It seems like it was just yesterday when my mom showed me how to balance my checkbook for the first time. She sat me down in front of our family computer, opened Quicken, and explained the importance of maintaining a balanced checkbook to keep track of how much money I had. She demonstrated marking down each transaction in a little booklet to be brought back home and input into the budgeting software program each day. After that, I could calculate my upcoming expenses to determine how much money I had left. Four months later, our bank introduced online banking, and I never used that manual tracking system again.
The new online banking system was not perfect, since a computer was always required to access my information. I would only have a total each morning and needed to keep track of my spending throughout the rest of the day. If I was in a pinch, I could call a number to get a rough balance from my bank’s phone banking system. Some years later, I got a smartphone and downloaded my bank’s mobile banking application. I didn’t have the need to go back into a physical bank for several years.
Fast forward to 2021, the last time I was physically in a bank was 2019. I now keep regular tabs on all my accounts with both my bank’s mobile app and online banking site. Most, if not all, of my peers bank in the same manner. Going into a bank is rare, occurring only when there is a need to apply for a loan or simply to get some cash. The online banking environment has dominated the market, making it the new standard for most people.
As an expert of nothing, my opinion on the reasons why online banking has exploded is a two-fold act. One is the sheer accessibility of the channel. Having nearly instant access to your banking information almost anywhere you go is now considered normal; however, it was a revolutionary concept less than 15-years ago. The second reason, I think, is the ease of usability. Within two or three clicks, I can see all my accounts. I can view all the transactions on my accounts, individual deposits, credits, transfers, and debits. I don’t have to wait for a monthly statement. I don’t have to look presentable. I can just unlock my phone or laptop, wearing my pj’s on the couch without even having to pause my cartoons, and see all of my banking information.
During the Covid-19 pandemic, these two forces became paramount for keeping tabs on your financials throughout quarantine. Add in enhanced features like bill pay, card controls, or p2p transactions, and you have just as much power over your financials regardless of any lockdowns. While online banking was already a mainstay in banking, this last year has really allowed it to cement its power.
About Automated Systems, Inc.
Since 1981, Automated Systems, Inc. has been a leader in providing innovative core banking, digital banking, and data processing solutions to community banks nationwide. An array of integrated applications provide partnered banks with tailored, cost-effective, competitive choices. ASI delivers industry-leading technology backed by unparalleled in-house conversion, training and support teams; paving the way for progressive, top-notch customer service. ASI corporate headquarters are located at 1201 Libra Drive, Lincoln, NE 68512, 1.800.279.7312. For more information about banking solutions from ASI, visit www.asiweb.com.
About Insite Data Services
IDS data application hosting services combines secure and cost-effective core banking applications, enterprise-class servers and storage, and proven virtualization technology. IDS hosts all of the bank’s servers in secure data centers that use state of the art security systems including identity verification and biometric scanning. Insite Data Services also offers IDS On-Time, a full-service solution dedicated to back-office bank processing. These operations experts allow partnered banks to focus on their most important asset, their customers. For more information visit www.insitedataservices.com.