Advancements in technology and online banking platforms allow consumers to incorporate money saving strategies into their lives and take charge of their finances.
According to a survey published by the American Bankers Association44% of bank customers use mobile banking apps to manage their bank accounts, making it the most used method of interacting with financial institutions, up from 39% a year ago.
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Becoming familiar with digital banking tools helps individuals manage their day-to-day money, educates them on spending habits, and provides the necessary financial perspective for now and the future.
One of the best ways to consolidate is to simply use your bank’s official app. This important banking tool allows you to stay on top of your finances, raise awareness of the impact of everyday purchases, as well as provide monitoring to detect fraudulent transactions. Many of these apps offer real-time transaction history and allow users to track their money in one place. The apps provide easy access to review transactions, check balances, transfer money between accounts, seamlessly pay bills online, deposit checks at a glance, and create budget plans to achieve personalized goals.
Banks are integrating enhanced functionality into their platforms to make online banking easier and more accessible. For example, WaFd Bank’s online financial tools track expenses, display information, and create budgets using a gadget called Bubble Budgets. This provides consumers with a more complete picture of their finances and indicates how users can improve and get closer to their goals faster.
Additionally, digital wallets and contactless cards have been making waves around the world, mainly due to their convenience. Another added advantage of the digital wallet is that you no longer have to worry about forgetting your card on the restaurant table! Paying with a mobile device is increasingly common and offers a more secure way to pay with a simple tap and go. At WaFd Bank, debit and credit cards can be used digitally through Apple Pay, Google Pay and Samsung Pay, and you can also pay contactless with your Fitbit or another smartwatch.
Instant fund transfers between accounts allow users to segregate and organize money for specific purposes or purposes. For example, moving money from your checking account to your savings account for a planned future purchase or expense with automatic transfers encourages greater discipline and goal achievement. It will also allow you to ensure that you are as efficient as possible with your spending habits.
Zelle is a remarkable and convenient network that many banks use to send money to others online. If a user has a phone number or email address, they can send funds to them without having to visit a bank branch or ATM. Everything is at your fingertips, making it a preferred method for many users.
Overall, the money management tools added to online banking platforms are making digital banking services more useful and relevant to consumers’ daily and long-term financial health. Additionally, the increasing ease of use and availability of mobile applications is making banking services more accessible to everyone. Applying these resources and tools to a financial routine will improve budgeting, increase the likelihood of meeting savings goals, improve overall banking security, and prepare you for future opportunities.
Author: Melissa Swift is Head of Treasury Relations for WaFd Bank. Founded in 1917, WaFd Bank has more than 200 branches in eight western states and is headquartered in Seattle, Washington. WaFd Bank offers a full range of banking services, including checking and savings accounts, credit cards, mobile and online banking, home finance, retirement plans and loans. To learn more about WaFd Bank, please visit www.wafdbank.com.