5 Ways Digital Banking Tools Can Simplify Your Finances

In today’s fast-paced world, it can feel like you never have enough time—including for your finances. Convenient access to your accounts is key. You may need to transfer funds multiple times a day, outside of branch hours, or double-check your spending when you’re away in another state.

A record number of U.S. consumers are embracing financial apps and digital tools to do their banking. The most recent American Bankers Association (ABA) survey found 55% of U.S. consumers primarily use mobile apps for financial transactions. The percentage is even higher among Millennials (68%) and Gen Z (64%). The same survey found 96% of consumers were highly satisfied with their bank’s digital channels, with 83% saying they’ve become easier to use.

No matter what stage of life you're in, digital banking has the power to simplify your life. It's a valuable tool you can use to manage both your time and your money. Here are five ways digital banking can help you reach financial goals that are unique to you.

1. Take control of your finances

Digital banking gives you 24/7 access to your finances. You can log in from anywhere, at any time. You won’t need to plan around branch hours to make a bill payment or deposit a check, which is essential in a busy world where delays can cost you money and cause unnecessary stress.

When you have access to real-time information through digital banking, you’ll be able to make better financial decisions. For example, you can check your account balance and the status of upcoming transactions to fend off a surprise overdraft—and a possible hefty fee. Many overdrafts occur when consumers mistakenly believe a paycheck or other payment has been deposited into their account, but it’s still being processed. Digital banking offers an up-to-the-minute snapshot of the status of your accounts—at your fingertips.

2. Put safety first

The security of digital banking helps you protect your finances in an age of data theft and fraud. Nearly nine in 10 bank customers (86%) said their bank takes proactive steps to protect them from fraud and scams, and three in four (75%) believe their bank does more than businesses in other industries to protect them, according to the ABA survey.

What does this level of security look like in practice? When you log in to your online bank account, you’ll need to confirm your identity—which is easy when it’s really you. For example, you might be asked to confirm a text message code or scan your fingerprint. The personal financial information you view, and any messages you send, are protected by data encryption. Any suspicious account activity is immediately flagged with a direct text message to your phone, thanks to real-time fraud monitoring. Right in your app, you have the power to instantly lock a misplaced or stolen card to prevent any unauthorized activity. There is no lag time.

3. Enjoy a personal touch

Digital banking users enjoy a highly customized experience, just like you might associate with walking into a branch. You can expect tailored product recommendations, so you’ll know if any new accounts, lines of credit, or interest rates are available to help you meet your financial goals. Additionally, mobile apps can push relevant offers and rewards your way.

You can adjust the settings in your account so that you get exactly what you want out of your banking experience. For example, you can set up alerts and notifications to remind you when bills are due or your account balance is getting low. You can also track recurring payments and spending trends. Another helpful feature: Account holders who need assistance from someone they trust—such as aging parents and their adult children—can safely and easily share financial management of the account.

4. Achieve your money goals

For more than half of Americans, paying bills and saving money are a struggle, according to Urban Institute research. Digital banking can help you meet your money milestones in the face of economic challenges. It offers you a full, real-time picture of your financial situation—and the tools to set and  track your goals, like paying down debt and saving a little every month. Furthermore, you can access resources to improve your financial literacy, create a budget, and plan for major life events like college, marriage, kids, and retirement. For all the important parts of your financial plan, digital banking can make life easier.

5. Build trust with your banking partner

Digital banking offers the assurance you’re looking for from a banking partner. You’ll receive consistent communication, such as text notifications, reminders, and security alerts. All your transactions and activity are clearly laid out for you, giving you transparency into what’s happening with your money at any moment. Notably, ONB’s Money Management tool lets you view all your accounts, including those with other financial institutions.

Many customers still prefer to come into a branch for certain services, such as to get financial advice. We'd love to see you! Even that is made easier with online banking—you can conveniently set up your in-person appointment online.

Meet your modern banking needs

The popularity of online banking will continue to rapidly grow, with Statista projecting that four in five Americans will be banking online by 2029. Consumers praise its convenience, accessibility, and flexibility. If you’ve been holding back, now is the right time to embrace digital banking. The technology is better than ever. You can expect a seamless digital experience, with access to a wide variety of services, backed by strong online security. No matter the economic ups and downs, or what stage of life you're in, you’ll be equipped to manage your money and stay on track with your goals.

Ready to simplify your finances? Download our mobile app