How Technology Has Impacted Banking

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Ten decades ago, some people never had a checking or savings account. They believed there was no need for such accounts because they did most of their business in cash. This all began to change when banks require their customers to have an active checking or savings account to cash a check. In the modern world, just about everyone has a checking and/or savings accounts, even if they have very little money on hand. Below, you will discover more information about the impact technology has had on banking.

Long Lines Good-Bye

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Workers have always been paid weekly, bi-weekly, or monthly. The only difference from then and now is workers had to spend hours waiting in line at banks to get their checks cashed. In this case, technology has made a major improvement in how people get their checks cashed. Today, it is no longer necessary to even visit a bank to cash a check. Most employers utilize technologies to deposit their workers’ checks directly into a checking or savings account. When employers need to buy something, they can either write a check or utilize a debit card.

Online Check Deposit

In addition to an employment or disability check, some people are paid via check for other services. Some of these checks are direct deposited into a savings or checking account, while others must be taken to a financial institution to be cashed. This means that the individual must drive to the bank and stand in line to get their check cashed. Fortunately, this is no longer the case.

Many banks and financial institutions utilize online check deposit to make the process simple and quick. This process works by scanning the check and adding to a personal account. In turn, the bank verifies the check and deposits the money into the customer’s account. The entire process does not take more than a single business day to complete. And, it eliminates the need to visit a bank in person to cash a check.

Online Bill Pay

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No one likes to pay bills. Some people dislike the process so much that they wait until the last minute. With the introduction of online bill pay, consumers can arrange automatic payments for almost all of their bills. You can pay your mortgage, car payment, credit card payments, and utility bills automatically. To do this, you just need to connect your checking or savings account to each of your accounts. The payment will be made automatically on a specific date. So, you never need to make payment in person or by mail, which will save a little money and a lot of time. You also never need to worry about potential late fees because the payment will always be made before the due date.

Online Payment Systems

Thanks to online payment systems, such as PayPal and Google Pay, online purchases have been simplified. Most e-commerce businesses and franchises now accept some form of online payment. Not only do consumers have the option of utilizing their person debit cards to make purchases online but also they can make direct payment from their PayPay or Google Pay accounts. The introduction of online payment systems has made online shopping a breeze. Whether you are making an initial or repeat payment to play casino games online at pokieshq.com or in-app purchases, you can utilize most any online payment system to do it.

Mobile Banking

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No technology has impacted the banking industry like mobile banking. This technology allows consumers to make online purchases from their mobile devices. You can purchase almost anything online via your cell phone, tablet, PC, and laptop. These transactions are secured with high-tech security software and algorithms. However, there are a few risks associated with this type of technology. One of these risks involves non-secure checkouts. It is not recommended to utilize checkout systems that are not secure. The best way to determine if a website is secure is to look at the URL. The URL will begin with “http” or “https”. Website URLs that begin with “http” are not secure. The additional “s” in the URL stands for “secured”.

Conclusion

Even though online and brick-and-mortar businesses utilize state-of-the-art software to secure their websites, there are risks in shopping online. However, with knowledge of these risks, you can shop online safely.

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