No better time than now to learn more about digital banking, when face to face interaction is unavailable or households need to change the way they conduct their finances. Technological advances in the ways we obtain credit, make payments, and manage money can provide convenient ways to access some financial products and services that no longer require going to a physical bank branch. With digital banking and mobile banking now widely available and even newer technologies on the horizon, you might be asking, “Is it safe for me to take the leap to digital banking?”
What does digital banking offer?
The key features of digital banking are affordability, convenience, and instant access to information. These features help consumers understand their financial standing in real time, as well as plan for long-term goals and unexpected emergencies. Online and mobile banking enables consumers to manage their finances remotely from anywhere, including depositing checks, transferring money between accounts, and even paying friends and family electronically.
To use digital banking services, customers typically sign up and create account information that enables you to access your accounts on the web or mobile device. Check with your bank to find out what digital banking features they offer and how to sign up for them.
Is it a legitimate bank?
Before engaging with any bank, it’s important to make sure you are working with a legitimate FDIC-insured bank. Make sure it isn’t a fraudulent website set up by criminals to mislead and entice people into transferring money or disclosing personal information for use in committing identity theft. To confirm that a website belongs to an FDIC-insured bank, check the FDIC’s online database, BankFind.
For more information on digital or mobile banking visit:
- FTC at Protecting Consumers on the Cutting Edge of Financial Transactions
- FDIC at FDiTech
- FDIC at Banking at the Speed of Technology
Banker Resource Banker Resource April 2020 – PDF
For more help or information, go to FDIC.gov.
