SmartMoney Monday: Banking in the 21st Century

Aloha, it's SmartMoney Monday, and we're back with the topic of banking conveniences. Mark Cunningham, online manager from Bank of Hawaii, is here again to talk about banking in the 21st century.

Time is flying by and it seems like technology is advancing at an even faster rate. What are some conveniences that people can take advantage of when it comes to banking?

It's the 21st century, and though we're not quite at the level Minority Report had predicted, we are definitely using more robust technology for routine banking transactions

For example—advanced scanning technology allows mobile phones and "smart" ATMs to read checks, allowing for deposits anywhere these devices are located. GPS technology also allows banking apps to locate you and suggest nearby locations, branches, and ATMs, as well as provide directions to get there. Smartphones and wearables such as watches and wristbands allow the user to access banking information quickly, and conduct various transactions in real time from nearly anywhere.

It's amazing what technology has enabled us to do nowadays. Are there other ways that technology can make banking easier?
A great feature to take advantage of these days are two-way lines of communication between you and your bank. This can be via text messages, notifications or online chat portals. You can customize these notifications based on what's important to you and what you'd like to be notified about. For example, you can set up balance alerts, notifications if your card is used outside of your normal geography, or alerts for spending limits.

There are so many options in the digital world. With all of this technology, we should be careful, right?

You want to take precautions to prevent online fraud. Online fraud is very real, and sometimes difficult to detect. It's best to explore what technology and banking can do for you, but don't forget: Never agree to anything online that you don't understand, and don't automatically fall for something that seems too good to be true. It's always best to do a little research, and if you have any questions, stop in at a branch and talk to an expert.
Next week we'll talk more about mobile payment options, or ways to pay by simply using your cell phone.