Over fifty percent of consumers have downloaded their bank’s mobile app. And, over 70 percent of users say they use their banking app more than a couple of times per month. Mobile technology is a driving factor for consumers across all industries – and banking is no different.
There are many ways that the financial and banking industries have advanced their technology offerings for consumers in the last few years. Most of these technologies aim to provide a better customer experience for you through time savings, improved financial security and more convenience. Here are 6 of our favorite technologies and how they’re used by our clients every day:
- Chip cards
You likely noticed this year that many of your existing credit or debit cards were replaced by the financial institutions with “chip cards.” This chip technology has improved the security of credit and debit cards immensely.With traditional, magnetic-stripe cards, the data transmitted to the merchant is the same with every transaction. Therefore, once a hacker or theif has that information, it can be used over and over again.With the new chip cards, the chip transmits a unique transaction code each time the card is used. This makes it much more difficult for criminals to steal the card’s data.The benefits of chip cards are already being realized. In May 2016, chip-enabled merchants saw a 47 percent drop in counterfeit fraud compared to the previous year, according to Visa.
- Mobile deposit
The adoption rate for mobile deposit has skyrocketed – especially within the millennial generation. According to Bankrate, 72 percent of millennials age 25-34 use mobile deposit.
So, what’s the primary driver for mobile deposit adoption? Convenience. Consumers are able to take a paper check from their friends, family or employer and deposit it from anywhere in a matter of seconds.
While some banks are charging nominal fees for mobile deposit, others (like Plaza Park Bank) are choosing not to charge for this convenience. Regardless of whether or not they charge for the service, most banks are investing in the new technology as a way to better serve their clients of all generations. Check with your bank about their mobile deposit technology and how it can help you save time.
- Mobile banking app
Smart phones have become more of a mobile computer in recent years, managing much more than just phone calls. Most people’s phones also manage their calendar, email, music, family photos, grocery shopping and other day-to-day tasks.Over 50 percent of smart phone users also manage elements of their finances on their smartphone with apps from their bank and/or credit card companies.Some mobile banking apps offer built-in technologies like mobile deposit, bill pay and real-time transaction tracking. These powerful tools not only add convenience for your life, but also offer additional value like protecting your personal identity with real-time data and alerts.
- Social Media
You want to be well educated on your finances so you can make the best decisions, right? And, you want a bank that you can have relationship with, right? Some banks are harnessing the power and influence of social media and using it as a platform to educate you and add value to your relationship.Check with your bank to see if they’re providing additional value by educating on financial topics via social media platforms like Facebook or a corporate blog.
With the increasing influence of and dependence on technology, we don’t anticipate that the banking industry’s development of new technologies will slow down any time soon.
To view which online services and mobile options we offer our clients at Plaza Park Bank, check out these online links.
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