It’s strange to think that less than three decades ago, online banking didn’t even exist. It only started in 1997. Cut to the present — almost everyone who has a bank account participates in digital banking in some way. Just take yourself, for instance. How do you complete most of your banking tasks? In 2018, nine in ten Canadians (88%) actively used online banking. With the COVID-19 pandemic, that number has most likely shot up to 100%.
So, what’s the big deal about online banking? Why is it so popular and the preferred way to bank for most people? What are the benefits, advantages, or pros of online banking? Let’s find out.
Online banking is quick. Need to transfer some money or make a payment? You no longer need to take out time from your life to go to the bank. You can complete your transaction in a matter of minutes. As technology advances and internet speeds continue to improve, online banking will keep getting faster.
You don’t have to be terribly tech-savvy to bank online. Online banking is designed to be easy. You only need basic internet and computer literacy to bank online without any difficulty. If you can operate a computer or smartphone, then online banking is an easy and effortless way to complete all regular banking tasks.
Online banking is always just a click away. Whether you prefer to bank online through your bank’s website or their mobile banking app, you don’t need to make any extra effort to do it. You can just log in straight from your laptop, tablet, or desktop computer or you can open the app on your phone. Online banking allows you to bank anytime and anywhere. This makes it very convenient.
There are many security measures banks employ to ensure online banking is safe for their customers. From SSL certification on their sites to automatic data encryption, two or even three-factor authentication, and more, online banking is one of the safest ways to bank. The ability to track and log every transaction digitally and avoid human error all add to the safety and security of online banking.
All you need for successful online banking is a device like a laptop, desktop tablet, or smartphone and an internet connection. The spread of the internet and the popularity of smartphones has made online banking incredibly accessible. Almost everyone uses the internet or has access to places that allow you to go online. Besides, online banking also makes banking accessible to those who aren’t physically able to go to their nearest bank branch.
You get the best of both worlds
Just because you bank online does not mean you can’t enjoy all the physical services your bank or credit union offers. Online banking allows you to complete banking tasks quickly, makes banking accessible to all, and is safe and convenient. However, even if you opt for online banking, you can still use physical services like ATMs, call centres, or visits to your credit union advice centre.
So, now you know why and how online banking is great. While that’s true, not all online banking is equal. Depending on your financial institution, your online banking experience can be amazing or a big disappointment. This is why we take special care to make sure every single one of our members has a wonderful online banking experience with us. Here are just some of the many reasons to bank online with Innovation.
Reason #1: Free Banking
Banking with Innovation, whether that’s online banking or traditional banking, can be free. Our No-Fee Bank Account means you never have to pay any banking fees. Most banks charge you a fee every month for providing you with banking services. That fee can be up to $30 per month. They may also charge additional fees for not following certain conditions or have hidden costs built into their products. Not at Innovation. Our No-Fee Bank Account is exactly as the name suggests - a bank account that you don’t have to pay to use. Plus, you’ll also get all the benefits of online banking and even the Innovation mobile banking app.
Reason #2: Responsible Banking™
At Innovation, we’re passionate about Responsible Banking™. For us, that means doing the right thing always. What does ‘doing the right thing’ involve for a bank or credit union? Well, we believe in using our profits to make life better for our members, communities, and the whole world. It is something that drives everything we do, and every staff member at Innovation. When you bank online with us, you know your online banking experience will always be smooth and secure.
Reason #3: Saves you money
As you know, when you get an Innovation No-Fee Bank Account, you will be able to use your account for free. So, you will save all the money that you would otherwise have spent on banking fees, charges, and hidden costs. What does that look like in terms of real money? Taking the average monthly banking fee of $30 per month, that comes to $360 every year. When you bank with Innovation, that’s $360 of your hard-earned money that you will save. You’ll also be able to access some great competitive interest rates, especially on mortgages. Those will also end up saving you a great deal in the long run.
Reason #4: Earn Money
Every time you bank with Innovation, you earn money. Sounds incredible, right? This is thanks to our Member Rewards loyalty program. When you open an account at Innovation, you also receive a Member Rewards account. When you open a line of credit, take a mortgage or loan, open a savings account or investment, you earn money back. Every quarter, you can earn cash dividends based on the business you do with us.
Reason #5: Give back to your community
As you know, we believe in Responsible Banking™ which involves giving back to the communities we serve. Innovation donates 2-4% of pre-tax profits back to our communities each year. We do this to help vulnerable members of the community and improve the lives of the community at large. Many members of our staff volunteer towards causes they care about and donate their time as well. As an Innovation member, banking with us means supporting meaningful initiatives and programs.
Reason #6: Receive excellent customer service
At Innovation, our members are part owners. That’s right. When you open a No-Fee Bank Account or any kind of account at Innovation, you pay a $5 membership fee. This fee buys you a share of the credit union. Unlike other banks who must answer to investors, we’re answerable to our owners, which are our members. Of course, you can imagine then that customer service is our top priority. So, when you bank online with Innovation, you can be sure that you will always get the very best service wherever you are, whenever you need us.
Reason #7: We’re always collecting and listening to feedback
When members are the highest priority, what they think, feel, and say matters to us. So, we’re always collecting feedback about their experiences, their wants, their needs, and their priorities. One example of this is the recent community survey we conducted to find out which social cause matters most to Innovation members. We received votes from 2,000 people, with Health & Wellbeing winning over the other categories. Based on that feedback, we donated $5000 to the Canadian Mental Health Association (CMHA) Saskatchewan Division. As you can see, we listen to and act on what our members tell us. That’s something you can count on when you bank with us.
Reason #8: We’re always innovating to serve you better
No, this isn’t just a play on our name, ‘Innovation’. We mean it. We’re always trying to improve and innovate to ensure we’re serving our member-customers to the best of our ability. This ties in with our ethos of Responsible Banking™, as well as the fact that we’re answerable to our member-customers, and we listen and act on their feedback. Of course, this is true for our online or digital financial services, too. A new website, mobile app, and online banking platform are in the works and will be launched soon, all to make your online banking experience even better.
As you can see, online banking can be great — and banking online with Innovation is even better. Want to start right now? Open a No-Fee Bank Account in minutes and begin banking online with Innovation today.