Online banking is surging with new ideas. The cash advance lenders who adopted no-fax loans discovered that customers appreciated the now simpler application process. Folks are continuing to take advantage of the continuing advancement of new age banking opportunities.
Cash advance lenders have fast money competition.
The most recent advancement in online banking is offered up to those with smartphones. Phone applications for certain banks can be downloaded. With a few minutes spent on uploading verifying information. People will now take fewer trips to the bank. Remote deposit capture is a fancy way of saying that you can deposit checks directly into the bank by taking a picture of it and with a touch of an app button; send the money straight into your account. Talk about instant cash. Cash advance lenders may have some catching up to do in the quick money department.
This remote deposit capture system is not new. There have been select banks using this feature up to two years now and other banks are now catching up with customer convenience opportunities. It may take a while before the majority of banks put this system into place. It may take even longer before the majority of people use the feature.
- There are many folks who still appreciate tellers and the human transaction.
- Others do not trust the automated online banking systems.
- Not everyone uses a smartphone.
- Not offered at their bank or credit union.
There are some hurdles to get over; in the meantime, those who do use the system are fairly satisfied with the ease and instant deposit without having to drive across town. It is the not having to spend time travelling across town which helped increase the online cash advance industry to become one of the leading fast cash opportunities. People are willing to pay for convenience. It will be interesting how many individual will switch to smartphones in order to participate in all of the convenient applications.
What’s in store for future online cash advance lenders, banks and credit unions?
There is speculation on a new service to be offered by banks where a person could pay bills through a similar remote capture. Imagine taking a picture of the paper credit card bill and sending it into the bank to set the payment. You won’t have to log online and schedule the payment; once the data is set on the application remote bill payment capture will do the work.
What else can they come up with? Would cash advance lenders be able to submit deposits in a similar fashion or possible receive payments via a smartphone application? I’m sure whatever system comes out, the banks and credit unions will take a few years to work out the kinks. I’m also pretty sure that it will take even longer to get the majority of consumers on board. In the meantime, a cash advance will continue to be the small player in the online banking industry doing what it does best, offering short-term loans to curb a financial emergency.
