When we talk about finance, we often imagine people wearing business suits carrying briefcases. They walk busily in major business districts and are as dry as a rock. Going to banks often conjure similar images of gray walls and stoic bankers doing an endless pile of paperwork.
However, we no longer live in such a world. The world that we now know is moving at Mach speed per second, with transactions happening and finishing in a split second. Thanks to the power of technology, even our finances are accomplished faster than ever before. What was once “ten to fifteen business days” is now five to fifteen minutes of waiting for the confirmation e-mail.
Financial Technology and Misconceptions
We owe all these innovations to the marriage of the finance industry and tech industry, known together as Fintech. It basically means using technology to improve the business operations of the financial industry using technology. It can either be a software that allows us to access our banking information or a tool that helps in making complicated financial analysis and calculations.
However, no matter how far fintech has brought us, there are still myths and misconceptions that persist. Some of these have existed for quite a while now, and yet they refuse to leave people’s minds. We’re going to look at these today and debunk them once and for all.
Myth 1: Online Banking is Complicated
Truth: It’s very convenient, it’s relatively easy after setting up
Among the biggest hurdles of online banking is the misconception that it’s complicated. Now depending on how familiar you are with technology, it just might be complicated. However, it’s nothing careful reading can’t solve, and that’s about it. Perhaps setting up the account can be complicated, as you need to input sensitive information, like your name and account number. After that, it’s all convenient.
If anything, online banking reduces potential complications and makes everything convenient for you. You can do anything from paying online sellers to even paying your mortgage. Especially in the age of graphical user interfaces, everything has a nice and user-friendly interface to go with it. Online banking included, of course.
Myth 2: Financial Software Interface is Sensitive
Truth: As long as you read carefully, you won’t make any mistakes
The information that you input in online banking is definitely case sensitive- that we can all agree on. However, this is to make sure that the information presented is truly valid and to prevent any fraudulent activities from happening. You will rarely do anything destructive accidentally, as the user interface is easy enough to understand, and the multiple confirmation options are there to remind you of your decisions.
Whenever inputting something, care and extra attention are always necessary. Just like in physical banking, you won’t sign a contract without reading it thoroughly. The same goes for online banking; whenever a prompt pops up, read it. It doesn’t take much to read it, and it prevents mistakes from happening.
Myth 3: It’s Not Safe
Truth: It very much is.
The very first concern people had when online banking was developed was concerns for safety. And these worries were not unfounded. It was the first of its kind, in a medium that was partly known for ‘hacking’ too. However, as financial technology progressed, online security and privacy have become stronger as well.
Online transactions of all forms happen in a specific part of a bank’s website, allowing the user to make transactions in complete privacy. A bank tracks the transactions, and there are many confirmation tickets and numbers for safeguarding. It’s difficult to hack secure bank-level of security, and even in the unlikely event that it happens, the bank will reimburse your account. It’s safe to say that online banking is safer than ever before when proper precautions are applied, of course.
Myth 4: No Customer Service
Truth: There are multiple online customer service options available
Perhaps, those who aren’t tech-savvy enough are worried that they’ll get something wrong. Maybe they’re worried that there’s no live personnel ready to help them. These are all valid concerns, especially since banks are still service providers—thus, there should be accompanying customer service, right?
If you thought online banking doesn’t have customer service, try reading the fine print in your user interface. There are multiple options for user assistance, from e-mail support to live-chat. Most banks still have a telephone line that you can contact in case you need assistance, and most of them are even available 24/7.
Now that you know the truth behind these myths, you should feel more comfortable embracing all the advantages that online banking has to offer—especially today that staying home is vital.