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Because of technological advances, the way businesses operate has changed rapidly in recent years. For example, business owners can now accept credit card purchases more easily with a credit card reader that easily hooks up to their smart phone. Banks are no exception to this phenomenon. Thanks to technological advances, the banking industry has undergone many changes in recent years, including mobile banking, increased channel integration, e-statements, and online bill payment. Mobile banking is one of the most prevalent technological advancements in the banking industry. This practice started off as a novelty, something only the tech-savvy or employees of banks were comfortable using. However, as smart phones became more popular, mobile banking did as well. Many customers now use it exclusively instead of going in person. This is partially due to the fact that online banking has expanded in recent years, allowing customers to do more things online than they could when the practice first started. For example, Chase customers can now deposit checks online by simply taking a photograph of the check and submitting it through the proper channels. This means no more driving down to a Chase branch and handing the check to a teller. Because of the popularity of mobile banking, banks have had to improve their channel integration to make sure that the work customers do on their smart phones or tablets is transferred to the bank's physical location. For example, a customer who starts a loan application online while at work may not have the time to finish it before he heads home, and might want to drive to the closest branch on his way home to finish up the application. Channel integration ensures that the work completed online will get sent to the branch so that the customer will not have to start all over on a new application. Banks must work hard to maintain seamless channel integration to maintain customer satisfaction. E-statements are another advancement that has been made possible due to technological advances. Instead of receiving paper statements in the mail each month, customers can opt into receiving electronic statements via email. This will save banks a great deal of money by reducing paper and postage costs. It will also save labor because employees will not have to spend time putting each statement into a properly addressed envelope. Online bill payment has also grown increasingly popular in recent years. Customers can now choose to pay their bills online directly from their checking accounts instead of mailing in many different checks each month. Instead, they can set up an automatic withdrawal from their checking account on a certain day every month. This ensures that they will not be charged fees due to a late payment and won't have to waste time driving to the post office each time they need to pay a bill. When looking for banks in Kalamazoo, MI, trust the team at Kalsee Credit Union. Learn more at http://www.kalsee.com.
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