Financial Freedom Week 2 Recap: New Technology

Posted Jan 05, 2015

Financial Freedom Week 2 Recap: New Technology

Part of being a comprehensive financial institution is remaining competitive with our technology. With the New Year starting and shopping happening, this past week’s financial focus was perfect to cover the new frontier of technology in banking!

Our first goal was to really highlight our mobile app, especially the remote deposit capture feature or “RDC” for short. RDC assists members in depositing checks remotely.  Members first download our Mobile app and sign up for E-statements.  After this they can simply take a picture of a check and deposit it electronically and securely into their account. Whatever time you spend installing this lovely app you will get back 100 fold in time saved running to the credit union in order to do physical transactions. In addition to this members can use our online services for automatic updates, branch information, and a host of other applications.  This time of year we are constantly running around and can easily forget our devices in a store dressing room or at the checkout. One day this week we outlined the steps to take if you feel like your phone was lost or stolen. The most important step to me is a more preventative approach and fortunately it is very simple! Set up a location app to be able to locate the lost device from another device. Personally, I have utilized, “Find my Iphone” three times and could not have been happier to know that it was just misplaced and not getting hacked!

Our business services officer came back for more of his tips, a feature we have delightfully named “Peter’s Pointers”. One of his pieces of advice was to remind us not to add too much new debt this holiday season. We should try to save versus spend and to take the money we have at the end of the month to pay off debt instead of buying more stuff! Along with cutting clutter, a great idea for employers is to examine your current software and see what employees use on a regular basis. Are there programs that are obsolete or could be upgraded for better productivity? Get rid of old procedures to help increase efficiency, save time and, most importantly, money. The final tip was another pointer from Peter that also transitioned nicely into the personal finance topic of “Paying Yourself First”. A good practice is to set up an automatic transfer of funds directly from your paycheck to a savings account. Then, simply forget about it until a rainy day or, even better, to fund for a nice trip!

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