Nine Ways Digital Banking Will Make Life Easier

Are you still visiting a branch to access your bank account details or to transfer funds? You should consider online banking to simplify your life. With over 88 percent of Canadians utilizing online banking services in the last year, it has become the most popular method of banking in Canada. Ease of access, safety, and the comfort of being able to handle your transactions from home are all things most people enjoy so we are still seeing an increase in digital banking usage even though the pandemic is receding. Adoption of e-commerce platforms, online transfers, and mobile wallets to make purchases has accelerated in Canada.

Digital banking has often been described as regular banking but just easier and better. Here are nine reasons why you should try digital banking:

1. Save time by skipping branch line-ups

Online banking allows you to carry out all your banking transactions from anywhere by using your computer or phone. Instead of going all the way to the branch, you can avoid the hassle of adding bank runs to your busy schedule by using online banking from the comfort of your home or office. Innovation members prefer to use online banking more often for paying bills and sending Interac e-transfers®. But that’s not all. You can use Innovation’s mobile app or website to carry out all types of transactions like:

• Deposit a cheque (app only)
  
• Apply for a loan
• Transfer funds
• Check your account balances

Digital banking will save you an immense amount of time and allow you to spend those extra hours doing things you don’t otherwise have the time to do!

2. Access contactless banking anytime, anywhere

The pandemic has acted as a catalyst for the shift to digital and contactless mode of payments for Canadians. There has been a significant decline in cash transaction volumes and values with rising acceptance of contactless payments as well as the introduction of new payment alternatives like QR codes.

With digital banking, you can reduce risk of any potential exposure to the virus while going to public places and access your account 24/7. You no longer need to wait for the bank branch to open to deposit a cheque. Mobile banking apps, for example, allow you to deposit cheques from virtually any location anytime, even on a holiday! You can check your balance, transfer funds, and set up a notification to warn you if your account goes into overdraft—all without having to leave your house.

Since the pandemic began, there has been an increase in member logins on Innovation’s online banking platforms by more than 18%. Innovation members from all age groups increasingly prefer online transactions to simplify banking. The highest increases are for the under 18 year old’s and over 55 year old’s. This is a testimony of how Innovation’s youngest and oldest members are finding value in Innovation’s online banking platform. And you too can make your life simpler with Innovation’s easy to use online banking.

3. Transfer funds quickly and effortlessly

If someone you know needs some funds urgently then you can help them instantly via online banking. With benefits like speed, convenience, and security, the trends for Electronic Funds Transfer (EFT) continued to show growth for commercial payments and the launch of Interac e-transfer® led to the digital transformation of businesses. Transferring funds with Innovation Federal Credit Union’s mobile app is quick and easy. Innovation offers unlimited Interac e-transfer® services with our No-Fee Bank Account.

4. Bank safely

You don’t have to worry about security of your bank account as financial institutions like Innovation Federal Credit Union invest significantly in securing your account. Multi factor authentication methods allow you to secure your account well. With a personal passcode, and phone number verification methods, digital banking allows for a tight security system to safeguard your personal details. These factors build trust which ensures that 25-44 age group members at Innovation are performing the most online transactions.

Sometimes, banks also scan for risks automatically and detect logins from unknown locations and devices alerting you in case your account has been compromised and thus giving you a heads-up to take action. In case of any unauthorized transaction or lost card, you can immediately take action by reporting it using your bank app or website with a click of a button and secure your account. You can also get immediate updates on your transactions through banking alerts.

5. Manage accounts and see your bank balance in real time

In traditional banking, you need to visit your branch or phone a call centre to enquire about transactions and to find your account balance. Why go through so much trouble when you can go paperless with digital banking and get real time status of your account balance and transaction activity! Also, you get monthly account statements via email. You can log onto your account anytime to check your account and transaction history, and download statements instantly.

6. Shop online

Almost half of the population (around 47%) now prefer e-commerce platforms for purchasing a wide range of products and there has been a shift from spending on travel and entertainment to more common items like home entertainment, beauty products, fast food, clothing, and groceries. The acceptance towards digital wallets showed improvement in 2020 with a third of Canadians opting to make use of the same. You can now make purchase at your favourite online stores with your debit or credit cards. You can plan your dream holiday or book movie tickets and also get rewarded when making online transactions.

7. Get instant alerts and notifications on your app and email

Most financial institutions including Innovation Federal Credit Union offer campaigns, initiatives, discount coupons/vouchers and exclusive deals that you may not hear about as easily if you are not connected with your bank virtually. Online banking has notification and alert options. Through digital banking you will never miss an update about exceptionally low home loan rates or high fixed deposit interest rates. These notifications not only keep you updated on deals but also on various initiatives that you as a member can be a part of.

8. Pay all your bills online without any hassles

You can pay all your bills quickly and hassle-free using online banking. In fact, for Innovation members, the most frequent online transaction types are sending Interac e-transfers® and making bill payments. This has been an upward trend since last year, seeing a significant hike at the start of COVID-19 lockdowns.

Using your online account, you can also schedule automatic payments so that you never miss a due date or deadline. No more late payment penalties! You also will no longer have to stand in long lines, saving you time, effort and even earning you rewards.

9. Bank 24/7 from home

Many banks’ operations have been affected by the pandemic. Sometimes there can be a shortage of staff at branches or an interruption in services due to unforeseen or unexpected circumstances. With traditional banking, especially in remote areas, you might have to wait days for the location to reopen. But with online banking, you can easily get service for any regular requirements like checking your account balance, confirming online transactions, paying bills and more.

In a nutshell, digital banking just makes your life easier, more comfortable and safer. You can access your financial information more easily and as a result utilize an effective yet safe method to conduct daily financial transactions. The time has come when the advantages of digital banking cannot be overlooked. We encourage you to simplify your banking and explore Innovation’s mobile app and website. Make use of its various features from the comfort and safety of your home!