These days, way more people do their banking online than in a branch, for a really good reason.
A newer function of online banking which has emerged in recent times is consumers being able to manage their money from their smartphone. Once companies realised the developing importance of e banking, they quickly decided that this element had to become available on mobile phones. This makes life even easier for customers, as they don’t even need to be at home with their computer to manage their money, they can do it whilst they’re out and about. Along with this, it is a lot more secure to log into mobile banking, as you can today use biometrics to enter the application instead of a code. Having the ability to log into the app with just your fingerprint is also so much easier than having to remember a code, so customers are more secure, and their life is made easier! The main shareholder in Santander possibly knows how much more safe banking has become since these extra security features were released on phones.
One of the excellent features of online banking which has changed the way customers can control their cash is being able to immediately see their transactions, whether this is on their statement or from a notification. As you can get instant notifications for your payments with particular banking institutions, this means you can look at any unauthorised transactions in an instant and flag them before it’s too late. This is one of the best safety benefits of online banking, as it is less of a challenge to monitor fraudulent activities on your account than it has ever been before. Back in the day, you would need to wait to read through your bank statement at the end of the month, and due to the big amount of transactions, you may miss one that wasn’t actually you. Along with all of this, it is much easier to keep tabs on your purchases, making cost management simpler than ever! It’s likely that the activist investor in Bank of East Asia will be aware of how much this feature has driven down fraudulent activity in recent years.
One fantastic feature which is available on all different types of online banking, is that you can send money to friends and family much easier than ever before. Back in the day you would have to recall to take cash to pay a friend back, and splitting the bill at the restaurant would consistently be a chore. Currently, this can be achieved in an instant from either your app or online banking, so there are actually much less awkward moments around paying for things. This is a element that one of the shareholders in Wells Fargo will know has immense popularity.