Technological advances and online banking platforms have enabled consumers to incorporate savings strategies into their lives and manage their household finances.
According to a study published by American Bankers Association, 44% of bank customers use a mobile banking app to manage their bank accounts. This is up from 39% a year ago to become the most used method of interacting with financial institutions.
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Familiarity with digital banking tools can help individuals manage their daily money, increase awareness of their spending habits, and provide the financial outlook they need both now and in the future.
One of the best ways to integrate is through your bank’s official app. With this essential banking tool, you can keep your finances up-to-date, raise awareness of the impact of your daily purchases, and provide oversight to detect fraudulent transactions. Many of these apps offer real-time transaction history, allowing users to track their money all in one place. Use the app to check transactions, check balances, transfer money between accounts, pay bills seamlessly online, deposit checks with the snap of a photo, and create budget plans to meet your personal goals. Easy access.
Banks are building extensions into their platforms to make online banking easier and more accessible. For example, WaFd Bank’s online financial tool tracks spending, displays insights, and creates budgets using gadgets called Bubble Budgets. This allows consumers to have a more complete picture of their financial situation and know exactly how users can improve and move closer to their goals.
Additionally, digital wallets and contactless cards are making waves around the world, mostly for convenience. Paying with mobile devices is becoming more popular, with a simple tap-and-go for a more secure checkout. WaFd Bank accepts debit and credit cards digitally through Apple Pay, Google Pay and Samsung Pay. You can also make contactless payments with Fitbit and other smartwatches.
Instant fund transfers between accounts allow users to separate and organize their money for specific goals and purposes. For example, using automatic transfers to move money from your checking account to your savings account for future planned purchases or expenses encourages greater discipline and goal achievement. This also allows you to make your spending habits as efficient as possible.
Zelle is a remarkable and convenient network that many banks use to send money to others online. If a user has her phone number or email address, she can send money without going to a bank branch or ATM. Many users prefer it because everything is done right away.
Overall, the addition of money management tools to online banking platforms makes digital banking more convenient and appropriate for consumers’ day-to-day and long-term financial well-being. In addition, improved usability and mobile app availability will make banking easier for everyone. Applying these resources and tools to your financial routine can improve your budgeting, increase your chances of reaching your savings goals, strengthen your overall bank security, and prepare you for future opportunities.
author: Melissa Swift is the Treasury Relationship Manager at WaFd Bank. Founded in 1917, WaFd Bank has over 200 branches in eight western states and is headquartered in Seattle, Washington. WaFd Bank offers all kinds of banking services such as checking accounts, savings accounts, credit cards, mobile banking, online banking, real estate financing, retirement plans and loans. More information about WaFd Bank can be found here. www.wafdbank.com.