We can’t predict the future, but predictive technology can help you manage your accounts.
Digital banking is helping many business owners handle the ongoing COVID-19 crisis and improve their business’s operations. For instance, Wells Fargo mobile check deposits1 increased as both small businesses and consumers experienced the convenience it offers, from staying socially distant to saving time. And while features like mobile check deposits help consumers and business owners alike, there are a number of unique ways for business owners to use digital banking to help stay on top of their finances going forward.
To best explain how you can leverage digital banking features to help boost your business, we’ll start with the most common, so you can get a sense of how digital banking has evolved to make life more convenient. Then we’ll look at how new developments, including artificial intelligence, are emerging to help you manage your money.
Going beyond convenience
For many businesses and consumers, digital banking is about convenience. Checking balances on a digital device, like a computer or mobile phone, can help you stay on top of cash flow in between your monthly statements. In fact, a big reason many businesses owners enroll in digital banking in the first place is to manage and monitor their accounts.
But, if that’s all you do, you could miss out on features that may help your business finances. For instance, you can automate paying your bills, via Wells Fargo Bill Pay, so you don’t have to worry about missing a payment. Alternatively, mobile check deposit enables you to deposit checks from clients without having to go into a branch.
While those are transactional examples, it’s important for business owners to realize digital banking goes beyond just the transaction. For instance, Wells Fargo partners with accounting software providers like Xero®2 and QuickBooks® Online3 that can sync your books to your bank accounts, making it easier to reconcile your accounting.
Going digital doesn’t mean ONLY digital
Your banker is an important member of your business network and that doesn’t change when you use digital banking.
Some business owners may not realize digital banking may even make it easier to talk to your banker directly, since you can use the Make an Appointment feature to easily set up a time to talk.
If you’ve already used digital banking to stay on top of day-to-day account management, you may be able to focus on more ideas with your banker, like your plans for growth and strategies to fund them.
We provide an array of options, allowing you to customize the level of security that works for your business.
Features such as two-step verification further secure your sign-on. And Account Access Manager lets you easily control who has access to your accounts. These are just two ways that digital banking helps you further protect your business.
In addition to information security, digital banking may also offer some security in a health sense. Social distancing is still the norm, and digital banking can help you minimize in-person contact and the need to visit a branch. In addition to mobile check deposit and paying bills, which we discussed earlier, you can use Control Tower® to turn your business credit and debit cards on and off.®4 You can also leverage contactless payments by setting your business cards up in your digital wallet.
As we work toward a new normal, digital banking can continue to help you distance, whether it’s accepting touchless payments from your customers or digital payment options in your personal life outside of work.
Banking for the future
We are also harnessing future technology. Did you know that we use artificial intelligence (AI) to provide personalized account insights, which can help you prevent overdrafts? You may be benefiting from AI without even knowing it.
The predictive banking feature within the Wells Fargo Mobile® app analyzes your cash flow patterns and upcoming expenses to identify potential shortages in your business account, so you can prevent disruptions before they occur. This feature is driven by AI.
This same technology can help you analyze your spending, spot if you’ve been double billed, identify missing expected deposits, and find unusual activity or savings opportunities.
Although we live in uncertain times, digital banking can help you stay in control of your finances. Whether you check balances to help stay on top of cash flow or use mobile deposits to help save time, digital banking can help you worry less about money so you can focus on bigger issues — like how to grow your business going forward.
1. Deposit limits and other restrictions apply. Some accounts are not eligible for mobile deposit. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply. See Wells Fargo’s Online Access Agreement for other terms, conditions, and limitations.
4. Turning off your card is not a replacement for reporting your card lost or stolen. Contact us immediately if you believe that unauthorized transactions have been madde. Turning your card off will not stop card transactions presented as recurring transactions or the posting of refunds, reversals, or credit adjustments to your account. Any digital card numbers linked to the card will also be turned off. For debit cards, turning off your card will not stop transactions using other cards linked to your deposit account. For credit cards, turning off your card will turn off all cards associated with your credit card account. Availability may be affected by your mobile carrier’s coverage area. Your mobile carrier’s message and data rates may apply.
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