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.
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.
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.
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
