Online banking is the norm for the vast majority of people in today’s economy. That being said, a lot of people still fail to realize all the intriguing differences between online and traditional brick-and-mortar banking. With all the advantages connected to fully online banking, you’ll want to make the transition as soon as humanely possible. Here are eight must-know facts about online banking that should be on your radar in 2023:
1. It Dates Back to 1982
The UK was one of the first countries to use online banking, and they first started using online banking widely in 1982. The collaboration between British Telecom and the Bank of Scotland made the early adoption of online banking in the UK possible. Customers of this first online banking system were able to pay bills more easily, apply for loans more easily, and much more. Talk about trendsetters!
2. It’s More Secure
Few people still assume that online banking is dangerous, but there are still some out there that believe in this archaic financial superstition. Thankfully, online banking is actually much more secure than brick-and-mortar banking setups, due to their almost instantaneous ability to check for fraud, suspicious spending, and other could-be dangerous financial scenarios. Those who want to secure their financial future need to consider fully-online banking with quality services like Varo Bank, to keep their minds at ease.
3. Norway Loves Online Banking
As of 2020, Norway is the country that most overwhelmingly uses online banking. 95% of Norway’s sizable population uses online banking sites to handle their finances (and most of these are fully-online financial operations). Many other European countries tend to favor online banking over IRL banking as well, with Iceland (94%), Denmark (91%, and the UK (75%) being extremely fond of online banking.
4. It’s a Huge Percentage of Worldwide Internet Usage
The fact that so many people are using online banking these days has boosted online banking to be one of the main areas of worldwide internet traffic. Because nearly half the worldwide population is using online banking, financial traffic is just slightly behind email usage and online shopping. If this is not a sign of online banking’s dominance, it’s hard to say what is.
5. It’s More Popular Amongst 25-34-Year-Olds
While most age groups are adopting online banking, the practice is most popular among the 25-34-year-old age group. Currently, nearly 94% of people in this age group do all of their banking online. Even when it comes to people older than 80, a large percentage of people are beginning to accept the benefits and massive convenience of doing all of their banking online.
6. You Can Upload Checks Instantly
One of the biggest advantages of online banking is the ability to make check deposits instantaneously. There is no reason in the modern day to waste time and gas money going all the way to the bank to cash or deposit a check. By using online banking services, you’re saving way more time and money than you could ever imagine.
7. They Provide Simplified Loan Applications
By using online banking, you can apply for quality loans in seconds. Since your online banking service will already have all the personal and financial information brick-and-mortar banks typically require you to laboriously write down, you can find out whether you qualify for loans at lightning speed. For those who are living busy lives, this convenience will prove incredibly attractive.
8. You Can Handle All Your Finances in a Single Online Location
With online banking, you can handle practically any financial task you can think of in a single online location. Quality online banking services allow you to go fully online with your banking, after all. You can apply for loans, manage finances, pay bills, educate yourself about financial practices, and much more in one single back-end system in most cases. There are always ways that you can improve your financial health, and with online banking, doing so has become simpler than ever before.
Online Banking is the Future
Because of all the benefits online banking unlocks, the practice is 100% the future of personal finance. The longer you wait to make the transition, the further behind you’ll fall beyond your peers in terms of financial health and stability. For those who have still felt hesitant about going fully online with your banking, these eight fun, must-know facts should help to change your mind. Nobody wants to be last in line to accept the future, so be sure to look into taking your financial life fully online ASAP.