Matt Lemke
Author: Matt Lemke Date: 07/11/2018

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. According to a 2017 survey conducted by the American Bankers Association, when consumers were asked how they preferred to do their banking, almost 40 percent chose internet, and another 26% chose mobile. Only 18% of those surveyed said they prefer to do their banking in person at a bank branch. 

As a business owner, you know business 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 of your business 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 technology such as remote deposit capture, online banking, mobile banking and more.

Let’s look at some of the options.

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.

Online Banking

Online banking is another way to conduct banking business from the convenience of your desktop. Online banking allows business customers to do things like view deposit/withdrawal history and balance information, make transfers between accounts, deposit checks with remote deposit capture, order checks, and even pay bills.

Different banks may offer slightly different online banking platforms, but at ICB we have two options for business online banking. Our Business Online Banking Limited is designed for single member or sole ownership businesses, making it ideal for those who desire online account access with basic features. Business Cash Management Online (CMO) has all the features of the limited account, plus allows for multiple users and offers add on modules like Automated Clearing House (ACH) origination and remote deposit capture. Online banking also allows you to sign up for e-statements, allowing for fast, easy and secure delivery of your bank statements.

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 can access via online banking on your desktop. Again, features offered may vary at different institutions, but ICB’s business banking app, ICB Business Mobile, allows you to check balances, view transactions, transfer money, deposit checks, approve scheduled transfers and much more.

Security

With all the recent news about data breaches, you might be wondering about the security of online and mobile 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

Your Cash Management Specialist can work with you to decide which digital banking option is right for you based on business needs. He or she will also work with you to set up your account and learn how to use its features. Whether you use online banking, mobile 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.

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. Learn more by downloading our tip sheet, Cybercrime & Bank Fraud: Tips for Protecting Your Business.

Cybercrime & Bank Fraud: Tips for Protecting Your Business

Topics: Cash Management, General Business

 

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.