How Technology Has Changed Banking—For The Better
Not all that long ago, you had to visit a bank branch to deposit a check or transfer money between accounts. Of course, things are very different today.
As of 2015, one out of five Americans has gone a full year without visiting a bank branch.1 In fact, it's expected that customer visits to physical bank branches will drop by 36% between 2017 and 2022, with mobile transactions rising 121% during the same time.2 The rise of technology and alternative banking methods is giving customers the option of banking however — and wherever — they prefer. Let's take a look at how these tools have evolved banking over time.
Did you know? 62% of Americans say their primary banking method is digital.
1. Online and app-based banking
Years ago when banking online was a new concept, you couldn't do much other than check your balance and view recent transactions. Today, online banking services are robust. It's possible to pay bills, transfer money between your bank accounts, and even pay the babysitter. In fact, in 2016, 62% of Americans said their primary method of banking was digital, up from 51% in 2015.3
Even more options are available if you use your phone to bank — and the data shows that there's a good chance you do. According to a 2016 FDIC survey, 43% of all mobile phone owners with a bank account used mobile banking in the prior 12 months. That's up from 39% in 2014 and 33% in 2013. The three most common uses of online banking were:
- Reviewing account balances or recent transactions
- Transferring money between accounts
- Reading a text or email alert from their bank4
But there's so much more you can do. The My Synovus digital banking platform, for instance, allows you to:
- Locate nearby ATMs in seconds
- Deposit checks just by snapping a picture
Thanks to these online features, you can bank from literally anywhere. The only drawback is you can't pull out cash from your laptop or phone — yet!
2. 24/7 access to ATMs
Automated teller machines, or ATMs, have become quite sophisticated over the years. Sure, you can still get cash from an ATM, but now $20 bills aren't your only option. Some ATMs let you withdraw $1, $5, and even $100 bills. While you can use an ATM to deposit checks, verify your account balances, and transfer funds, you can do even more — deposit cash or checks, and print out mini-statements, 24/7. You're never stuck without access to your bank accounts thanks to ATMs. More than 10 billion transactions are performed at ATMs in the U.S. every year, with 40% of ATM customers using an ATM eight to 10 times a month.5
Millennials are especially happy to skip the branch in favor of other banking methods like ATMs. According to The Financial Brand, more than a quarter of young adults (27%) claim they've never even been inside a bank branch! Only 14% say they actually prefer banking in person.6
3. Digital alerts
Mobile alerts are an ideal way to stay on top of your money. Whether you want to keep an eye out for fraud, be reminded of payment due dates, or know the moment money hits your account, setting up alerts to your phone lets you do that.
Interested? Synovus has its own mobile alert feature, known as card alerts. By enrolling your Synovus Visa debit or credit card, you can be notified when any transaction over a set amount is made, when it's used internationally, or when a purchase is made online, by phone, or for a recurring payment. That way, you can stay one step ahead of fraudsters.
4. Telephone banking
If you can't get to a branch (or don't want to) but still want help from a real person, you can turn to telephone banking for automated help with certain transactions. Our customer service team is also available to help you long after your local branch is closed.
Of course, we're always happy to assist you in person at our branches, but we also want you to be able to bank wherever and whenever you want. Give us a call anytime at 1-888-SYNOVUS (1-888-796-6887).
Important Disclosure Information
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
- Sheyna Steiner, “Branch banking still popular with Americans," Bankrate, Accessed July 19, 2018. Back
- Jeffrey Pilcher, “Branches In Decline: Last One Out, Turn Off The Lights," The Financial Brand, Accessed July 19, 2018. Back
- Jamie Gonzalez-Garcia, “Online and mobile banking statistics," CreditCards.com, Accessed July 19, 2018. Back
- “Consumers and Mobile Financial Services 2016," Board of Governors of the Federal Reserve System, Accessed July 19, 2018. Back
- “ATM Statistics," National Cash Systems, Accessed July 19, 2018. Back
- Jim Mouros, “Millennials Won't Wait for Banks and Credit Unions to Understand Them," The Financial Brand, Accessed July 19, 2018. Back
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