Make Banking Easier with Online Tools

Running errands to the local credit union has long been a time-consuming, yet necessary chore. Thanks to the onset of online and mobile banking tools, money management is now easier than ever. Many banking features are available from anywhere, allowing you to transfer funds from your couch or pay bills on your smartphone while waiting in line at the grocery store. Read on for an overview of the latest tools out there.

Who is Using Online and Mobile Banking Tools?

Mobile banking is a hot new trend quickly gaining popularity. A 2012 survey conducted by the Federal Reserve noted that nearly 28% of mobile phone users reported using mobile banking features during the previous 12 months. This represents a steady increase from the 21% who reported using mobile banking during the 2011 survey.

It may come as a surprise to many, but age does not seem to be much of a factor when it comes to mobile banking. The Federal Reserve survey noted the following mobile banking usage by age during the past 12 months:

• 21.5% — 18 to 29 year olds
• 26.9% — 30 to 44 year olds
• 27.2% — 45 to 59 year olds
• 24.4% — 60+ year olds

Mobile banking is not the only form of electronic banking on the rise. A 2013 survey by the Pew Research Center found that 51% of U.S. adults bank online, representing 61% of Internet users. More men than women use online banking, according to the research -- 63% to 58%. The online banking usage breakdown by age includes:

• 67% — 18 to 29 year olds
• 65% — 30 to 49 year olds
• 55% — 50 to 64 year olds
• 47% — 65+ year olds

This represents a steady growth rate from a 2010 survey by the think tank, revealing that 46% of U.S. adults, representing 58% of Internet users, said they bank online.

Both online and mobile banking users benefit from a wide-variety of tech savvy tools designed to simplify money management, including:

Mobile Banking Tools

For many people, banking from a smartphone is the ultimate in convenience. Mobile banking availability and features vary by financial institution, but are quickly gaining popularity. Popular features available through mobile apps and web browsers include the ability to check account balances, transfer funds, pay bills, deposit checks and find nearby ATMs and branch locations.

Online Banking Tools

Online banking has been around for a while, providing many customers with enough features to almost completely avoid the inside a financial institution. AltaOne and many other organizations offer a variety of features, including the ability to open new accounts online, conduct internal and external fund transfers, set up automatic bill pay, review your accounts 24/7 and set spending alerts.

Budgeting Tools

Online budgeting tools have made it easier than ever to manage your finances. To get started, all you have to do is create an account and these apps will aggregate your financial data, including loans, credit union accounts, credit cards balances, and more. Budgeting tools such as AltaOne's BudgetPro have features to help you track your expenses, showing you how much money you have in certain categories, so you can identify areas to cut back.

Loan Access

Skip the branch visit – you can apply for just about any kind of loan online at your credit union’s website. As long as you are a member, you can apply anytime, 24/7. Some credit unions even have online loan payment centers.

Final Word

If you are not already using online and mobile banking tools, now is the time to get started. The wide-variety of available services saves consumers a great deal of time and effort. Manage your money when and where it is most convenient for you.

Damaris Olaechea, NerdWallet

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