How is technology changing the way consumers manage their finances?
Consumers rely on their financial institutions for multiple reasons and define their convenience based on their habits. As technology continues to evolve, these habits are drastically impacted.
In a time when smartphones are becoming more and more integral to consumers’ daily lives, financial institutions are increasingly using mobile devices to provide services to their customers. About 35 percent of consumers who participated in a consumer survey conducted by the Ohio Credit Union League reported they rarely visit branches in person. They carry their branch in-hand on their mobile phones, taking advantage of what mobile access has to offer. That is not to say people are foregoing in-person transactions. More than half of the survey’s respondents stated that they regularly visit a branch of their financial institution one to four times a month.
In a 2016 study conducted by the Federal Reserve, 53 percent of all smartphone users with an account at a financial institution have used mobile access within the last year. For consumers who’ve made the switch to online or mobile access, the most-common reason is convenience.
Technological advances are synonymous with the financial industry, and here are some ways to ensure you are taking full advantage of the financial technology at your fingertips.
Download your institution’s smartphone app: PFCU has a fully functional mobile app that enables our members to utilize services on the go.
Investigate any online financial planning tools: Calculators, budget templates, and finance tips are often available from financial institutions. Account-linked tracking and analyzation tools can help clarify spending trends and assist with tax filing or budget forecasting.
Sign up for e-alerts: When there is potential fraudulent activity on your account, or your account’s balance dips below a certain level to help you stay on top of your available funds and avoid overdraft fees. Click here to set up PFCU e-alerts.
Utilize online bill pay: Instead of checkbooks, stamps, and folders full of invoices and canceled checks, pay your monthly bills online with a click of a mouse. PFCU offers this service at no charge.
To learn more about how ProMedica FCU can help you afford life, call 419-479-1313 or stop in to one of our four locations.