Technology and the world of banking

Technology has provided many benefits and conveniences for banking related activities.

05:46 08 September 2013

Traditional banking may become a thing of the past with the advent of online and mobile banking. Many people are now familiar with paying bills online, checking account balances, and even transferring funds to other accounts with a few clicks of a button. Banking involves many different aspects though, and technology offers increasingly convenient solutions. Here are a few of the things you can do more easily now:

• Comparison—not only can you compare different types of banking accounts and rates online, but you can also do the same for purchases which has an indirect effect on your money. Whatever you save from comparisons stays in your banking account or rainy day fund.

 

• Loans—in the past most people had to walk into a branch office in order to apply for any type of loan whether it was for a home, vehicle, business, or a very small sum. Technology now provides many different solutions for loans of all kinds, sometimes without ever having to set foot inside a banking office.

 

• Research—you may be able to do a lot of the legwork for starting up a new type of banking account by looking at websites. This is part of the comparison benefit as well so you can determine which banking institution most closely fills your needs. It is possible that some banks may allow you to open an account online as well.

 

• Deposits—some banks may allow you to use special apps to make your deposits online or through your mobile phone by taking a picture of cheques.  This is especially helpful if you travel frequently or moved far from your regular banking branch.

 

• Reviewing—technology has made the personal banking portion easier with apps and software that can easily track purchases, help you reconcile accounts, and summarize your spending habits among other things.