Digital banking has been gaining ground with consumers in recent years, replacing their need to visit brick-and-mortar branches to manage accounts, apply for loans and make cash withdrawals. That slow growth in demand has suddenly turned into a spike in popularity because of the COVID-19 pandemic.
What Does COVID-19 Have to Do with It?
The digital banking surge can be credited to the fact that consumers are trying to stay away from crowded public spaces, including the long lines at bank branches and behind ATMs. Going digital allows them to manage their finances in the comfort and safety of their own homes.
Physical distancing isn’t the only reason why digital banking is so beloved in the COVID-19 era. People prefer to do their banking and spending online because they’re worried about interacting with paper bills. They are worried that the paper bills are contaminated with the virus, which means that they are at risk of infection whenever they handle the currency. Many Americans are going so far as to say that they are never going to use cash as their main mode of payment ever again, opting for digital payments instead. This is the beginning of a very big shift.
Digital banking doesn’t seem like it’s going away any time soon. It’s simple, convenient and safe in a time of overwhelming uncertainty. If anything, it’s likely to grow in popularity over time.
So, if you’re interested in taking part in digital banking, where should you start? These are some ideas to inspire you.
Online Banking Apps
Your chosen bank is bound to have online banking options available so that you can manage your accounts, transfer funds and pay bills without stepping foot in a branch. You can use their official banking website on your computer or download their digital app if you would rather control your account on your smartphone.
You can manage your checking account, fill up your savings account and look at your credit card balance all on your computer or smartphone, but can you take out a loan? Of course, you can.
There are plenty of online lending opportunities available to you. For instance, you can go to the website CreditFresh and apply for a personal line of credit loan right there. You could use this line of credit to help you pay for small emergencies.
The application process is entirely online, from the initial request to the approval. It’s that simple.
What about managing your day-to-day expenses? You can download one of the best budgeting apps on your smartphone so that you can monitor your spending and organize your monthly expenses.
Having your budget connected with your online bank accounts and sitting on your phone will help you stick to your limits when you’re shopping. You can’t forget about your budget when you’re carrying it wherever you go.
You can ditch paper bills and plastic cards when you turn your smartphone into a virtual wallet. With programs like Google Pay or Square, you can make in-store transactions with your device.
Digital banking is the way of the future. Start moving your money management online and leave the old banking methods behind you.