Technology in Banking: Convenience, Security and Value
Think about all of the different ways that technology has changed your everyday life. From the way you shop, listen to music and connect with one another, the internet – with the help of personal computers, smartphones and tablets – has transformed the way we live and the way companies serve their customers. And banking is no exception. Innovation in the banking industry has been evolving at a rapid pace and, as a result, it has created more convenience, security and value than ever before.
Over 75% of consumers now have smart phones and expect to have everything easily and immediately accessible from the palm of their hand. This includes their banking – customers want fast, easy ways to check balances, pay bills, deposit checks and open accounts.
Some of the latest technologies being introduced today are intended to improve your banking experience, making it more convenient and secure than ever before.
• Interactive Teller Machines (ITMs) look like a traditional ATM in many ways. But the difference lies in not only the types of transactions it accepts, but the way in which the transactions are made. Customers can see and speak to a live, human teller through the machine to cash checks to the penny, transfer money, make a loan payment, deposit checks or cash and make withdrawals. With this new service, banks can better serve their customers by offering expanded hours or saving them time by skipping the long teller lines.
• Person-to-Person (P2P) Payments allow you to pay a friend from the comfort and convenience of your smartphone. Many people no longer feel comfortable carrying cash or using checks since they have the checking account number printed on the front. Now, with apps like Zelle, Venmo and others, you can securely exchange money all through an app. Just snap a photo of your bank debit card, upload it to the app and send your sister the money digitally without even having to see her (unless you want to).
• Voice Activated Mobile Apps act as a virtual assistant, giving customers a hands-free option to bank from their smart phone with single voice commands. Think of Amazon’s Alexa or Echo technology used for banking: “Alexa, what’s my checking account balance?” Some bigger banks have already begun utilizing Amazon’s technology and some banks have even introduced personas of their own, like Bank of America’s “Erica” app.
Because advancements have come so rapidly, some technologies have been available for several years but still feel new to many people:
• Mobile Banking Apps have come a long way since first introduced in Europe in 1999. As a secure way to bank, consumers can login to their app with their fingerprint to check balances, track transactions, make payments, transfer funds and even deposit a check with Mobile Check Deposit. With this feature, you can snap a photo of the check and deposit it within the app any time of day or night from anywhere you have cell or wifi service.
• Smartphone Pay, also known as Android Pay, Apple Pay, or Google Pay, makes purchases at retailers quick, easy and secure by using your phone. This payment solution uses a one-time token to authorize the transaction instead of using your full card number, making these payment types extremely secure because your card number is never passed to or stored by the merchant or processor.
• Online Account Opening allows you to open new bank accounts online. You can choose the type of account you want, add the services and features you like and view and sign documents securely and conveniently from your personal computer, smartphone or tablet. With C&N’s Exclusive Switch Service, when you open a checking account, we even handle moving all of your automatic payments, direct deposits for you. Now that’s convenience!
The most common misconception is that these online and mobile banking technologies are not secure. In fact, they’re more secure than traditional methods of banking because the technology is in place to make it more difficult for your account information to be compromised or stolen.
We take security very seriously at here C&N. We are constantly enhancing our security measures in order to make sure your online experience is secure. Our team members are always happy to help you try new offerings, like our mobile app, and describe other services or features that may be important or beneficial to you. Check out the security section on our website to learn more.
At C&N, we value the relationships we’ve built with our customers over the years. Our branch teams enjoy helping our customers and creating value for them. But we also realize that it’s not always easy finding the time to visit your local branch to conduct your banking, which is why we offer these types of technologies and services. It’s an added benefit of being our customer and one more way we deliver on our promise of Creating Value Through Lifelong Relationships.
If you haven’t already, we hope that you’ll discover the benefits these services can add to your banking by deciding to give them a try. If we don’t already offer them here at C&N, more than likely we have plans to add most of them in the near future. There are several easy ways you can get started: visit your local C&N branch office, call us at 1-877-838-2517, email us at firstname.lastname@example.org or visit our website www.cnbankpa.com to learn more.
Idea/Concept: C&N Bank
Videography: Andrew Moore
Video Editing: Andrew Moore
Writing: C&N Bank
Anchor: Johanna Vogt
Correspondent: Rhonda Pearson
Produced by Vogt Media
Funded by Citizens & Northern Bank