Scott Anderson, CTP, VP, Treasury Management
As the saying goes, “Change is the only constant in life.” But when it comes to the technology in your life, how do you handle change?
The COVID pandemic has put a real focus on doing things differently. Many of us had to adopt to working remotely, teaching the kids how to complete online coursework, and even learn how to host a Zoom meeting so we could see grandparents and enjoy family events.
Did you embrace the benefits of technology or did it leave you feeling like your cup was half empty?
Even though it presented a challenge, the technology we made part of our daily lives over 2020, provided benefits that will go beyond this tumultuous time. Some good things that might continue include:
Technology has given us the flexibility to work from home, on the go, and in a variety of other productive situations our past selves would have had to gone without.
- Remote Work Environments – whether you loved them or hated them, remote working promoted flexibility to employees and economic benefits to companies struggling with reduced income. In fact, based on research from Harvard and Stanford Universities, a Forbes report claims on average remote workers are 35-40% more productive than their office counterparts and have measured an output increase of at least 4.4%. With online meetings, workers are increasing their efficiency even further by eliminating unnecessary travel time, mileage expenses, and more.
- Online Learning – The kids may not like this one, but with schools and students becoming proficient with online learning, inclement weather days could become a thing of the past. Additionally, many educators have reported an increase in class engagement. In the classroom, students may hold back in answering questions and general engagement for fear of getting an answer wrong or looking silly. But when using electronic polling and private messaging, it can be easier for a class to engage with the teacher and for the teacher to see who may be misunderstanding content.
- Banking Made Easier – Of course the banking world has also embraced digital and contactless transactions, giving you choices in how you wish to manage your finances. At Waterford, we offer an array of technology meant to simplify your life – whether that’s saving you a trip to the branch with Mobile Check Deposit or giving you a one-stop shop to manage and move your money through Online Banking from the comfort of your home or office. Wherever you are and whatever you need your banking to do, we have the team and tools to help get it done.
- Social Engagement – From personal gatherings to organizational outreach, having ways to connect online has opened the door for more individuals to attend social gatherings. For example, livestreaming events can help long-distance relatives attend your child’s birthday party or worshipers attend a church service they otherwise could not have physically come to.
Technology Challenges Persist
Of course, on the flip side of the coin, technology provides its own specific challenges that must be overcome to reap its rewards.
Smaller organizations or personal users may experience deficiencies like the lack of equipment or WiFi, connecting with a new client online may feel a bit impersonal, and scammers are always looking for new opportunities to take advantage of inexperienced technology users.
Our Team is always ready to help customers understand and efficiently use the latest technology we offer.
So how do you overcome these obstacles? There are many resources available. Take advantage of WiFi, computer access, and private meeting rooms at your local library or community centers. Research the latest tech scams through Better Business Bureau Scam News and the Federal Trade Commission Scam Alerts and remember open WiFi networks like those at a café are not secured or encrypted. These popular places can be prime targets for anyone looking to swipe your data. Finally, don’t be afraid to ask questions. A tech savvy friend or your trusted treasury management partner can help bring you up to speed on correctly using the latest tools available for your applicable personal and business needs.
While technology provides you with different ways to do your banking, we take pride in the relationships we have with our customers. If you want to explore our technology or other financial products, our experienced bankers will be here to back you up. Contact us here to see how adding a little relationship to your banking can make a big difference – and in the meantime here’s to hoping your cup is always half full. Cheers!
About the Author
Scott Anderson is a Vice President of Treasury Management at Waterford Bank, N.A. in Toledo, Ohio. As a Certified Treasury Professional (CTP), Scott specializes in helping you optimize cash flow, maintain liquidity, manage risk and operate more efficiently. He is always interested in learning more about your business.