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I Mostly preferred method for the banking by phone for telebanking
Has your preferred method changed because of the pandemic?
No. My preferred method of telebanking was not changed due to the pandemic situation of the world
Are there certain features that are not available through online or mobile that you would like to have access to? What are they?
a. A transaction like transfer of funds is only available on high-end phones. Regular use of Mobile Banking may lead to extra charges levied by the bank for providing the service. Mobile banking users are at risk of getting fake SMS messages and scam.
b. Understanding the usage of internet banking might be difficult at first. That said, there are some sites which offer a demo on how to access online accounts (not all banks offer this). So, a person who is new to technology might face some difficulties.
c. You cannot have access to online banking if you don’t have an internet connection; thus, without the availability of internet access, it may not be useful.
d. Security of transactions is a big issue. Your account information might get hacked by unauthorized people over the internet.
e. If the bank's server is down, due to the loss of net connectivity or a slow connection, then it might be hard to know if your transaction went through.
f. You might get overly marketed too and become annoyed by notifications. That said, these can easily be turned off.
Which online or mobile banking features do you use most often? (or would you use most often if your bank doesn't already have them?).
Online Banking gives you convenient online access to your account information. The 1st Source Online Banking, you can securely access your account information quickly and easily - 24/7.
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a. Use Zelle®
b. Use Bank-to-Bank Transfer
c. See your account transactions and history
d. Pay bills without writing checks
e. Transfer money between your accounts
f. Sign up for paperless statements
g. Set up account alerts and reminders
h. View images of processed checks
i. View reports
j. Earn cash back with Purchase Rewards
k. Access TurboTax® software
What can banks do better from a digital perspective?
. Move from Functional Quantity to Design Quality
According to Mapa’s review of digital banking apps worldwide, the past several years has been a period when legacy financial institutions worldwide have been adding functionality to online and mobile apps. The result has been the emergence of function-heavy platforms at the expense of clean design and ease of use.
Create Seamless Multichannel Experience
The banking industry needs to move beyond finding the optimal channel mix to determining what works best for each individual customer. This has been referred to as an optichannel experience (finding the optimum channel for each customer for each engagement).
Provide End-to-End Digital Onboarding
The new customer onboarding experience begins with the application for a new account/service and continues until the customer is highly engaged with this relationship. While most institutions have some level of the application process digitized, the vast majority require some level of engagement with physical channels. This is especially true with mobile application processes.
Enhance Mobile Selling
As the masses move from physical to digital channels, so do many face-to-face sales opportunities that used to occur at the teller window or manager’s desk. Most banks and credit unions have had a difficult time replicating this experience on the online (and especially mobile) channel.
Use Insights to Meet Unmet Needs
The delivery and utilization of Personal Financial Management (PFM) tools have usually under performed expectations. Beyond great graphic representations of financial positions, few PFM solutions have delivered the level of trusted advice available in person.
Now thinking about privacy, would you be comfortable sharing your personal information with your bank such as bank account balance or credit card balance from other financial services companies?
There are a number of instances where someone would ask for your bank account information. These include enrolling in direct deposit through your employer, sharing the information digitally (via email, text message or to sign up for an online payment service like PayPal or Venmo), writing a check or filing your taxes to get your refund deposited into your account, among others
In some cases, all fraudsters need are your account and routing numbers to perpetrate banking identity theft. This means, in the wrong hands, something as basic as a blank check can compromise your financial security. That said, the risk of this happening isn’t the same in every situation and in some cases, there may not be any risk at all. Still, it’s something to be aware of.
Are there any limitations you would expect as a result of sharing your information?
Of course, the security of your joint finances depends largely on the security of your relationship. If you open a joint account, you're committing to sharing your financial information with your partner, and giving them access to your money.
You and your partner will each know how much the other earns, how much money you spend and on what, along with all your other financial habits. This needn't bother you, but you may prefer to have some degree of financial privacy - in which case you may want to keep your finances separate, or have your own individual bank accounts as well as your joint bank account.
If the relationship doesn't work out and you split up, and it becomes clear that your other half has been keeping secrets from you when it comes to money, your own finances could end up in trouble too.
Who do you trust with your information? Please list the following in the order you trust starting with the most and ending with the least:
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Government
Banks
Employer
News
Social Networks