8 Reasons Why You Need Digital Banking

Posted on December 18, 2024

IMAGE: Person holding phone and smiling with dollar sign icons above phone With the rise of smartphones, tablets, and other technology, making money moves is faster and easier than ever through secure channels like Digital Banking. Learn more about the benefits and view a few how-to videos for Texell’s Digital Banking.

Here’s a run-down of the main benefits of Digital Banking:

1. Convenience

It may seem obvious, but the top benefit of Digital Banking is convenience. Digital Banking makes all your financial tasks easy so you can spend more time doing what you enjoy. Some of the convenient features include:

Deposit Checks: Use Digital Banking on your phone to deposit checks anytime.¹
BONUS Reward Points: View your BONUS Reward Points and redeem them for cash, gift cards, travel, event tickets, and so much more!
Bill Pay: Make quick, secure scheduled payments either one-time or recurring through Digital Banking.

2. Security

Digital Banking uses encryption, multi-factor authentication, and biometric logins like face ID or fingerprints to keep your information secure. When using a new device, Digital Banking requires a two-factor authentication (2FA) as an additional layer of security. For your everyday account monitoring, you can continue to receive 2FA codes or use an authenticator app as an additional layer of security, if you prefer. Of course, it is always best practice to monitor your account daily, and send a secure message through Digital Banking if you see any suspicious activity.

3. Credit Score & Monitoring

Digital Banking provides access to your credit score, credit report, and includes credit monitoring to ensure credit hasn’t been opened in your name. With Credit Score, you can get daily updates to your score, set real-time monitoring alerts, and view your credit report. You can also learn how to improve your score with the credit score simulator or save money with the best rates. Learn more about Credit Score.

4. External Transfers

Whether you need to transfer funds to an account at another financial institution or transfer funds to another member, you can carry out these transactions faster without ever stepping inside a branch. Learn how to make an external transfer in Digital Banking in this short tutorial.

5. Setting Alerts

Keep your account secured by setting up user and account alerts. You can set up alerts to send either an email or text message if a user logs in from a new device or changes the information on your account, including email, phone number, username, or password. You can also set up alerts for each type of loan or account, and include alerts based on an account’s balance or transaction amount. For instance, you can set up an alert to be notified when your account balance becomes lower than a set amount, or an alert when a large transaction is made. To learn more about setting up alerts in Digital Banking, watch the short tutorial.

6. Insights & Budgeting

Another benefit of Digital Banking is the ability to track cashflow, budgets, goals, and net worth, all at your fingertips. Set budgets to control monthly spending and set goals to increase your savings. This tool can also help you discover and track your net worth, or the difference between your overall assets versus your liabilities. You can link accounts from other financial institutions in Digital Banking to provide a complete picture of your net worth. Learn more about this important projection of your financial health in Calculating Your Personal Net Worth.

7. Card Controls

Avoid panicking if you suddenly discover that you lost or misplaced your debit or credit card. With card controls, you can quickly mark a card as lost or stolen, freeze or unfreeze a card, and order a new card. You can also activate a card, change your PIN, and update your daily debit card limit if you plan to make a large purchase all within Digital Banking.

8. Apply for loans and open accounts

When you need to add an account or apply for a loan, it’s easier and faster online. With Texell, most loan applications can be approved the same day you apply, and when you need to skip a payment on an eligible loan, you can complete the process in a few clicks in Digital Banking. Learn more about online loan applications and Texell’s Skip-a-pay.

Are you eligible for an Express Loan? You can accept your Express Loan and have the funds in your account in less than four minutes when you use Digital Banking. It really is that easy.