Digital Banking
We live in a very on demand world today where we expect to have everything at our fingertips, this includes banking. Banking no longer has to be done physically at your bank and thanks to modern technology we no longer have to. Both Online and Mobile banking offer an array of services that can be conducted from a laptop or mobile device.
Online Banking
Online banking, also known as internet banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. The online banking system will typically connect to or be part of the core banking system operated by a bank and is in contrast to branch banking which was the traditional way customers accessed banking services. Some of the banking transaction you can do from Online Banking are:
- Check your balance
- Make account transfers - internal and external
- Pay bills
- Sign up for eStatements
- Download bank statements
- Order Checks
- Open an Account
- Apply for a Loan
Online Banking Services
There is an array of services that you can conduct through online banking.
eStatements
eStatements are electronic versions of your original paper statements that you receive through Online Banking.
eStatements are a convenient way to view twelve or more months’ of your statements online.
Bill Pay
Online bill pay service, offered by many banks and credit unions, makes it easier to organize your bills and pay them when they’re due.
Online bill pay also allows you to manage your payments to various companies — all in one place. There’s no need to pay a bill at the company's website, instead, you could do it all from your financial institution’s website or mobile app.
Personal Finance Manager
A Personal Finance Manager is a simple accounting program that helps individuals manage their finances. Personal finance managers aggregate all your account balances which include checking, savings, investments, credit cards, loans and retirement all in one place. Personal Finance Managers help you balance your checkbook, keep track of investments, and even set up a budget and savings goals. Some can even help you pay your bills by printing out checks or transferring money electronically from your bank account.
Mobile Banking
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose.
Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device. Mobile banking is one of the easiest ways to access your account(s) 24/7!
Mobile Banking users can:
- View transaction history
- Debit Card transactions
- View check images
- Receive account alerts
- Mobile deposits
- Person to Person payments
- And more
Mobile Deposit
Mobile deposit allows users to make deposits into their accounts by snapping a picture of checks that they have received. Using the bank or credit union app, the user takes a picture of the front and back of the check, and both images, along with the dollar value, are transmitted to the bank.
Mobile check deposit allows you to save time by depositing your checks remotely, no matter where you are or what time of day it is. Instead of making a run to the bank, you can simply snap a picture of the front and back of the check on your smartphone and deposit it using the bank’s mobile app.
Mobile Payments
What are Mobile Payments?
Mobile payments (which encompass mobile wallets and mobile money transfers) are regulated transactions that take place through your mobile device. That is, instead of paying for stuff with cash, checks, or physical credit cards, mobile payment technology allows you to do so digitally. Instead of paying with cash, check or credit cards, a consumer can use a mobile device to pay for a wide range of services and digital or hard goods.
Types of Mobile Wallets
Apple Pay
Apple Pay works on the iPhone (version 6 or newer), as well as the Apple Watch. To pay with Apple Pay, add any debit, or credit card to the Wallet app on your device. When you’re at a store that accepts Apple Pay, hold your iOS device over the payments reader while holding your finger on the Touch ID button.
Google Pay
Google’s mobile wallet technology, Google Pay, is available on all NFC-enabled devices that run Android version 4.4 or later. To use Google Pay, open the app on your phone (which requires the user to have a secure lock screen) and complete the transaction by holding your device over the payment’s reader.
Samsung Pay
Samsung Pay, Samsung's mobile wallet payment system. Samsung Pay works with devices 7s and higher as the Samsung Watch. Add debit, credit, or rewards cards to your mobile wallet on your device to make payments. Samsung Pay uses both NFC and MST technology to make payments.
Digital Tip
- from Mike Longo; NBT Bank Systems and Development Manager
Did you know that Real-Time Account Alerts are a great way to stay on top of your accounts to monitor balances and activity without having to periodically login and logout? Real time alerts help consumers and businesses to access and monitor their account activity – either to keep tabs on balances, unexpected activity, and loan payment reminders. Alerts can be delivered in one of three ways:
- Text Alerts
- Email Alerts
- Push Notifications
Five frequent questions about Mobile Payments
- What Are Mobile Payments?
- Mobile payments are regulated transactions that take place digitally through your mobile device.
- What is a Mobile Wallet?
- A mobile wallet is an app that stores your debit and credit card details so that you can pay for things digitally using a mobile device. To use a mobile wallet, a consumer can download a mobile wallet app on their phone and add debit or credit card information which will be stored securely. Most mobile wallets require thumbprint authorization, facial recognition authorization or other security measures in order to access the mobile wallet and pay.
- How Do Mobile Payments Work?
- In stores, mobile payments are enabled by a technology called NFC, which stands for “near field communication.”
- What Are the Benefits of Mobile Payments?
- Mobile payments are secure, fast, and convenient.
- What is the Future of Mobile Payments?
- Because of their enhanced security features and convenience, mobile payment adoption will continue to increase.
