Online Banking - A Bonus for the Environment and Your Wallet

The environment has undoubtedly been the center of attention in many debates over the recent decades. Terms such as global warming, climate change, and the likes are now common terminology. There is clearly a cause for concern in terms of how human kind treats our environment, but what are some of the steps we actually take to tackle the issue?

Technology has been a forerunner to battle the overuse of many natural resources. While computers and servers obviously need electricity, they have for instance vastly reduced the need for paper products. In terms of banking, the online revolution has possibly become the cause of one of the greatest change processes in any industry. 

Is Physical Banking a Thing of the Past?

Banking is one of the true cores of civilization. It is simply just the glue of how our financial system works. Without banking, we would simply not have an institution to keep our money safe, help us with loans to finance purchases we cannot afford, and so much more. Banks have truly evolved from the traditional, physical bank that would be visible in any town. 

Today, most banks are found online. Internet banking has never been more popular, and the physical bank locations are actually closing down rather than growing. While physical banks obviously still operate, this is merely a matter of satisfying the needs of an elder generation. As that generation passes, chances are that physical banks will be almost obsolete in the future. 

After all, physical banks consume an unnecessary amount of resources that are contrary to the online banking concept. First and foremost, banks prefer to be online due to the financial gains, but there is also another benefit inherent in this shift. Clearly, avoiding the unnecessary use of resources, such as paper and electricity in the physical bank, the online banking experience is a great bonus for the environment. 

Furthermore, not only are online banks flexible and practical, but they keep you from making an unnecessary trip down the road. This reduces emissions in a way that is hard to comprehend, but just imagine how often you visit your online bank account, and how many car trips that would translate to!

Online Banking Benefits Your Wallet

It is however not only the environment that benefits, but also your wallet. For instance, the high interest savings accounts present in today's banks are a product of online banking. Maybe even more interestingly, one can also get access to vast stock markets worldwide through a bank, thereby increasing the potential of even higher rates of return. 

Another more minor benefit relates to the change in an electronic-funds world. Through using online banking for payments, one simply does not carry around change that is less likely to be used in another transaction. Here, it will never just lie around, as the online banking experience lets you take advantage of it rather easily through its versatile options. 

Furthermore, it is worth to mention that online banking is a cheaper experience. Maybe you have not experienced the fees of banking as of yet, but obviously a physical bank needs extra income to support its cost. Online banks do have employees as well, but much more of the work is done by the user, and anyways the employees here can reach more than 1000x more individuals through online channels. 

An underestimated aspect of online banking is also the reduced time spent. Sometimes, receiving help from a teller at a bank, with for instance opening an account, can be a painfully long wait. First, you need to wait in line, then go through a laborious process. Online, you simply use autofill and register within minutes. This and many other similar processes can save you time - valuable time that you can spend making money if you are in business!

Online Banking is the Future!

There is little doubt that online banking is the future of the industry. While physical banks are closing down, online banks are booming, and especially younger people love the idea of for instance accessing their bank accounts through their phones. Here, they can check their balance, transfer money, pay off credit cards, or even invest money!

The flexibility and practicality of online banking is perfect for the busy lifestyle that most people have today, but it is the effect on the environment and your wallet that you will enjoy the most. First and foremost, the positive effect on the environment comes all by itself. Reduced use of paper, electricity, and of course the emissions from your potential trip to the physical branch, are all avoided. 

Online banking is clearly the future, and more benefits will be revealed as the concept keeps getting more and more popular!