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Gone are the days of having to rush to the bank after work to deposit your check or get cash.

Cell phones do it all nowadays, including saving you time from having to go to the bank! The future of mobile banking is here, but even that technology continues to evolve and improve.

We have seen how mobile banking has shaped the way people around the world manage their money. Nowadays, it’s safe to say that the majority of Americans use some form of mobile or online banking as a way to access their accounts. Like online banking, it allows you to safely transfer funds, pay the bills, find ATMs, and find branch locations – all from the convenience of your mobile device.

The last decade has shown us that while mobile banking is relatively new, the trend is moving away from physical locations. Banks are changing and, as a result, the way we manage our finances is evolving. Companies like Marygold & Co. are looking for ways to adapt so that customers who want new features and services can stay “on the go.”

mobile banking app

How Mobile Banking is Evolving

Considering how far mobile banking has come, what does the future of the fintech industry look like? Let’s take a look at the evolution of banking in the past to better understand where mobile banking and the industry are heading.

Drive-Thru Teller Service

The first real breakthrough was the “drive-thru.” People no longer had to park and walk in to possibly wait in line. They could accomplish everything they needed to do from the comfort of their car.

ATMs

Next was the Automated Teller Machine, aka the ATM. This saved both the customer and the banks a lot of time. Customers can arrive and deposit/withdraw whenever they need to. In turn, fewer tellers/bankers are standing around waiting for the customer.

The Internet

The biggest game-changer was the Internet. Being able to view your account remotely opened up the door for mobile banking to come in and introduce a plethora of new features. Customers have come to expect highly-personalized and engaging experiences.

banking on a mobile device

Customer Expectations

There are plenty of emerging technologies mobile banking has introduced. Marygold & Co. will not only meet customer expectations but create a better customer experience. More convenience, more support, and more features. Some of the following are examples of how mobile banking has evolved and what to expect from future mobile banking:

More Security Features

With the emergence of new technologies comes the possibilities of new risks. Companies like Marygold & Co. have found a way to ensure your money is both safe and accessible. Having the ability to not only view what purchases you’ve made but also allow certain transactions depending on location help keep customers mind at ease. With that comes the ability to restrict it from being used internationally.

Security features like these allow for customers to feel safe and in control. Another helpful feature is the ability to toggle misplaced cards on/off. With a simple swipe, you have the ability to either find your card or avoid a phone call to automated machines. Having control like this can mitigate the risk of fraudulent charges.

Money (Saving) Pools

Marygold & Co. have improved on the idea of Money Pools and combined them with saving accounts. This can allow for both, short/long term financial goals to be met with reduced risk.

They allow for a more sophisticated investment structure – meaning you can earn more than a basic savings account while being FDIC insured. This is critical for anyone with long-term and short-term financial goals.

Payment Devices

Banking had become truly mobile and moving towards a more efficient future. Not having to carry cash or even a wallet is now an option.

We are now at the point where the clothes and accessories you wear include payment options. It’s as simple as waving or tapping any wearable to make a transaction.

Reaching for a card or phone is an extra step that technology has the ability to eliminate. NFC technology (Near-Field Communication) is a step towards the future. The way it works is deceptively simple, using short-range radio waves to communicate compatible devices. This technology has been used for a while in a variety of different industries. Now it’s pushing the needle forward on how banking handles payments.

Payroll is Easy to Receive

If you think debit and credit cards are a thing of the past, wait till you hear about Marygold & Co.’s direct deposit features. Having the ability to get paid as soon as the date hits without needing to go to the bank is one of the most innovative features. For decades, people have had to deal with having to wait to cash in on their hard-earned money. Your employer having the ability to pay instantly comes with all the advantages and no downside. It’s extremely simple to set up, which also makes it fast. On top of that, you eliminate the risk of stolen or lost checks. What really sets this apart is that it offers incentives like waiving monthly fees, meaning it’s free. Marigold & Co. does not charge you to sign up for direct deposit.

Send and Receive Money Seamlessly

Employers sending you money directly isn’t the only innovation. Receiving and sending payments from anyone with a smartphone is now available from the palm of your hands. Anyone with a cell phone or email has the ability to make mobile payments in an instant. It is safe and has added layers of security. Biometric scanners and face recognition allows for secure and seamless transactions between friends, family, landlords, and more.

Marygold & Co's mobile banking app

Marygold & Co.

