3 Digital Banking Trends to Watch Out for This 2021
posted on Tuesday, March 16, 2021 in Financial Tips
With the onset of the pandemic came a significant change in the banking scene. Safety protocols like social distancing urged consumers to rely heavily on digital banking. Because of this, financial institutions like banks and credit unions have increased their efforts to improve their online services. Here are some trends that may continue to prevail in 2021:
Automation of Payments
Most financial institutions have started automating their services in order to improve customer experience. Consumers can now enable autopayments on their banking app. They’ll be able to set a specific date and amount, and their service provider will automatically charge it to their debit or credit card.
This feature is great for making recurring payments like internet or streaming subscriptions. On top of that, consumers no longer have to worry about penalties from missing due dates.
Increase in Usage of Contactless Payments
With digital banking, consumers will have access to a contactless mode of payment. This method is faster, more convenient, and can be done anytime and anywhere. Consumers would no longer have to line up at the bank to pay their bills. They just need to download the banking app on their mobile devices and they’re good to go.
Greater Focus on Privacy and Security
The increase in use of digital platforms has raised the concern of data breaches and identity thefts. Because of this, financial institutions are adopting more stringent security measures to protect valuable user information. These efforts include investing more in cybersecurity and data privacy solutions such as biometrics, multi-factor authentication systems, and cloud usage.
Enjoy Banking, Anytime and Anywhere!
At Community 1st Credit Union, we provide up-to-date digital banking tools to our members. Our app gives users 24-hour access to their C1st accounts. They can also enjoy features like bills payment, fund transfers, account alerts, and real-time viewing of their account balance.
We also make sure that your personal information is protected by adapting advanced security measures. You can begin by simply downloading our banking app on your iPhone, iPad, or Android device. If you have questions or concerns regarding our online services, please reach out to us today!