As we, at GroovyTek, often discuss with our clients, we find ourselves living in the midst of the digital revolution. The traditional ways in which we acquire information, consume our entertainment, stay connected with friends and loved ones, take and save pictures, use coupons when shopping and more is changing and becoming more and more based on applications designed for our personal technology - smartphones, tablets, and computers.
For many of us, myself included, one of the last areas of our lives that we are comfortable converting to a more digitized approach has been banking. I personally always held onto traditional banking because I had an affinity for the tangibility of handwriting my checks. I always felt more in control of my finances when I was writing the checks, reviewing the paper bills, and walking the bills out to the mailbox; it just felt right to me.
That being said, for years, banks have been hoping and working to convince their users to convert their transactions to digital means. In fact, for most millennials and younger folks, there is no difference between online or digital banking and traditional banking. To them, it is all just banking.
Along with so many other consumer services, transitioning to online banking became more necessary for folks due to the pandemic. Now, most banks hope to capitalize on this "forced" conversion trend and maintain the momentum related to converting more and more of their clients to online or digital solutions.
So, is it time to make the change? Is it time to move away from paper checks and convert to on-line bill pay? Is it time to set up online banking accounts to enable 24/7 access to account balances, statements, and more? Obviously, this is a personal decision, and individual factors come into play, but in general, the time is right to make a move.
Why? Well, the banks are investing in their digital banking platforms. The services will continue to evolve and improve; most of the banking innovations moving forward will be related to their digital capabilities. Further, just like how cell phone companies have transitioned away from flip phones, moving to digital accounts and bill pay is inevitable. Banks will most likely begin to cut down on in-person staff and hours, so you might as well start the transition now, on your terms. Just imagine the time you might save by not having to visit a brick-and-mortar bank for basic banking services every again, no drive-time, no wait-time; you can now bank from home.
The next concern that leads many to avoid making the transition has been security-related. As we all know, banking is a very regulated business. At this point in 2021, it is safe to say that online banking has become extremely secure; over the past decade or more, there has been enough runway in this area that the banks have worked to develop the safest environments possible for online transactions.
Yes, you need to be aware of how you are operating online as always, but once you are logged in securely to your banking accounts, you can act with confidence that you are operating securely. Again, keep your guard up with the usual scams and hacking suspects such as phishing emails and bogus offers from a Prince in Africa. Still, if you securely logged in and operating within the bank's online environment, you should be confident and comfortable knowing the stakes are super high for the banks to do everything in their power to have a safe and productive online service.
If you are interested in learning more about making the transition, chat with a GroovyTek trainer who can help answer any questions and even help you put together a roadmap to move to digital banking.