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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

“Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.”

– Albert Einstein

What is F.I.R.E.?

FIRE is a lifestyle movement that grew out of the GFC (the recession of 2007-2009 called the Global Financial Crisis).  Its goal, as the name suggests, is for people to gain their financial independence and retire early.  You can see more about it on Wikipedia.

Some great people who give advice about it and that we follow are:

We know we have missed a lot of quality people and if you would like to be added to the list or have a recommendation, drop Nicole an email.

What is interesting about the movement is how down-to-Earth and full of common sense it is.  It is not a “get rich quick” scam but rather uses time-tested methods for living a good life.  Charlie Munger, Warren Buffett’s longtime partner at Berkshire Hathaway, has said, again and again, that the best way to live a long and happy life is to live beneath your means when young so you don’t have to when you are old.  Ben Franklin broke up a person’s life into three parts; getting an education, being productive, giving back.  Albert Einstein is reputed to have said, “Compound interest is the eighth wonder of the world. He who understands it earns it; he who doesn’t pays it.”

FIRE boils down to:

  • Save a lot
  • Start early
  • Be nice to others ( I added this last one)

Financial Independence Through Saving Money

One of the best ways to save money is to make sure you never see it.  Apps and savings accounts that automatically round up a credit or debit card purchase to the nearest dollar and put the extra money into a saving or investing account are an example of this.  Another good way is to pay a bit extra in money you owe for credit cards or mortgages.  Never pay only the minimum if you can.  Also, make sure to pay off your credit cards before other debts as they usually have the highest interest rates.

Once you have saved some money, invest it, and then don’t look at the balance every day.  If your money is in the stock market and the market takes a 20%+ tumble which it does every few years, you might panic and take your money out at exactly the wrong time.  As the advertising slogan for the lottery says- “You have to be in it to win it”.

Financial Independence Through Investing

Being in the stock market has historically shown to be a winner.  Since 1926, there have only been two periods when keeping your money in the S&P500 with dividends reinvested over ten years would have resulted in a loss and then, it would have only been for about 10% of your money.  Those two periods were during the Great Depression and the GFC.

If your time horizon for the use of money was 20 years, you would have never had a loss of principal.  Of course, past experience is not an indication of future returns which is why professional advice is helpful as is diversification.  But time is your friend when it comes to investing so don’t look at your account statements too often.

A long, long time ago, in a far off place called New England, there was once a traveler who came upon a small village.  He noticed someone locked in the stockade.  “What have they done?” inquired the traveler.

“He dipped into principal.”

 

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.