When you want to check how much you’ve got in your account, do you still give your bank a call or send them a text? Or do you take the much quicker shortcut and just log in from your computer, tablet or smartphone?
If you’re hooked on online banking, you’re definitely not alone. Recent research from the Competition & Markets Authority (CMA) found that two in three adults now use the internet to keep track of their finances. But is online banking just as good as a traditional branch or phone banking? What can you actually do with your finances through your internet browser – and should more of us be logging on?
Rise of digital banking
Online banking isn’t seen as a new fad anymore; as the research shows, it’s now one of the main ways that Brits are managing their finances. As you might expect, younger bankers are more likely to be switched on to digital, with more than four in five of those aged 18 to 44 doing their banking online. Two-thirds of 45-to-64-year-olds are online bankers and one in three of those aged over 65 log on to check their money.
Mobile banking is also proving to be another big pull for customers, with almost two in five saying they manage their money with a smartphone app. The technology for this is still in fairly early stages, so it’s likely that we’ll see even more people moving to mobile in the next few years once the apps can do more.
Benefits of online
Are we really any better off banking online though? Did we have more control over our money when we used to go into physical bank branches to make transactions or when we had to do everything by phone? If you’re yet to embrace the digital banking revolution, you might be sceptical about what online money management can offer you.
How much you can do online really depends on your bank, building society or account provider but online banking generally offers you all of the services you’d expect face to face or on the phone but without any of the queues and hassle. You can check balances and transactions whenever you like, set up Direct Debits or standing orders, pay your mates or bills and, in the case of thinkmoney customers, check if your future budgeting is set up correctly.
You’ll even be able to take care of security problems, like ordering a new PIN or reporting your card lost or stolen. It really is that simple!
Thinkmoney’s Online Account Management With the thinkmoney Personal Account, you can stay in control of your money over the internet with our Online Account Management. You’ll be able to use it to see how much money you’ve got in your account, check when any payments are due to go out, update Direct Debits and standing orders or set up new ones and make one-off payments too. And if you lose your card, you can easily report it through Online Account Management.
We’ve now made Online Account Management more responsive, so whether you’re logging on through your laptop, smartphone or tablet, you’ll still be able to access all of the features easily. This upgrade has already been rolled out to thousands of customers with the rest being moved onto the new system over the coming weeks.
If you want to see what else has changed, take a look at what’s different with our Online Account Management here.