4 New Banking Technologies to Consider Taking Advantage Of

Written by , November 27, 2012

4 New Banking Technologies to Consider Taking Advantage OfToday’s world of personal banking has moved far beyond the days of having to speak with a teller during normal business hours just to conduct routine business. Technology continuously evolves, and banks continue to make use of those technological advancements by providing new services to their customers.

Of course, the availability of different banking technologies doesn’t mean that they’re necessarily things you should be using. The best new banking technologies are the ones that help you do your banking business more efficiently and effectively, and which make it easier for you to keep your accounts safe.

Here are four new banking technologies to consider using to make your personal banking more effective.

  • Remote Deposits. Personal banking continues to migrate from paper-based checks to fully electronic transactions. We’re more likely than ever to swipe our debit cards at the grocery store than to pay by check. This shift to electronic transactions also applies to situations where we make deposits. For example, some banks now offer “remote deposit” apps as part of their mobile banking offering . These apps allows you to take pictures of the front and back of an endorsed check that you want to deposit, and send those pictures directly to your bank. The check will then be processed as if you had gone to the bank and physically deposited it. Using this type of app will save you time and money, as well as make sure that the funds reach your account as soon as possible.
  • Account Activity Alerts. One downside of the increasing move towards electronic banking is security. When more transactions are done without face-to-face personal contact, it is sometimes easier for a thief to access your account. One new way to guard against this is to take advantage of banking alerts for your financial accounts. Participating banks will allow you to set up an alert so that each time there is a withdrawal made from your account, they’ll send you an e-mail or text alert. This means you’ll find out as soon as possible if your account has been compromised.
  • New Website Login Techniques. Unfortunately, the simple login technologies for online banking aren’t particularly secure. A simple username and password combination can be relatively easy to discover – particularly since so many of us use the same username and passwords for many of our different accounts. On the other hand, many banks now allow you to use a double verification technique, whereby the bank sends a code via text message to your phone each time you attempt to log in to your account, and you need to include this code as part of the login process. A thief would therefore need to determine all of your relevant information, and have physical possession of your cell phone, in order to hack into your account.
  • PayPass. PayPass is a technology that allows you to make small routine purchases (such as gasoline, groceries, fast food or taxi fare) without having to swipe your card, hand it to a cashier or sign a receipt. PayPass works by using a small radio frequency chip embedded in the card, and it means that the card always stays in your possession, and can’t be run through a card skimmer.

If your bank doesn’t currently offer one or more of these services, keep your eyes open – they’re coming to more institutions every day.

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