Author: Matt Lemke Date: 07/15/2020

The Benefits of Digital Banking

It’s no secret that banking at traditional brick-and-mortar branches is no longer the first choice for many banking customers, especially since the COVID-19 pandemic began.

When you run a business, you know that the work doesn’t stop when you’re out of the office, and sometimes important financial transactions just can’t wait until you get back. Or, you get so busy with day-to-day operations that it’s hard to find time to get to the bank during regular business hours.
 
Thankfully, the 21st century has given us the technology that allows us to bring the bank to you. Through the use of such platforms as mobile banking, online banking, remote deposit capture and others, we have all the tools you need to make your banking life more efficient.
 
Let’s look at some of the options.
 
Mobile Banking
If the ability to do your banking on the go is important to you, mobile banking is ideal. Mobile banking via your smartphone allows you to take the bank with you anytime, anywhere, and offers many of the same features you receive via online banking from your desktop. Features offered may vary at different institutions, but ICB’s business banking app, ICB Business Mobile, allows you to check balances, view transactions, deposit checks, transfer money, approve scheduled transfers and much more. The ICB Mobile and ICB Business Mobile apps can be downloaded from your phone's app store.
 
Online Banking
Online banking is another way to conduct banking business from the convenience of your office. Online banking allows organizations to do things like view history, check balance information, make transfers between accounts, pay bills, reorder checks and deposit checks via remote deposit capture.
 
Many financial institutions offer a variety of different online banking platforms, but at ICB we offer one business online banking solution that is customizable to meet your needs.  Whether you are a sole proprietor, single member LLC or an organization that has multiple users, our business online banking solution is easy to use and is designed specifically around the services you choose to make your life easier. In addition to our standard online banking services, we offer modules such as Automated Clearing House (ACH) origination, mobile check capture, remote deposit capture, positive pay (fraud protection) and the ability to send wires online.  Our online banking platform also provides you access to e-statements, allowing for easy, fast and secure delivery of your bank statements.  As your business grows your online banking experience grows with you, additional services can be added by contacting on of our Treasury Management Specialists. 
 
Remote Deposit Capture
Remote deposit capture (RDC) is great for a business that wants to be able to deposit checks from the office but doesn’t want to go fully mobile. To use RDC, you’ll receive a check scanner from your bank that you’ll connect to a designated computer. Simply sign on to your online banking platform (more about that later) and scan the checks. Scanners may vary, but the scanner Investors Community Bank (ICB) provides scans both sides of the check in a single pass. You can then view images of the scanned checks right from your computer. The dollar amounts for the checks are automatically read and the deposit is totaled. Click submit when you’re finished, and the deposit is electronically sent to the bank through a secure internet connection – all without you ever having to leave your desk.
 
Security
With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is the number one priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities.
 
Choosing the Right Option
An ICB Treasury Management Specialist can work with you to decide which digital banking option is right for you based on your business needs. He or she will also work with you to set up your account and learn how to use all the features. Whether you use mobile banking, online banking, or a combination of both, you’ll be pleasantly surprised at how much banking you can do without ever having to set foot in a branch.
 
Click here to learn more about our Treasury Management services.
 
Take Our Fraud Risk Assessment
Another way the ICB team can assist your business is by helping put preventive measures in place to minimize your risks of being taken advantage of by cyber criminals and fraudsters. Want to know if you're at high risk for fraud? Take our free, interactive fraud risk assessment. Click here to find out if you're protected! (Please use Google Chrome or Microsoft Edge to take the assessment)

Cybercrime & Bank Fraud: Tips for Protecting Your Business

Topics: Cash Management, General Business, Nonprofit

 

Written by Matt Lemke

Matt Lemke is the Vice President of Banking Services at Investors Community Bank.

 

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Views provided in this blog are general in nature for your consideration and are not legal, tax, or investment advice. Investors Community Bank (ICB) makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties, does not endorse any non-ICB companies, products, or services described here, and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent ICB’s business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.