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Technology is Changing How Consumers Manage Finances

Consumers rely on their financial institutions for multiple reasons and seek multiple channels to access account information and conduct their business. Technology is drastically impacting how consumers manage their finances and their time, and service delivery options are morphing right along with consumer preferences.

In a 2016 study conducted by the Federal Reserve, 53 percent of all smartphone users with an account at a financial institution have used mobile banking within the 12 months leading up to the survey. For consumers who’ve made the switch to online or mobile banking, the most common reason is convenience.

Tips on How to Use Technology to Manage Your Finances:

  • Download your institution’s smartphone app — More credit unions have or are developing smartphone apps that enable their members to bank on the go. As this trend increases, smartphone applications will continue to include more services. Online and mobile interaction also empowers consumers to engage with their financial institutions more frequently.
  • Investigate any online financial planning tools — Calculators, budget templates and finance tips are often available from financial institutions. Account-linked tracking and analyzation tools can help clarify spending trends and assist with tax filing or budget forecasting. Some mobile apps also include a financial planning section.
  • Sign up for text alerts — Some financial institutions offer to send text alerts when an account’s balance dips below a certain level to help you stay on top of your available funds.
  • Utilize online bill pay — Instead of checkbooks, stamps and folders full of invoices and canceled checks, consumers can pay their monthly bills online with a click of a mouse. Most of the time, this service is offered at no charge.
  • Visit a branch — Check in with a credit union about where you are and where you want to be financially. Sit down with a member care representative and find out if there are any products or services you don’t know about that you can take advantage of to meet your financial goals.

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