Mark Cunningham, Online Manager from Bank of Hawaii, to talk about how new technology can impact the way we bank.
Digital banking has definitely enhanced the banking experience to make things more convenient for everyone. Digital banking has the ability to enhance the branch experience by providing another point of access for users to do routine transactions, such as to make deposits or payments. Branches are now being extended through technology, and are using technology as well.
Things like biometrics, or digital ways of verifying identity, are available for safe deposit boxes. Smart ATMs also complement the shift toward digital preferences
People are changing the way they prefer to bank, and banks are constantly looking to accommodate these preferences.
Banking apps are very convenient ways to access account balances and check deposits
Some apps also allow mobile payments through various digital wallets, or in other words, for you to make payments using your cell phone. For example, there's Apple Pay, Samsung Pay and Android Pay. These mobile platforms enable users to pay for items using their phone.
Banking apps have the ability to take advantage of special features like GPS, camera, and biometrics. Authentication, or verification of identity, on mobile apps is generally very secure and can include combinations of usernames, passwords, 1-time codes and biometric authentications like fingerprint, voice recognition and facial recognition.
When choosing a bank, it's best to think about how often you need to interact with a financial expert, and when it's most convenient for you. Choose a bank that has branches near your home or work place. When discussing more complex banking issues, you'll want to do that in person. Make sure that same bank has the online and mobile banking technologies that support your most routine transactions, as well as access to ATMs while you're on the go.
For more information on banking in the 21st century, stay tuned next week for another episode of SmartMoney Monday.
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