Enter: Marygold & Co. Now money doesn’t grow on trees, but Marygold & Co’s banking app features will make your money “flower.” That is to say that by using Marygold & Co, you’ll get the most out of your money. The Marygold & Co app gives you access to your money from the tips of your fingers. It is convenient and innovative, giving you access to many of the new features mobile banking has brought into the finance world.

As a recap, here are some of the benefits you can receive:

  • FDIC insured accounts
  • No-fee ATMs
  • Interest-earning savings account
  • Easy money transfers
  • Get paid early
  • Customized security

Mobile banking and financial services apps have changed the way people manage their money. In today’s digital world, cash is no longer king! Convenience is the name of the game.That is especially true when it comes to the way people are managing their finances. Self-service banking and digital banking through innovative mobile banking features are playing a central role in today’s economy.

Services like Paypal, Zelle, and Venmo have made electronically transferring funds, dare it be said, convenient. It is not uncommon to hear someone say, “just Venmo me,” for transactions among other peers, which is reminiscent of the earlier days of people saying, “Just Google it” for information.

More Than Managing Money – Innovation

Now if convenience is the newly-crowned king, its queen is innovation. For decades banks have been flying under the radar tied to their legacy systems and technology, unable and unwilling to provide better technology tools. With evolving customer demands and open API technology, that is no longer true. Fintech companies are introducing more sophisticated and convenient ways to manage your money without the need to ever step into a branch.

Current world factors have made matters more urgent for the banking industry, emphasizing the need for complete mobile management of accounts. Banks need to consider what is best for both customers and employees. A step in the right direction is digital transformation.

mobile banking from home

Financial Technology (Fintech) is Here to Stay

Fintech companies are making their moves and competing directly with banks and credit unions with staggering customer growth.  Millions of people have opened accounts with Fintech providers to manage their everyday banking needs unburdened by the bank branch mentality.  Fintechs are partnering with forward-thinking financial institutions and technology partners to bring innovative ideas and cutting edge technology that people want with none of the old-school banker hassles. With that, more branches are closing every day and smartphone owners are using mobile financial apps more often.

Here’s a summary of Marygold & Co.’s mobile banking features that are being implemented into the app, to keep up with changing customer profiles:

Security Features

There is nothing better than knowing your money is safe. Financial institutions must take into account and include mobile malware, app assurance, data protection, and identity management. Companies must consider how you can feel safe using online banking and financial services apps.

Giving customers complete control of their account is a good start. Having the ability to toggle your card on and off is a helpful feature. In the event you misplaced it you have the option to prevent anyone from using it with the tap of a finger.

Having that option saves you time from having to call the company and request a new one. On top of that, you would have to update your other recurring expenses due to the new numbers tied to the one you might have lost.

Another helpful security feature is limiting your card use to a specific location. Apps now are offering the ability to customize where the card is authorized for use. It goes the opposite way as well, you can restrict it from being used internationally. The customization also takes place online, you can enable/disable online transactions. With features like these, the risk of fraudulent charges is greatly decreased.

Marygold and Co mobile banking features

Money (Saving) Pools

Successful saving requires more than lumping money together to plan for a multitude of needs.  How do you know your progress in saving towards things like a house down payment, a vacation, or a new bike if you are simply putting $X away each month?. Do you have and maintain a proper emergency fund on top of all that?  Most of us have complex needs that traditional bank accounts can no longer support. Both short term and long term goals require more sophisticated ways of saving money while tracking each goal independently.

Money Pools enable you to set up independent savings or investment accounts for specific goals, timeframes, and amounts. Establish a funding rule like $200 per month for 10 months for your summer vacation Money Pool and prioritize each goal should you need to make any change.

There are now accounts that incorporate an investment structure and allow you to align the timing of your goals with when you need the returns. Being able to establish a higher return potential is crucial to reaching both long term and short term goals.

Payment Devices

From mobile phones to wristbands to key fobs and jewelry, there is now a vast range of contactless payment devices that can be used in place of traditional plastic cards. Most merchants in the US now accept contactless payments and consumers are enjoying it. As simple as tap and pay, advances in tech enable payment to be quick, simple, and secure. This is enhancing the customer experience and saves time in the process.

No more fumbling for your cards or cash. Brand new NFC enabled phones and wearables can connect directly to your account. What is NFC you say? It stands for Near Field Communication, it uses something called RFID that allows it to identify things through radio waves. It has been used for decades for things like scanning grocery items and luggage at airports. Going back to the king, which in this case is convenience, makes things quicker and effortless.

