Top 5 Pros and Cons of Digital Banking
June 24, 2019 |
Digital banking is nothing new. In fact, nowadays, it’s pretty straightforward and common. There’s a decent chance you have at least one banking app on your phone right now. Go ahead and check. We’ll wait.
That’s what we thought.
Anyway, with every bank, credit union, and pay service with an app these days, maybe it’s time to stop and wonder if digital banking really is as cool as we assume it is.
So let’s break it down to the top 5 pros and cons of digital banking:
1. Pro: Convenient as all get out.
The worst part about old school banking was having to know where banks and ATMs were at all times so you could do your banking. And heaven forbid you need to talk to a teller, but work a 9-5 job. Finding a spare moment to make it to the bank before it closes or before your lunch break ends was practically magic.
Digital and online banking have taken most of that hassle and thrown it out the window. You can do most of your banking right from your phone whenever you feel the need. Pay bills, deposit checks, transfer money — that’s just the tip of the pro-digital banking iceberg.
2. Con: Security can be an issue.
While all sites and companies do their best to be as secure as possible, there are always little nooks and crannies that talented evil cyber ninjas can creep into. You’ve probably heard about the security breaches over the last few years.
But there are some ways to ensure you’re protected with digital banking. Having a complex password, and changing it regularly will help you stay protected. Not sharing your information, and only accessing your account when on secure WiFi will also help.
3. Pro: Deposit checks anytime.
Okay, so we already mentioned this one above, but it bears repeating: How convenient is it to be able to just snap a picture of a check and have it deposited directly to your account? Being able to remotely deposit your checks (however frequently or infrequently they arrive), is pretty much the biggest perk about digital banking. And think: fewer trips to the bank!
4. Con: Shopping just got too easy.
Knowing how much is in your account at any time is great, but it can also make shopping a little too easy. If the thought “I’ve got money in my account” ever crosses your mind after looking at your balance, it might be easy to suddenly empty that account. It’s easy to think that checking your budget often will help you stay on budget, but there’s a chance it could cause you to abandon your budget altogether.
5. Pro: Schedule and forget your bills.
Utilities, phone, rent, mortgage, car payments, internet, TV. We all have a lot of bills. With digital banking, you can set up most (if not all) of those bills with automatic bill pay so you rarely have to think about them again. No more logging in with different account numbers or writing checks to pay the bills. Just set them and forget them.