Technology seems to have changed every aspect of modern life, including how people deal with money. An array of online applications and digital tools has made banking more convenient than ever. From digital loan processing to financial aggregation apps, the options are designed to make modern banking as streamlined as possible.
One of the most popular ways to bank could be doing so via an online site. Online technology has transformed the banking industry. In decades past, bank customers often had no choice but to wait in long lines in order to get their banking done. Whether they stood inside their banks or sat in long lines at drive-through windows, customers were frequently inconvenienced by trips to the bank. Now, people can access their bank accounts online from almost anywhere. An individual might transfer funds from a work computer or check the balance of an account from a smartphone. While an online bank account may have seemed like science fiction several years ago, it is now a must have digital tool.
Digital Loan Processing
Utilizing a tool such as the IBM Digital Loan Processing platform could forever change the way people feel about applying for loans. According to InformationWeek commentator Michael Fitzgerald, this platform will make it possible for consumers to keep track of their mortgage applications through every step of the process. Instead of waiting for notification from a bank, a person might track the progress of a loan application via this digital platform. This is a tool that is designed to accommodate the needs of the Millennials, who will soon be buying a large percentage of the homes sold nationally.
Browser-Based Remote Deposit Capture (RDC)
One option that could be especially useful for businesses is browser-based remote deposit capture (RDC). This is basically banking by way of “the cloud”. Much of the software involved is connected to a bank’s servers, so an individual or business can log in from any location, as long as the computer being used has a compatible scanner. This means that a business could scan several business checks quickly and easily from a remote location. A major benefit of this digital convenience is that the user does not need to deal with software maintenance.
Mobile banking could be one of the most popular digital innovations of the last several years. Consumers can now take photos of their checks in order to make deposits. This is also a form of remote deposit capture, but it’s done with a tablet or smartphone by using an app.
Financial Aggregation Technology
As described in this Bankrate article, a financial aggregation app organizes all of a user’s banking and credit information and makes all of that information available in one place. The Mint.com Personal Finance app is one example of this type of application, and it offers the additional advantage of being free. It enables users to budget their funds without spending hours organizing their own financial data.
Although banking may have once been a tedious chore, technology has enabled people to view banking tasks from a different perspective. Numerous apps and other tools are now available to make banking easier. Many people feel that some of these digital tools are indispensable.