Tips Regarding In-Person Versus Digital Banking

These days, you have a number of options as it relates to how you do your banking. If you want, you can go to a physical location to deposit a check, apply for a loan or ask a question about your account. Alternatively, you can do many of those same things from your phone or computer. Let’s take a look at your options as well as the pros and cons of each.

In-Person Banking Vs. Digital Banking

In-person banking can be ideal when you need to talk to a person or when there is a branch near your home or office. In such a scenario, it may be easier and faster to simply go to the bank, hand a teller a deposit slip and make a deposit that way. You will also likely have access to an ATM to make deposits or withdrawals in a timely manner.

Digital banking offers a more comprehensive experience even if it doesn’t involve going to a physical location or talking to a person. For instance, you may be able to check your credit score, look at your transaction history or order a new debit card in seconds. You might also be able to use banking information stored on your phone to pay bills or complete purchases almost immediately.

Pros and Cons of In-Person Banking

The benefits of in-person banking are that you can speak to a real person about any issues that you might have. Furthermore, since you don’t need to transmit information over the bank’s network, you don’t have to worry about security breaches. If you have a relationship with a teller or loan officer, it may be easier to simply work with that person as opposed to working with a robot through your phone.

A few drawbacks include limited bank hours and the potential that you might have to wait in line for help. Typically, banks are open during normal business hours while your bank’s app is typically available at all hours. If you bank during peak hours such as during the lunch rush, it may be difficult to get timely service, and this can be especially true if the branch is understaffed.

Pros and Cons of Digital Banking

Benefits of digital banking include the ability to make transactions at almost any time. For instance, you can move money from a savings to checking account in seconds or move money from checking to a credit card. You may also be able to manage direct deposit through an app.

The downsides are the relative lack of customer service as well as the potential for a data breach if the app is hacked. Digital banks may also offer fewer services than physical banks or otherwise lack the tools that you need to manage your money.

Whether you want to bank in-person or through an app, there are tools to help meet your needs. Choosing which tools best meet your needs depend on how comfortable you are with technology or whether a person or app is best suited to work with you.