Frederick Jace
Even though banks have been an important part of our society for a long time, technology has revolutionized modern banking. Currently, 71 percent of Americans use online and mobile devices for their banking needs.
It’s important to keep up with these changes so you don’t miss out on the advantages modern banking offers. Keep reading, and I will tell you how to take advantage of all the benefits offered in today’s digital world!
Mobile Apps
If you are not currently using your banks’ mobile apps, you should download them right away. Mobile apps allow you to access your account, transfer money, or pay bills from the convenience of your phone.
In addition to saving time, these apps can also save you money. You can use the apps to set up account alerts and notifications. For example, when your balance is low, you’ll get a notification that allows you to transfer money into your account to avoid getting a costly overdraft fee.
Money Management Tools in Modern Banking
Another major benefit in banking today is the many resources you can access to manage your money. Most credit card companies offer spending trackers. You can use the tracker to analyze your spending and adjust your spending habits if needed.
There are also several, free budgeting tools such as the Mint. These tools allow you to see your entire spending and savings profile all in one place. It makes setting and sticking to a budget much easier.
Digital Wallets
Digital wallets are another way technology is transforming the modern world. These apps, such as Apple Pay, Samsung Pay, PayPal, or Venmo to name a few, allow you to link your credit cards to your digital wallet. You can make purchases from vendors outside of your home with only your cell phone.
Cryptocurrencies
Cryptocurrencies are one of the biggest changes in modern banking. Bitcoin is a type of cryptocurrency that is completely online. There is no physical ‘cash’ associated with it.
Bitcoin has been gaining popularity throughout the U.S. It has been endorsed by Cameron and Tyler Winklevoss, who may be best known for suing Facebook founder Mark Zuckerberg but have since become billionaire investors.
Several companies allow you to buy and sell Bitcoin. You can also send or receive crypto to and from friends or clients who also have a crypto account.
The easiest method to buy Bitcoin is to find a Bitcoin ATM. Some Bitcoin ATM locations can be found at www.bytefederal.com. You’ll need to bring a picture ID, a cell phone, and cash with you to make a purchase.
Taking Advantage of Digital Banking
Now that you’re aware of the advantages modern banking technology has to offer, it’s time to start reaping the benefits. You can take advantage of the tips here to start saving time and money!
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