With digitalization increasing across the globe, it seems like everything can be done online these days. Ordering groceries, talking to loved ones, and taking classes are just a few of the things you can do from the comfort of your home. As consumers continue to prioritize convenience, digital banking is becoming an increasingly popular choice.
Digital banking is just too convenient to ignore. According to a 2021 study by the Statista Research Department, in 2020, around 1.9 billion individuals worldwide used online banking services. That figure is expected to increase to 2.5 billion by 2024. As consumers increasingly adapt to technology, traditional banking is becoming less needed by people who are growing to expect digital convenience from most producers in the market.
It is likely you use a mobile app to check your transactions and completing minor financial tasks when you can’t make it to the bank, but there are additional benefits to mobile banking. With banking online, you can have 24/7 access, make secure transactions, transfer money, request information from your bank, and stop a lost or stolen credit card, to name a few of the many features.
In addition to the convenience of digital banking, there is another benefit to it: better hygiene. Densely populated cities are home to a high level of bacteria. A 2016 study found that ATM keypads in New York City were covered with bacteria, with most of the microbes coming from human skin, food, or household surfaces.
Paper money is another frequent transmitter of bacteria. It can harbor thousands of microbes from every environment it touches. Handling cash is growing increasingly avoidable with the increasing trend of person-to-person payments that allow you to transfer funds from one bank account or credit card to another individual’s accounts. Between your bank’s mobile wallet and a credit or debit card, you will likely need to use cash less and less, decreasing your chances of contracting illnesses.
Avoiding microbes has become more crucial than ever in light of the recent COVID-19 pandemic. More and more people are turning to digital banking as a way of avoiding large crowds and observing lockdown and social distancing regulations. According to research published by the independent financial advisory organization deVere Group, the use of fintech apps and mobile banking service apps has increased by 75% in Europe as a result of the pandemic.
Internet and mobile banking allow you to safely access your money and accounts without having to venture out into the public when doing so may be a risk to your health. Make transfers, deposits, and pay bills on your desktop or mobile devices without worrying about exposure to harmful germs.
By utilizing safe and secure online banking skills, you can stay on top of your banking while avoiding exposure to illnesses. For additional information on how to protect yourself, visit the CDC website. To learn more about digital banking with CIB, click here.