THINK ABOUT THE LAST time you wrote an actual check or went to your local bank branch. According to a 2018 FIS Global Consumer Banking report, 72 percent of bank interactions are now done via mobile and online rather than at your local branch. This shift to digital has caused traditional banks to reduce the number of branches as they expand their digital offerings, and it has also created the growing market of online-only banks. While mobile banking apps and online portals provide extraordinary access to your finances, recent high-profile data breaches of companies such as Deloitte and Equifax will rightfully give bank customers pause before they access their accounts remotely.

Why Bank Digitally?

One of the main benefits to banking online is convenience. Many banks’ services, such as checking account balances, transferring funds between accounts, depositing checks and paying bills, can be done from a computer or mobile app at any time of day and from anywhere. That eliminates the need to go the bank branch. If you choose to bank with an online-only bank, you can usually find better interest rates on your accounts and lower fees.

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