5 benefits of mobile banking
Mobile banking allows customers to easily make deposits, transfer money, pay bills and monitor their funds right from their phones.
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Technology has dramatically changed the ways in which we access our financial data. According to Deloitte's global online banking survey, 73% of customers use online banking via their smartphones, tablets, or computers to access their financial information.
Although most banks and credit unions offer online banking services, some provide customers and members with additional benefits and perks, such as cashback, ATM reimbursements, easy-to-access online statements, and more.
Online banking was first implemented during the technology boom in the late 1990s, and it allows individuals to digitally carry out financial transactions remotely, such as accessing monthly statements, making deposits or payments, and initiating transfers. Also referred to as web-banking or internet banking, online banking offers convenience and speed, saving customers the time needed to visit their local branch.
Besides offering convenience, online banking is fast— funds can be moved between checking and savings accounts in minutes, and online deposits are typically accessible in 24 hours or less, depending on one’s financial institution. With online banking, members can also closely oversee their accounts, allowing them to identify and report any fraudulent or unauthorized activity to prevent theft or financial loss.
Virtually every financial institution offers some form of online banking, available both on desktop and through mobile apps. Prior to opening an online banking account, customers should explore all available options and choose a financial institution that provides the necessary benefits, perks, and security.
One of the most important aspects of online banking is security. Cybercriminals will often target financial institutions or businesses to make quick cash, using a variety of malicious techniques. One way is to obtain vulnerable customer information or withdraw cash from an individual’s bank account illegally, demanding a ransom from the individual or financial organization.
In today’s highly digital world, Texas Tech Credit Union understands the severity and uncertainty of data security and unexpected data breaches, ensuring its members’ personal financial data is protected with highly secure, state-of-the-art technology. This proactive approach safeguards sensitive information to keep it from falling into the wrong hands.
In the past, bank or credit union customers were required to visit their local branch to carry out financial transactions. With Texas Tech Credit Union's online banking services, members can easily access monthly statements, make virtual deposits, pay bills, obtain their routing or account numbers, report any suspicious activity, and more. These transactions can be carried out at any time and from the comfort and convenience of their own homes.
Certain financial institutions will also allow customers to withdraw cash from non-affiliated ATMs located across the US, offering reimbursement fees for the use of machines that are out-of-network. Texas Tech Credit Union provides reimbursement up to $25 per transaction, allowing its members to access cash when and where they need it, without the hassle of additional charges.
One overlooked advantage of online banking is personal financial assistance. Texas Tech Credit Union prides itself on offering strong customer support, providing its members with hands-on assistance, from setting up their online banking accounts to customized financial advice and planning. Unlike for-profit banking institutions, Texas Tech Credit Union is a not-for-profit financial organization, which means its members can vote on implementing fiscal policies and how the credit union operates. This gives members an advantage - they often have access to better rates and fast, in-person assistance when a problem arises.
Online banking with Texas Tech Credit Union offers convenience, security, convenience, strong customer support, perks, and more. Opening an account is easy, fast, and free to our members. Come visit us today at Texas Tech Credit Union to learn more!
