4 digital financial tools to help you bank safely during COVID-19
With the world still mired in an unprecedented pandemic and social distancing being the new norm, people are finding themselves adjusting the “old way” of handling everyday tasks in order to stay safe.
Banking and financial services transactions are no exception, as banks have limited brick-andmortar retail to drive-thruonly service with an appreciation for social distancing and workforce safety. While prior to COVID-19, 52% of retail bank customers were classified as branch dependent, according to an April 2020 study by J.D. Power, now is as good a time as ever to find easy, fast and safe ways to bank online.
Digital banking isn’t new, according to the same J.D. Power study, nearly 30% of bank customers today are now doing their banking through digitalonly methods. However, many banking customers leading up to the pandemic simply were more comfortable banking through physical channels or wanted to make sure that the digital approach still offered convenience and a friendly experience. Many banks offer a variety of digital tools to handle everything from paying bills and depositing checks to withdrawing cash from an ATM without needing your card or PIN, and financial institutions are upping their game right now to ensure digital services are working well for customers who need them most during the pandemic.
Here are a few tools to consider trying that are easy and safe to use.
Online Banking
Many financial transactions can be handled from the comfort of your home by setting up an online account with your bank.
Online banking allows accountholders to access and manage their accounts 24 hours a day, so you can handle transactions on your own timeline, while also being able to monitor closely for suspicious transactions. You can transfer funds seamlessly, set up online statements to enhance security and pay bills without having to make a trip to the mailbox. It also enables the account holder to be able to view past statements and download them whenever needed.
Online banking can also be an invaluable tool for small businesses that may have previously handled transactions in person. Many banks in the Philadelphia region offer a variety of services for businesses via online portals, including reporting, the ability to make and collect payments and even apply for loans.
Mobile Banking
Step it up another notch by downloading your bank’s mobile app, enabling you to deposit checks anytime with the use of your phone’s camera, saving you a trip to the branch or ATM. Banking mobile apps provide an added layer of security by using biometric data or two-factor authentication methods in order to access accounts.
At WSFS, use of its myWSFS mobile app grew about 400% in adoption and 500% in usage from March to April 2020.
Many banks offer services like Zelle®, allowing app users to instantly send and receive payments with people you trust, like a socially distant
gift for that recent graduate in your life. Mobile apps also offer the ability to pay your mortgage and credit cards, check your credit score and even set up alerts for account activity, security and bill pay notifications.
Some financial institutions also offer mobile apps that allow you to connect directly with a live banker to assist with all your banking needs. Select a banker that you think is the best fit for you and get personalized assistance
on everything from a lost debit card to how to find the right mortgage.
Businesses can also benefit from banking mobile apps, which allow them to stay on top of cash flow in an ever-changing environment and even approve transfers, wires and ACH payments on the go.
Contactless payments
Many banks now provide you with contactless debit and credit cards, which enable you to make safe, secure purchases while minimizing the amount of contact needed at card readers. Just tap your contactless card to
the machine and you’re on your way.
You can also link your accounts to digital payment platforms like Apple Pay and other digital wallets, allowing your mobile device to take the place of a debit or credit card for even more contactless purchases.
With social distancing measures in place, many find themselves trying to avoid contact with highly trafficked areas. Smart ATMs allow you to get your cash from a supported ATM in a safe and secure manner while making minimum contact with
the machine itself.
With just a few simple clicks through a mobile app, you can get your cash without even needing to take out your card or type in a PIN.
While it’s far from business as usual in many aspects of life, now is an opportune time to adjust how you bank to allow you to continue making the transactions you need while staying safe. Fortunately for many customers, banks offer a variety of digital tools that are ideal for social distancing and can provide for more secure and convenient transactions in the long run.