Digital Banking

SEPTEMBER 2021 MARKET NEWSLETTER

Truckee, Golf Course Communities, Tahoe Donner, Northstar, Donner Summit, Alpine/Squaw, North & West Shore Lake Tahoe, CA.

Digital Banking: The Future

Banking online is nothing new, but innovative technologies are becoming more readily available to aid the consumers with their money management. Even outside of the banking world, nearly every industry has been forced to modernize their technologies. Despite the fact that this electronic movement was in full swing before 2020, the COVID-19 pandemic has exposed the value of having many different ways of conducting business and connecting online. In fact, data collected by Celerity in What we know now: The state of digital transformation today reported that "63% of leaders say COVID-19 made their organizations embrace digital transformation sooner than they had expected and were making greater investments in technology as a result."

Mobile Applications

Everyone knows that convenience is becoming increasingly important, and there is nothing more convenient than being able to complete regular banking tasks with a tap of your finger. Most banks offer apps where you can transfer money, view your balance, pay bills, and even deposit checks.

These types of apps have been growing in popularity, but there is a push to increase the technological advancements in the mobile space. You are able to view your balance, view your transactions, and transfer funds, all from your cell phone.

Cardless payments

More and more businesses are accepting digital payments. Because most people have smartphones, tap-to-pay options are becoming more common. Instead of sliding a credit or debit card, tech friendly establishments make payments easier with equipment that allows customers to simply tap their payment method on the card reader.

Cardless payments are gaining traction in American markets, as proven by data collected from instore payments. In 2020, cash transactions in the U.S. collectively totaled at $1 trillion, down from $1.4 trillion in 2019.

Digital wallets

A digital wallet is an online software that securely stores users' payment information and is often paired with mobile payment technologies. This makes paying with your smartphone easier than ever before. If you are an Apple user, you may be familiar with Wallet. This is an app that comes with most Apple products and allows you to store payment options, like gift cards and debit cards. This is often called QR code-based mobile payments, and this transaction method is leading the charge into the future.

Digital banking is here to stay, and our options are seemingly unlimited with each new innovation brought to the market.

Compliments of Federal Savings Bank