In this week’s post, we’re showing online banking some love. At JBS, we’re big fans of using technology to help make life easier, and there are now some fantastic platforms available that have really helped particularly to manage money. Right now, we’re watching CBA’s new technology that enables customers to pay for items using their smart phones – in the same way you use a credit card.
And just today I received an SMS advising “If your debit card is lost, stolen, damaged, or you simply don’t have it on you, emergency cash is available day or night from select Westpac ATMs in NSW and VIC”. I’m sure the other banks will be playing catch up.
But how good is online banking in helping us manage money better?
Online accounting
You may be familiar with the cloud-based platforms taking the accounting world by storm. The most popular is Xero, with the attractive tag line of ‘beautiful accounting software’, while the traditional systems of MYOB and QuickBooks now offer an online platform too. The point is that Xero offers its own app, which enables you to input every dollar spent, so you can track exactly where your money is going.
Simple savings
You’ve probably heard that a great way to save money is to open a high interest savings account. As these are mainly online (such as ING or Rabo) and do not have a physical branch, you won’t have to pay fees or you’ll pay less fees. They’re a great way to save. The online function can also be helpful for funneling money into other savings accounts as soon as you get paid. If it goes out the same day it goes in, you don’t even notice it, other than when you log on and see your account accumulating. If you can’t see it, you can’t spend it either!
Transparent transactions
One of the best aspects of online banking is that transactions are credited almost instantly, which makes planning easier in the long run. I can remember the days when you had to wait until you received your statement via snail mail. It’s easy if you’re organised – like I am! – but for most of us, having an online facility to help you stay on track is a god send. It means that businesses can access funds immediately too, enabling them to transact better and reduce occasions of non-payment or late payment.
Personally, I believe technology has improved our lives in so many ways for the better. It has only improved strategies, tracking and budgeting, and for me is a great way to help my clients manage their money better.
