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Digital Banking By Lauren Caggiano
Digital banking is essential today to proactively manage your finances. And if you ask Jen Timbrook, a systems analyst with STAR Financial, it’s also convenient.
“You get real-time access to your accounts,” she said. “You can manage your money and move (it) any time during the day.” And banking apps allow you to do this all with the simple click of a button — avoiding the need to even set foot in your banking institution’s lobby. That’s a win, especially in the age of COVID, and it helps people save time when that’s at a premium. Timbrook said there’s also the benefit of getting a holistic look at your finances. Digital banking allows you to see where your money goes — and adjust course if necessary. That all ties into achieving or aspiring to financial literacy and wellness. These apps put you in the driver’s seat and that’s a great feeling when there’s so much uncertainty in daily life. “With mobile banking, you can access your credit score, find out ways to improve it, and learn what’s hurting it,” she said.
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| JULY GLO 2022 |
Digital banking also allows you to set and hit financial goals. For instance, you can set up an automatic transfer to go into a vacation savings account or for another purpose. At the same time, you can help prevent something from going awry or at least minimize the potential harm through monitoring on the front end. “Let’s say you want to set a notification for any time your checking account goes below $100 or $250, whatever that threshold is for you,” she said. “You might have a reoccurring bill that comes out the next day. Maybe you need to move some money over so that you don’t overdraft. You can set up alerts to prevent that.” This feature can also help you identify potential fraud. You might set up a notification that alerts you when a transaction hits your account that’s over a set amount. The same goes for in the event someone tries to access your bank account. You can breathe a little easier knowing that you’ll be notified if someone attempts to drain your account.
Today’s mobile solutions have security baked in through such features as biometric access and two-factor authentication. However, at the same time, Timbrook reminds readers that it’s important to exercise common sense and embrace best practices for security hygiene. For instance, it’s best not to reuse passwords across applications and websites. Another thing to keep in mind is that digital solutions aren’t the end-all, be-all. Some more intricate activities are best conducted in person and can’t be achieved through an app. In that case, you can always go into your branch and talk to a live person. Ultimately, apps are about convenience, but they aren’t a replacement for human interaction. All of this to say: Doing business with a local bank means you have the advantage of doing business digitally as well as in person. It’s all about having options and that’s a good thing when your finances are concerned. a
Resource: Star Financial Bank, Fort Wayne, starfinancial.com
