6 Promising Banking Technologies To Revive Online Banking

Online banking, when first introduced, was a much sophisticated feature of banking with the mission of making your transactions the most convenient and time saving for you. The intention was to bring global banking to your doorstep. Though many banks had applaudable net banking services, a lot of issues had come up due to which banking had become a pain in the neck for quite sometime now. While the fees for net banking are quite high the services are not up to the mark. How many times we haven’t heard of people’s money vanishing from their accounts owing to security breach? Security has been the foremost compromising factor for online banking. The mandatory requirement of internet connection was another big obstacle. Though many of us are moving around with our wireless internet sticks and laptops these days, a few years ago, in the desktop era internet connection could not be accessed 100% safely from anywhere. If you were out of home and had a need to check your bank details, you could not do so from a cyber café because of the security issues. Also at a real bank you might expect to get customer assistance which is missing or not prompt in virtual banking. So these were some of the issues that have driven many people back to the good ol’ conventional banking system though it meant more effort and time for the customer.

But now, things seem to have changed. Six banks take the credit for changing the face of online banking. Their efforts are commendable and have made people to try out online banking with a new hope. These banks take the credit for bringing about a revolution in online banking with their innovative approach. Let’s take a look at these one by one.

The iPhone Check Drop Facility of USAA

USAA has introduced check deposit facility through your iPhone. The process is very simple. You’ve just got to take pictures of your check from both sides and transfer them electronically to the bank. So, you needn’t waste time going to your bank physically to deposit that check. You can keep that document as proof of your transfer. Well, one question that logically comes to my mind about this feature is that why should I deposit money this way, when bank transfers are already available? Well, maybe it’s to ensure more security to the transaction. The scanned check with the issuing person or body’s signature is a more authentic source of transaction than an electronic bank transfer. Also this banking feature gives you a list of your nearby ATMS where you can deposit your paper checks if you want to. This technological facility is open to only a select few, mostly the ones who are insured with the bank.

Enhanced Banking Experience

ING is one bank that strives its best to bring the best of online banking to its clients. You can operate a number of accounts such as IRA, mortgage accounts, saving accounts and CDs from the comforts of your home with your computer You could also link up your banking features with your budgeting features so that you operate your money efficiently. For example, your savings account can be linked to your budgeting account to show you your income and your expenditures; you don’t have to put in a lot of effort for that. With its new iPhone APP and its Android features banking has gone truly mobile. You just need a mobile gadget, not even a PC anymore!

Impeccable Customer Service

If others have depended on technology to rope in people for online banking, Ally seems to really be all set to win you over with its excellent customer service. Their first attraction is their higher returns in comparison to others for savings, money markets and other kind of accounts. Apart from that, you’re going to fall for their customer service when online. You can call them 24 X7 whenever you’re stuck and they’re known to have a 0 response time as displayed on their homepage. Also, you can chat with them online. Now isn’t that much better than calling up a BPO service from another country only to find that you’re not getting the exact information you need-especially when you are on some serious transaction?

Mobile Banking

A UK based application called MoBank enables you to buy movie tickets, do web-shopping, and buy your flight tickets and ‘n’ number of such activities from your iPhone or iTouch. Now this is not new to us, but it was available only on PCs before. Now you can avail it on mobile phone. Forget those security concerns as these applications are pin protected. But the service is only limited to the UK population. Wish it could have been available in more countries.

Saving the Social Way

Money matters no longer need to be a boring issue. You need not sit hours together with online budgeting sites and toil with your money issues. By joining Smarty Pig you have a socio-fiscal circle of yours where you discuss your monetary goals with your friends and get their help in saving. Here, you’ve got a feature where you can ask other people to contribute funds to help you buy something. Giving suggestions to meet goals is something and contributing is another. I wonder how many people would actually like to make contributions. However, this website makes your money saving a much more enjoyable activity.

Forget Envelopes and Pens, Now Just Carry Check or Cash to Your ATMs

The Wells Fargo ATMs don’t bother you with paper or pen requirements. You don’t need to fill up any forms at the counter to make your deposits. Many times, disappointingly, you go to an ATM counter only to find that the forms are not in stock or you might simply forget to carry your pen, something that happens with me quite often. The envelope-less ATM accepts your check or cash directly and issues a receipt and that too in bulk.  Now isn’t this something more than you can wish for?

These technologies sure seem to have reincarnated online banking; or rather put old wine in new bottle. So let’s wait and watch how successful they become.