The importance of online banking during uncertain times
Monday, 7 September 2020
The COVID-19 pandemic disrupted our lives unexpectedly overnight. For many people, the ability to complete most in-person tasks was virtually brought to a halt, including banking.
While client access to their personal funds hadn't changed, the ability to pop into their local branches did for a short period of time at the height of the pandemic. Although some customers were still able to set up meetings for business such as real estate closings and other needs depending on their locations, online banking became an essential lifeline for many and an incredibly powerful tool to ﬁght against ﬁnancial uncertainty and confusion.
Online banking, which gives customers the ability to access their ﬁnancial accounts via cell phone, laptop, or other devices that have been linked to their accounts, is a welcomed banking resource. Regardless of time or place, conducting transactions such as deposits, money transfers, automating a new savings habit and more can be managed within minutes.
While diﬀerent banks oﬀer several variations of online banking, there are some key aspects to using online banking tools. Here's what to consider when evaluating which online banking service can best suit your needs:
Ease of use. The majority of banking customers are able to access their diﬀerent ﬁnancial accounts via individual online portals. Make sure the portal you choose is easy to use and helpful for analyzing exactly where your money is going. If you're managing a disability, contact your bank for more information on how to best use their online tools. Here is a link to BBVA's website for more information on the tools that we oﬀer.
App-based access. A well-integrated app gives banking customers the opportunity to access their accounts from wherever they happen to be via smartphone. Check with your bank to see if it provides an app or mobile banking counterpart to complement the other services provided to customers.
Account integration. Spend some time or mobile researching which of your accounts can be integrated onto your online banking portal. Find out if it is it possible to add your mortgage information, investments, and even other bank accounts to your online banking dashboard in order to have a better overall ﬁnancial picture.
Bill payment. Simplify your ﬁnancial life by setting up automated payments for your bills. Banking apps enable users to set up payments in advance, receive additional payment reminders and signiﬁcantly lower the risk of missing a payment and unintentionally harming your credit score.
Financial goal management. Working toward ﬁnancial goals can be overwhelming during the best of times. For customers who are trying to save more, pay oﬀ debt, or prepare to purchase a new home, online banking helps customers keep track of goals in real time. If you're not a natural saver, for instance, most ﬁnancial apps and online banking systems allow customers to set up automated goal management, which could include working toward saving for an emergency fund, paying oﬀ debts or eliminating an overspending habit by having immediate access to your personal spending habits and trends over time.
Manage deposits. Checks aren't used as frequently as they once were, but we still do receive them from time to time. Especially now, being able to deposit checks from the comfort of home is a convenient—and essential—feature.
Online banking is a must-have banking tool
Online banking has democratized the consumer's ability to be in total control of their money regardless of where they happen to be located. It has also become a valuable time-saver and serves as a much needed lifeline for those customers who wish to prioritize their health and wellness until they again feel uncomfortable with in-person banking.
The content provided is for informational purposes only. Neither BBVA USA, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial consultant about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA USA or any of its affiliates.
Links to third party sites are provided for your convenience and do not constitute an endorsement. BBVA USA does not provide, is not responsible for, and does not guarantee the products, services or overall content available at third party sites. These sites may not have the same privacy, security or accessibility standards.
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