits

With mobile check deposits, all you have to do is upload a photo of your check to deposit the money to your account. This is a great feature to deposit checks quickly and easily, and make sure no checks are missed!

Secure Message Alerts

One of the best reasons to use online banking is the real-time notifications. You can sign up for notifications to be alerted when transactions are completed or denied, a payment due date is approaching, your bank balance reaches a specified target amount, and more. Plus, you’ll get immediate alerts of any suspicious account activity, so you can help your bank correct any issues as they arise.

Report and Management Tools

With online banking, account summaries and reporting is always one click away. Most banks will provide you with transaction history at the very least, but the best ones have advanced features, such as the ability to view spending in certain categories (such as bills, restaurants, or shopping).

It’s Safer Than You Think

One of the main concerns people have when it comes to online banking is the security. Not only does your bank deal with personal information, but keeping your money safe and secure is crucial. Online banks understand this, and provide multiple layers of security. When you sign up, you’ll encounter a process called “two factor authentication,” where you’ll first be prompted to create a password, followed be a text message to confirm your identity. When you return to sign into your account each time, a four or six-digit PIN will be required to establish your identity. Most accounts will lock after a certain number of failed logins, and you’ll be notified if that happens so you can stay on top of your account security.

Online banking has unbelievable benefits and little to no drawbacks, so what are you waiting for? Check out our article on the Best Banking Apps of 2020 to see if your bank makes the cut!