In the era of remote banking, we’ve gathered insights from seven finance and business experts to understand the personal adjustments they’ve made. From monitoring finances more frequently to transitioning to digital payment methods, these leaders, including a lead financial consultant and a Chief Financial Officer, share their experiences and strategies for adapting to the digital shift in banking.

  • Monitor Finances More Frequently
  • Prioritize Privacy in Digital Banking
  • Visit Bank Branches Less Often
  • Leverage Digital Platforms for Transactions
  • Embrace Automatic Savings Transfers
  • Implement Recurring Transfers
  • Transition to Digital Payment Methods

Monitor Finances More Frequently

I’ve found myself checking my account balances and transactions more frequently. This is largely due to the ease and convenience provided by digital banking platforms. With real-time access to my financial data, I can monitor my spending patterns, track my investments, and make informed financial decisions promptly. This has given me a greater sense of control over my finances, providing peace of mind.

However, this increased visibility of my financial status has also led to a tendency to spend more than I initially intended. Knowing that I have funds available can sometimes lead to impulsive purchases or investments.

Michael SchmiedMichael Schmied
Lead Financial Consultant, Kredite Schweiz

Prioritize Privacy in Digital Banking

Since I started using mobile banking, I’ve become more focused on keeping personal information private. I’m very careful about what I share on social media, especially since my accounts are public or open for anyone to see. I think even simple details like my birthday or my pet’s name can be risky to share because they’re often used in security questions like ‘What is your pet’s name?’ or for verifying identity using birthdays.

To keep my personal life private online, I do things like set my profiles to private so only my friends or followers can see my posts. I have to approve anyone before they can connect with me. I also share less information. I don’t think it’s necessary to share my birthday or where I am on social media. Only people who really need to know, like close friends and family, already know that. And I’m careful about new connections. Social media connects you with new people, but not everyone might have good intentions. I’m cautious about adding people I’ve never met in real life or don’t have any real connection with.

For people who bank online, I recommend being extra careful with personal details. If you need to share a password, use encryption to prevent others from seeing it. The safest way is not to send personal details like passwords or account numbers through email or social media messages.

Thomas FranklinThomas Franklin
CEO & Co-Founder, Bitinvestor

Visit Bank Branches Less Often

Since it’s possible to do many things online, such as checking account balances and transferring money between accounts, I have been visiting bank branches less often. It’s still useful to visit a bank branch occasionally to withdraw money from an ATM or get assistance from the tellers, but many things can now be done online, and this includes depositing checks.

Eric NovinsonEric Novinson
Founder, This Is Accounting Automation

Leverage Digital Platforms for Transactions

I’ve seen the benefits of remote banking firsthand. It has streamlined many financial processes, making them more efficient and accessible. One adjustment I’ve made is the increased use of digital platforms for transactions and financial planning. These platforms offer convenience and flexibility, allowing me to manage finances anytime, anywhere.

I’ve also leveraged the analytical tools provided by these platforms for better financial management. They offer insights into spending patterns and help in making informed financial decisions. This shift to remote banking has not only changed how I handle my finances but also provided opportunities for improved financial management.

Ricardo FerrerRicardo Ferrer
Chief Financial Officer,

Embrace Automatic Savings Transfers

With the rise of remote banking, my personal financial habits have shifted toward digital transactions and online account management. One adjustment I have made is setting up automatic transfers to my savings account directly from my paycheck.

This ensures consistent savings without the need to visit a physical bank branch. Additionally, I’ve started using budgeting apps to track expenses and monitor my financial goals, providing greater convenience and flexibility in managing my finances remotely.

Perry ZhengPerry Zheng
Founder and CEO, Pallas

Implement Recurring Transfers

As Co-Founder of FinlyWealth, I help others build healthy financial habits. The rise of remote banking has definitely influenced my own habits.

One key change is that I now schedule recurring automatic transfers. With everything online, it’s easy to ‘set and forget’ moving money on a schedule.

For example, I have automatic transfers from my checking account to my savings and investment accounts each pay period. This hands-off approach makes saving and investing seamless.

Previously, with in-person banking, I had to manually go to a branch or ATM to move money around. Remote banking streamlines the implementation of a system that maximizes growth.

Automating transfers ensures I pay myself first before spending. It’s transformed managing finances from a chore into a smooth, habitual process. This simple adjustment has boosted my savings rate tremendously.

Abid SalahiAbid Salahi
Co-Founder & CEO, FinlyWealth

Transition to Digital Payment Methods

As remote banking gains prominence, I’ve adjusted my personal financial habits to align with the shift away from cash and check payments.

One significant adaptation I’ve made is transitioning to digital payment methods for collecting payments, particularly in my real estate investments. Instead of relying on traditional cash or check payments, I now utilize online payment platforms and electronic transfers for collecting rents, mortgage payments, and other financial transactions related to my properties.

This shift has not only streamlined the payment process but also enhanced security and efficiency while minimizing the need for physical interaction. Embracing digital payment solutions has allowed me to stay ahead in a rapidly evolving financial landscape.

Abby ShemeshAbby Shemesh
Chief Acquisitions Officer, Amerinote Xchange