Saving Money With New Banking Technology

When managing the household budget, people look for money saving ideas everywhere, but many are not aware that saving money is possible even in the manner that banking is conducted these days. Recent advances in banking technology have made savings achievable today in several different ways that were simply not available even a few years ago. Today, businesses can order checks online, and print their own in-house using available software.

Digital Deposits

If banking deposits could be done right from the living room sofa, without having to get in the car and make a trip to the bank, would that save time and money? Of course it would, and it might also avoid the temptation of making other stops and other purchases along the way. According to Valencia Higuera for GoBankingRates, it is now possible to use a smartphone to take pictures of the front and back of any given check, and send it to a bank for processing just as if the same transaction were managed by a bank teller in the physical lobby of the bank. Some major financial institutions are already setup for handling these kind of smartphone transactions.

Digital Bill Payments

Using the same rationale as for digital bank deposits, having bills payed via the smartphone can realize the same kind of time and travel savings, and is managed in a similar way. By taking a smartphone photo of an invoice or bill, a person can transmit that digital file to the bank, where it will be scanned and evaluated for the relevant information. Once the payee, amount, and due date have been determined, the funds can be automatically deducted from the user’s account and sent on to the payee. At present, only a few banks are setup for this, but it seems likely to become a preferred method of payment in the near future.

Digital

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Electronic Meetings

Another way that driving trips across town to the bank can be avoided is through the use of electronic meetings with bank tellers or officials. These kinds of meetings would ordinarily be necessary in-person when opening an account, setting up a mortgage, or applying for any kind of loan. Using an ordinary webcam setup at home, such meetings can be arranged with a bank in lieu of the personal meeting, resulting in a savings of time, effort, and money. It’s also simply more convenient for the applicant, as well as much more comfortable in the home setting.

Biometrics

This is a method of identifying a person by means of physical traits like thumbprints, voice analysis, and facial recognition, and it will provide more secure and accurate identification of bank account holders. This technology will save people countless dollars in hijacked accounts tied to debit cards and credit cards, as well as the inconvenience of having to re-establish those accounts afterward.

Future Savings

According to MidWestOne Bank, with the tremendous prevalence of smartphones and the surging expansion of their usage, financial institutions are seeking to align their banking methods with these new technologies in order to gain the advantages of convenience and cost savings. It is not difficult to foresee a time when most banking will be done via smartphone or other mobile devices. While traditional banking might never be entirely replaced, the benefits of better organization and tracking, fewer bank visits, and general money management are undeniable and almost certain to become the wave of the banking future.

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Vinod is Tech blogger. He contributes to the Blogging, Gadgets, Social Media and Tech News section on DigitalYcia.

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