Payroll is Easy to Receive

Direct deposit makes getting paid that much sweeter. Being able to receive the money into your account up to 2 days early with some fintech solutions seems like a no-brainer. Here are some pros:

  • It’s fast and easy to set up
  • Your money is immediately accessible, it eliminates the risk of stolen checks and forgeries, and helps protect you from identity theft
  • Most employers support it

On top of all that, it is free! Most banks and credit unions do not charge you to sign up for direct deposit. In fact, they may waive your monthly checking account fee if you have direct deposit.

Send and Receive Money Seamlessly

Ever keep tabs on what people owe you or what you owe others? Don’t necessarily have the cash to pay back at the exact moment? With fewer people carrying cash, payback can be a real…well, you know the rest. Thankfully, technological innovations are making it easy to send money to friends, family, landlords, and more.

However, figuring out what type of payment channel the recipient accepts if you have funds in that account and what their username is can be a royal pain!  New technology provides safer ways to send money directly from your primary banking account(s) offering the recipient the ability to choose their preferred option of receiving or depositing the money.

Marigold flower field

Marygold & Co.

Enter: Marygold & Co. Now money doesn’t grow on trees, but Marygold & Co’s banking and financial services app features will make your money “flower.” That is to say that by using Marygold & Co, you’ll get the most out of your money. The Marygold & Co app gives you access to your money from the tips of your fingers. It is convenient and innovative, giving you access to many of the new features mobile banking has brought into the finance world.

As a recap, here are some of the benefits you can receive:

  • FDIC-insured accounts
  • Contactless Mastercard debit card, wearables & mobile wallets
  • Nationwide no-fee ATMs
  • Interest-earning debit & savings account
  • Pay anyone to their mobile phone or email
  • Get paid early
  • Customized security

I always thought work was just something you did to ensure you weren’t eating ramen noodles for the rest of your life.  ‘What do I love?’  ‘What am I meant to do in this world?’  ‘What am I passionate about?’  I wanted those answers – and I wanted them NOW!

– Nicole Burskey

The Calling

“Do what you love.”

“Find your place in the world.”

“If you love what you do, you’ll never work a day in your life.”

These are all quotes that left me perplexed as I entered the workforce from college. With no clue what those answers were, I just went into a sales role out of college.  That sales role also happened to have an element of account management and that seemed to be the portion that I was drawn to – problem solving, relationships, unhappy customers flipped to happy customers.  Hey guys, I think I found my fit!

All of my subsequent jobs have been in that same vein of business. I like helping people.  Whenever possible, I like making their lives better and bringing a personal touch to make them feel special.

The Answer

Enter: Marygold & Co.  As I had my initial employment conversations about what we were looking to create, my excitement grew.  When speaking about customer service, I heard phrases like “customer-centric”, “community”, “personalized”, “priority”, “organize our clients’ lives, “resource in hard times”, etc. Not only that, but I was offered the opportunity to help build it from the ground up!  As a consumer, I’d had my fair share of poor customer service experiences and this was my chance to put some good out there in the customer service world.  Challenge accepted!

We are now in the process of building that vision.  I truly love what I do and feel that I found my place in this world.  I began this journey searching for answers to some of life’s questions, but sometimes, the answers find you.

We invite you to join our waitlist so we can show you what we’re creating!

 

I am not only Director of Client Satisfaction at Marygold & Co. – I am also a customer. I have customer experiences just like everyone else.

– Nicole Burskey

Bad Experiences

I’ve sat on hold for hours, I’ve spoken with customer service agents who do not understand my problem, I’ve been transferred around from department to department, and have felt that I am just simply a problem that needs to go away in the easiest and quickest fashion without necessarily being “helped”.  I find myself baffled by how even some of the largest corporations simply don’t get it.

Good Experiences

I’ve also had great interactions. One experience, in particular, I called about starting one service and after an hour on the phone, I walked away with 3 products (and what felt like a new best friend) because the customer service agent took their time, made meaningful suggestions, asked questions, was genuine, and made me feel like I mattered.  This is the goal.  Not to sell more products (those will come organically), but to make certain that customers feel human and that they are important. After all, without customers, you have no business.

Great Customer Experience at Marygold & Co.

At Marygold, we aim to build great customer experience.  People tend to choose businesses that mirror their own values and our goal is to do just that.  Authenticity, availability, optimism, respect, accountability, constant improvement…these are all values that will be weaved through your customer experience as a client of Marygold & Co.  And because we are building our customer experience from scratch, we don’t have to turn the titanic to make it happen.  We are building all aspects of our company with the customer in mind, from the beginning.  We don’t just want to raise the bar of customer service expectations, we are striving to be the bar.