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Rory Brown, Managing Partner of Nicklaus Brown & Co., Shares the Most Overlooked Virtual Banking Features

Originally published on tenoblog.com

Virtual bank apps are usually feature-rich since they are a customer’s primary means of connecting with their accounts. As a result, there’s often functionality that customers miss. Here are a few of the most overlooked features available through many virtual banks that can improve the online banking experience.

Fingerprint Log in

Many virtual bank apps have evolved beyond simple password protection, and now include more recent advances such as two-factor authentication that involves sending a code to your mobile device. Biometrics are making an appearance, too.

Banking apps today often allow users to log in to their accounts by touching the fingerprint scanner on devices that feature the technology. If the device supports it, some virtual bank apps also allow the use of voice or facial recognition.

These new security measures allow easier, more rapid access to your accounts while still maintaining the high level of protection you expect from a virtual bank.

Lock Your Debit Card

If you’ve ever lost your debit card or had your wallet stolen, you know the stress this can cause, and it means a call to your bank, and jumping through hoops just to lock down your card.

Many virtual bank apps now give you the option to lock and unlock your debit card whenever you want. If it’s lost or stolen, it’s easy to make sure it can’t be used. But you can use this feature in less stressful situations as well.

As an example, if you have your card tied to services your children have access to and you want to make sure they can’t accidentally (or intentionally) make a purchase you can keep your debit card locked at all times. When you need to use it, log into your banking app, swipe the unlock switch, and the card is ready for purchases.

Quick and Easy Customer Support

Because virtual banks don’t have physical branches, they have to find other ways for customers to ask questions and get quick responses. Often they’ll offer 24-hour phone support, but for those that don’t, their apps usually feature a robust, 24-hour secure messaging system.

Inside the app, customers can send their questions and concerns to live operators that will respond quickly to resolve the issues.

Quick Look at Your Balance

Often customers don’t need all the functionality contained inside their banking app. They mostly want to check their account balance. Some virtual banks are making this much faster by giving customers a peek at their balances without having to log in.

The feature can be turned on and off, per account. It makes checking your balance very fast, and it isn’t a security risk because no other information or functionality is available unless the customer enters their password.

Virtual Banks Continue to Innovate

Virtual banks lead the industry for innovative mobile banking app features. It’s exciting to see where technology will take us in the coming years.

About: Mr. Rory Brown has focused on financial technology and investment management for 30+ years. Rory Brown is currently working on a new app that will help consumers navigate online banking. The app will connect clients with the best virtual banks in the world, where they can get comparisons on rates for home loans, auto loans, and more.

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