About the Episode
Did you know that American Bankers Association found that up to 55% of banking customers use a mobile banking app, and even above that, 22% use at least an online banking through a PC or a laptop (as of November 2024)? In this episode, we dive into digital banking: how it has evolved and strategies for digital banking to be more secure with guest Camryn from Addition Financial.
The Evolution of Online Banking
5:53
Cristina asks Question 1: Online banking has changed a lot over the years. So can you explain how it has changed from just a basic balance checker to the modern experience that it is now?
Camryn: Online banking used to be very baseline, where you would only be able to just check account balances and some transaction history, whereas now, online banking has evolved into this online platform where you can access and manage all your cards and accounts in one space.
Using Card Controls for Security
Addison asks Question 2: When it comes to managing money through online banking, how can users leverage card controls to help increase security?
Camryn: You're really going to want to increase your security when it comes to your cards. The good thing about the online banking app is that you have access to notifications and alerts that you can turn on for the card controls. Then, you can turn on notifications for transactions that pass a specific point, so that you're alerted to mitigate fraud transactions.
Cristina: That's a great idea because, let's say I use an online banking app, and I actually use the Addition one, it's great because I can set like whenever a withdrawal is made or if my account gets close - like if it gets down to like $100 and I know, hey, don't use your debit card.
Camryn: My favorite is that you can turn on notifications for different regions so that if somebody is making a transaction in a different region that you're not in, you get notified of that as well. This really mitigates fraudulent activity on the accounts.
Best Feature of the Addition Financial App
7:30
Cristina asks Question 3: What are some of the things that you love telling your members about using the app?
Camryn: Honestly, I always let my members know about multi-factor authentication. It is probably the most convenient way to ensure security on your mobile banking app. You're always going to want to make sure you're checking your accounts, but when you have that multi-factor authentication, it kind of gives you peace of mind when you're checking your accounts.
Cristina: I know when that first rolled out, I don't know about you guys, it was so annoying at first. Now I have to get a text message over to my phone and like, make sure that it's me, but now when you learn about all the fraud that's going on, it really does give you peace of mind.
Addison: It's really useful. You know, just because it's verifying you. You'd be upset if somebody went in and they access your account and then it's like, well, I wasn't notified.
Card Control and Safety Features
8:24
Cristina asks Question 4: All right. So I use my credit card all the time. I don't necessarily use my debit card, but what kind of card control features and safety features can your mobile banking app have?
Camryn: So Cristina, that's a really good question because there's a lot of features that you can use to control your cards. For example, you're able to turn on and off the card so that if you may have lost it, you're able to turn it off so that nobody's using it. There's also really cool features, like being able to put in a travel notice. This is really good for my members, like Cristina, who like to go around to national parks! Whenever she wants to just do that, she can just put in a travel notice at the click of a button.
Cristina: That's awesome, because we used to have to make a phone call and do all that. The fact that I can just do it on my app. That's really great.
Other Security Features
9:22
Addison asks Question 5: So, beyond multi-factor authentication, what are some of the other security features that users could add to the online banking to have that extra security measure?
Camryn: So we know multi-factor authentication just gives you an extra security code. But there's also really cool features in the app, like biometric security where it scans your face or even your fingerprint. So that way it's more personalized, the security features. That way you're mitigating any person who's not you getting into your accounts.
Financial Tools for Goals and Smart Financial Decisions
9:58
Cristina asks Question 6: So what are some of the best financial tools that our listeners can use to stay on top of their goals and make smarter financial decisions?
Camryn: So this is a really good one because there's a lot of options here. We have our financial wellness tool as well as different programs that our members can enroll into. So there's the adds up savings program, which when you make a purchase, just let's say, for example, I go to Starbucks and get my morning coffee, they're going to take that 45 extra cents and put it into my savings. I always like to mention that to my members just in case they need a little help budgeting.
Digital Banking Tools for Business Owners
11:17
Addison asks Question 7: So, for our business owners or aspiring business owners, are there any tools in digital banking that can help them get that process jump started?
Camryn: So we actually tailor our app to business owners so that when you have a business account, you're able to have multiple users on that same account so that they can manage the account properly without having, you know, any problems or complications in the app.
Cristina: That's really great. Camryn, thank you so much for all of your expertise. I don't know about you, but I really learned a lot and I kind of like felt like, okay, I'm doing the right thing.
Online Banking and Tax Preparation
12:02
Addison asks Question 8: With the banking help, can online banking help streamline tax preparation for our members?
Camryn: Yes. With it being tax season, our members are able to log on to their online banking and go to that document side where they can find their 1099 and W-2s and all documents they need for their tax season.
Transfers to Other Members
12:21
Cristina asks Question 9: Is it possible to do an instant transfer of money to another member in my same institution?
Camryn: Yes. And that is called member to member transfers. Our members can do this. And those funds will be transferred directly and instantly.
Benefits of Going Paperless
12:45
Addison asks Question 10: I just, you know, care about the environment. So with that being said, is there an option to go entirely paperless in online banking and what would be the benefits of that?
Camryn: I am totally with you, Addison. And yes, the biggest benefit would be saving the trees. But yes, our members are able to find their statements and documents in the mobile banking app. They're actually there, I think it's as far back as two years. So you're able to see a little bit further back than the last few months, but this way you're able to save the trees, save time, and save gas money by mitigating time by going to the branch.
Staying Up To Date
13:17
Cristina asks Question 11: Alright, last one. How can we make sure that my online banking app is always secure and up to date?
Camryn: So you can make sure your mobile banking app is always secure and up to date by checking it every single day, you're going to want to make sure of that.
Cristina: You're doing it right, Addison!
Camryn: Yeah, you want to stay like Addison and check that mobile banking app every day, making sure that you're looking through the transaction history and even the balances. Those are good indicators that there's activity going on in the accounts. And also by turning on those alerts and notifications will also help.
Moving Into The Modern Banking Age
14:11
Addison asks Question 12: And you've done a great job explaining all of the benefits of Addition Financial and the digital banking features that you guys have. Can you tell us a little bit more about how members can move into the modern banking age with Addition Financial?
Camryn: Our members can just download those apps on their phones and manage their accounts and access all their accounts that way. Then they won't have to come into the branch. Then they'll have all those tools at home so they can service themselves and their accounts from whenever and wherever.
17:03
The hosts share a resource about Addition Financial’s How-To Videos to walk through different banking processes seamlessly.
Posted on Jun 5, 2025
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