Money

What Is Everyday Banking And Why Is It Important?

Let’s dive straight into the heart of the matter, shall we? Everyday banking, also known as retail banking, personal banking, or just your run-of-the-mill banking, is about as exciting as watching paint dry, but only if you’re watching some really fascinating, colour-changing paint.

Everyday banking

It involves all those thrilling activities you do with your bank account – deposits, withdrawals, electronic transfers, and managing those elusive creatures called savings accounts. But here’s the kicker: as snooze-worthy as it might seem, it’s the bedrock of your financial health. Stick with me; it gets better.

Ever wondered why everyday banking deserves a cape and superhero theme music? No? Well, you’re about to find out.

The Importance of Everyday Banking in the Digital World

We live in a fast world, no doubt about that, and your habits and daily activities must keep up. Yes, we know is hard, but fortunately, technology is giving us the right tools for the job.

In this case, we are talking about mobile or online banking. Everyday banking means that you immediately have access to your funds, and can do whatever you want from sending money abroad to paying for your Netflix subscription that you don’t even watch, and much more.

This makes the process seamless and more efficient. Plus, it saves you time, and as we know, time is money, right?

But online banks and financial platforms have taken this a step further. Being able to access your funds immediately and manage local payments is not good enough for today’s global world. We live in times when you can live in Berlin, work in the US, and spend money in Lithuania.

However, managing international payments is a real nightmare. On top of that, you have to deal with annoying bank fees and currency exchange rates that need an entire math formula in order to calculate them.

But multi-currency accounts are the saviour. They offer you to hold multiple currencies on a single account and therefore manage your international payments more efficiently. Platforms like genome.eu have made this process so sophisticated that you won’t need a complicated Excel report to keep track of all your spending.

They also offer favourable fees, so you’ll also save money by avoiding traditional banks.

Convenience Is Just the Beginning

What are the benefits that come from everyday banking? Does the process of managing your finances daily come with advantages or is it just a recipe for anxiety?

Well, as we mentioned before, we live in a dynamic world where things like everyday banking really make sense. There are many benefits such as:

  • Immediate Access to Funds: Gone are the days of stashing cash under mattresses or in cookie jars. Well, unless you’re into that sort of thing.
  • Online and Mobile Banking: The ability to move money with a few taps on your screen. Because who wants to talk to humans or leave the house unnecessarily?
  • FDIC Insurance: Your money is safer in a bank than in your pocket. Unless you’re armoured.
  • Fraud Protection: Banks have got your back, detecting and deterring fraud like modern-day knights in shining Armor.

Why Everyday Banking is Important?

Everyday banking is important just because you’ll need to be able to manage your finances at all times. Making strategic decisions about your finances at any given moment will help you create the ultimate budgeting plan, invest wisely and never miss an opportunity, track your spending, set limits, and much more.

On top of that, the process is easier and will save you valuable time that you can spend on making that money in the first place.

Digital banks that allow everyday banking also provide you with detailed financial reports, which makes tracking your expenses and deposits much easier. Can you imagine combining this feature with AI? Everyone will have a super accountant on their side.

Did you know that as of my last update, over 81% of Americans have a bank account? That’s more people than those who floss daily! And here’s a fun fact: the average person will visit their bank or use online banking services 17 times a month. That’s more often than most people visit their in-laws!

Questions You Didn’t Know You Had

Why Do I Need Multiple Accounts?

Why do you need more than one pair of shoes? Because each serves a different purpose! A checking account for daily transactions, a savings account for rainy days or sunny getaways, and maybe an investment account for when you’re feeling particularly adult-like.

Is Digital Banking Really Secure?

Even though the level of cybercrime is on the rise, digital banks are incorporating state-of-the-art safety features that will keep your money secure at all times.

Yes, digital banking employs encryption, two-factor authentication, and other cyber wizardry to keep your finances as secure as Fort Knox. Just don’t make the mistake of setting up your password as your birthday, or sharing your personal information online.