Next Generation of Banking: More Advanced and Handy Items

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Photo: B. Fishadow

Already reaping the benefits of online banking – and perhaps some useful budgeting software?  As you might expect, as well as assume from the title, there is more.  You might be missing out on increased flexibility, power, and the “coolness” of these items.

Banking Apps

Have a smartphone?  For these and other types of mobile devices (tablets, an iPod Touch, etc.), apps are heating up from a number of companies.  Banks?  They’re no exception, of course.

Chances are quite strong that your bank is making itself available on the mobile app frontier, unless of course you are using a small/community bank.  However, even if that’s the case, don’t fear – check on your credit cards and other accounts (i.e. online savings account or investments) to reap the same types of benefits.

What kinds of advantages are there?  We’re dedicating a section on one, which is coming next, but certainly efficiency, convenience, and power in the features are among the immediate strengths.  After all, isn’t it nice to pay a bill, transfer cash, and buy a stock right on your smartphone?

Mobile Deposit

This is something that is truly on the cutting edge.  Your bank may or may not have it – don’t fret, though; customers are clamouring for it everywhere where it isn’t present.

It’s quite simple.  Sign the check, and then take a picture of the front and bank within your banking app.  You’ll select the account where it is to be placed, along with the amount, and it should be there in no time (as little as one business day).  Hold onto it, just in case.

The convenience is easy to imagine.  When you receive a tangible check, it often adds to the errands that one has to do – and going to the bank is not exactly high on the “fun” meter, so to speak.  Snap a few pictures, and you’ve just avoided the hassle of travelling to the bank.  It doesn’t get much more convenient than that – at least with banking, an often dry (let’s be honest) subject.

Automated Savings

A nifty feature that is available from banks and other financial institutions (online savings accounts, namely) is found in automated savings.

Don’t be fooled by credit cards that advertise this, however.  You shouldn’t be drawn into those that will round it off to the next dollar amount, and then place it into a savings account.  You can do the first with this feature, and the second part amounts to what is likely not the best savings account.

My advice to you?  Research the best savings accounts, preferably with an exclusively online institution (very easy to manage).  You’ll get a great rate with some simple research.  Then, simply set up your automated savings.

It can be as simple as extracting $30 each month, with plenty of versatility.  With maximum liquidity, you can automate your savings and work towards such goals.  Make separate accounts for separate purposes if you’d like.  This, along with other interesting banking elements, surely adds to the experience.

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