The pandemic has brought many businesses online, and with it a surge in online banking. This makes sense. As the world moved online, it was only natural for the banking industry to follow suit. While digital banking is nothing new, as society becomes more mobile and technological, businesses across all industries are following suit.
Today, there are digital banking options for every business need. It’s clear that digital banking is here to stay, and businesses are jumping on the wave and sailing to new shores. Do not believe? Here are three ways digital banking can provide your business with more convenience and capabilities.
make things easy
Technology is supposed to make things easier, right? Digital banks keep this in mind, with features and accessibility that help make things quick and easy. The first three benefits focus on the convenience of digital banking.
1. Open 24/7
While you may still have to run around to your local bank branch, the days of having to take time off work or stand in line on a Saturday are over. Digital banking gives business owners access to their funds anytime, whether it’s for managing day-to-day transactions or dealing with late-night financial concerns.
2. Available anytime, anywhere
What could be more convenient than your smartphone? Business mobile banking has taken a leap forward during the pandemic, becoming a mainstream way for businesses to engage with each other and their customers. Being able to access, use and transfer money from your mobile phone has changed the way businesses handle their finances.
Almost all business checking accounts include mobile deposit, allowing you to deposit checks in seconds. Mobile banking apps allow businesses to set up automatic bill payments, transfer money between accounts, apply for loans and make purchases.
3. Faster for all
Digital banking keeps businesses moving. When it comes to banking, the best way is the quick and easy way. Everyday banking takes just a few minutes on your computer or a few taps on your smartphone. The bank’s website and mobile app also offer live and digital support, usually outside of your local branch’s business hours.
It’s not just banks, either. The digital payments company offers a fast transaction method for instant deposits and transfers between customer accounts. Additionally, businesses can connect with suppliers or customers for quick payments.
access new features
Convenience isn’t just speed — it’s a choice. Digital banks provide this option and combine it with instant access to keep business accounts updated. The next three benefits illustrate how digital banking can expand banking possibilities for businesses.
4. Prepared presentations
Need to review some deals? Comparing monthly payments? Verify pay stubs? Digital banking enables businesses to easily access their financial statements, and many digital banking options offer classified features and the option to print hard copies or keep digital records.
Whether you want to take a quick look at your most recent transactions or check last week’s payments, Digital Banking lets you view your deposits, scheduled payments and everyday transactions at any time.
5. Budget synchronization
The benefits of digital banking go beyond what your business can do online or in a banking app. Being able to link your online banking information with other apps and software can open the door to new financial management strategies. Staying on tight budgets is important to many businesses, and digital banks make it easy to stay connected.
6. Responsible tasks
Aside from making payments and viewing statements, there are many basic banking errands that require a trip to the bank — or they used to.
With digital banking, businesses can handle many of these errands, such as ordering new checks or renewing credit cards, in their own time and place. Whether through an online website or a mobile banking app, ticking off those tasks from the to-do list has gone digital.
Let banking work for your business
With safe and secure systems to ensure privacy and prevent fraud, digital banking is becoming the standard for financial transactions. Your business demands your attention and requires a lot of work. Why spend time waiting to deposit a check, transfer money or get support? When you’re on the go, so can your bank.
Speak to a business banker today to discuss how digital banking can help improve your business and give you more time to focus on the big picture.
For informational/educational purposes only: The views expressed in this article may differ from those of other J.P. Morgan employees and divisions. The views and strategies described may not be suitable for everyone and are not intended as specific advice/recommendations to any individual. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. You should carefully consider your needs and goals before making any decision and consulting the appropriate professional. Outlook and past performance are no guarantee of future results.
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