Benefits of Digital Banking: Fast, Secure and Convenient

We’ve seen amazing technological advances over the last 10 to 20 years. Getting too close to the car in front? Cars can now brake for you. Miss an episode of your favorite show or the latest blockbuster? With streaming services, view them on demand, anywhere—including your phone or tablet. Digital banking* services have seen some major improvements, too. As U.S. consumers have gotten more comfortable with e-commerce, they’re also more willing to turn to digital banking.

In the age of financial technology, known as fintech, you can do just about anything via online banking that you’d do with traditional banking at a branch or ATM. Plus, you can do it remotely. The pandemic gave online banking solutions an even greater role in everyday lives. Many people began relying on them for the first time while isolating at home and working remotely. One survey showed that 42% of consumers who used mobile deposit in 2020 did so for the first time. And as Time magazine concludes, they’re not going back to physical locations.

New digital services have brought about a true revolution in the banking experience. Take a look at how banking customers can take advantage of all that mobile banking and online services can offer.

Benefits of Digital Banking

Whether you use your mobile banking app or online banking services, here are some of the biggest advantages of digitized banking:

• Access 24/7 from anywhere. The sign is always flipped to “open.” Accomplish most of your banking needs on your own schedulefinancial services at your fingertips.
• Apply at your convenience. Want to open a bank account or apply for a loan? With a few keystrokes, open checking or savings accounts. Apply for credit cards or auto loans. Order a new debit card. All without leaving your home.
• Send and receive money. Need a fast way to transfer money? There are apps that make it simple to transfer funds. Navy Federal Credit Union’s mobile banking app includes a member-to-member transfer optionthe money transfer service Zelle®^{Footnote 1} That means you can send money from a mobile device to almost anyone with a U.S. bank account.
• Deposit checks. You just need a smartphone or tablet with a camera It’s much easier and quicker than depositing a check in person. In fact, 70 percent of consumers prioritize mobile deposit in the list of services they look for when using mobile banking.
• Pay bills the easy way. No more timing when you’ll mail your payments. Forget visiting multiple websites to pay bills. With Navy Federal Bill Pay, you can do it all at once. From rent and cable to utilities and other obligations, you can schedule recurring payments automatically. Just set it and forget it You also can schedule one-time payments quickly and securely.
• Get notifications. Stay on top of your finances and protect against fraud with this handy tool. Want to know when your paycheck is deposited, when your debit card or credit card is used or when your balance drops below a certain amount? In seconds, set up your preferences so you receive a push notification, text or email for these situations and others.
• Freeze cards. If your debit card or credit card goes missing, you won’t have to drop everything to call your provider. In a few, easy steps, freeze your card with the Navy Federal mobile banking app while you confirm if you need to replace the card. If you find it, unfreezing it is just as simple.
• Locate ATMs and branches. Most sites and your credit union’s or bank’s mobile apps have interactive maps to point you in the right direction.

Digital Banking and Security

Financial institutions like banks and credit unions work hard to protect information and accounts across all platforms—including digital. At Navy Federal, our staff monitors accounts 24/7. But you can do a few simple things to increase digital security, too.

• Use two-step verification. This security enhancement makes it much harder for fraudsters to access your account. It’s a second method of identity authentication when you sign in. Typically, a code is sent to a phone number or email address connected to the account. You’ll enter the code during the sign-in process.
• Create strong sign-in credentials. By now, you probably know what makes a strong, unique password and username. If possible, and if the site allows, make passwords long (e.g., 17-plus characters) and as random as possible. It’s okay to use real words, but not a sentence or phrase. Sprinkle in capital and lowercase letters, numbers and special characters (like $, * and !). Create strong credentials for each of your accounts.
• Stay up to date. It’s easy to ignore notices about available updates for software or hardware. But did you know that they often include fixes for security weaknesses? Stay protected by updating as soon as a notice appears.
• Lock devices. All your devices should require a password, fingerprint or facial recognition. Then, no one but you can access them.
• Use secure connections. Look for a padlock symbol and “https” at the beginning of the URL in the address bar. If neither is present, don’t make a financial transaction or share personal information. Note: You may need to click on the address bar to see the full URL.
• Be cautious on public networks. Malicious software can be installed on public machines, and public networks allow criminals to “eavesdrop.” Never make a financial transaction or fill out personal information while using them.

As we work together to keep your personal information safe, rest assured that money you deposit with Navy Federal is secure, too. While the Federal Deposit Insurance Corporation (FDIC) insures money at a bank, another U.S. government agency called the National Credit Union Administration (NCUA) insures credit union funds. Keeping your personal information and your money safe is our top priority.

The Digital Transformation

One reason for the rapid digitization of banking services is the use of automation. To help manage your money, a new technology called Application Programming Interface (API) allows quick transfer of information between a bank or credit union and a third-party vendor. APIs offer other advantages, too. This aspect of fintech is what makes digital banking fast, easy and convenient.

Navy Federal is constantly working to stay on top of the latest technology to improve our banking platform. We make it a priority to educate and empower our members with money management tools and security information.