Online Banking Trends Win Comment from Republic Bank of Chicago Halikias

PHILADELPHIA, PA, May 22, 2013

Online banking is something that Republic Bank of Chicago Halikias business, offers their clients. It is a trend that has gained increasing popularity over the past few years. A recent article in The Star discusses the convenience that online banking provides to consumers.

For one Canadian mother, finding time to stop at the bank just isn't in her schedule. Between caring for her son and managing a busy work load, for Kelly Russett, the time isn't there. The article explains how online banking options are more conducive to her lifestyle. Rather than battling traffic, waiting in line, and talking to a teller, she can bank from home. Russett comments, "For something that might take a half hour, I can do it in two minutes online and without standing in a line. It's super easy. I use it to transfer money, pay bills, and check investments." Many others are taking this approach as well.

While online banking is not a new concept, it is becoming increasingly popular. Forty-seven percent of Canadians use the Internet as their primary way to bank. When it comes to managing finances, 91 percent say the Internet makes it easier. Not everyone supports this new shift in trends, however. Some customers prefer the face-to-face interaction they receive from a teller. Sixty-nine-year-old Annette Hogan can't imagine having to do all of her banking online. As a business owner, she has always dealt with tellers and the thought of going online is overwhelming. "Well, I'm sorry," she says. "I would have to go to school to learn how. At my age, I'm ready to retire." While online services are popular with younger more tech-savvy crowds, for older individuals, they aren't as adept at using technology.

The article notes that not all online trends have taken off, however. A survey by the Canadian Bankers Association shows that only 27 percent of consumers would use their phone to make purchases. Another 68 percent said that it was unlikely. Many consumers fear security risks when using their phones. Even Russett admits she is hesitant, not trusting the banking applications.

In Canada, the banking industry is making smart phones a more convenient option. One Canadian credit union is experimenting with technology that allows consumers to deposit checks by simply taking a picture and uploading the image through the Deposit Anywhere application. The article also discusses a recent trend in using phones as "digital wallets" to pay for items at the store. Developments in Quick Response, or QR, codes and near-field communication are making this possible. As more technology is created, more opportunities exist.

Republic Bank of Chicago, Halikias-owned banks, weighs in on the online banking trend. "Consumers continue to get comfortable with increasing use of online banking," comments a bank representative, "but also continue to want in-person financial conversations. Consumers what more personalized, timely, and valuable connections with banks. Retail banks that succeed in providing a seamless customer experience across all channels: branch, mobile, and online, will be the frontrunners of the future. Superior customer experience will be the only sustainable differentiator." Republic Bank of Chicago, Halikias business, is committed to providing customers with creative solutions to their financial needs while providing high-quality service.

ABOUT:

Republic Bank of Chicago Halikias business, is a 16-branch banking corporation located in the Chicago area. It offers online access while still providing customers with in-person service as well. Customers can access a wide variety of services from checking and savings accounts to loan options.