Is your bank account as tech-savvy as you?

We live in a rapidly evolving world, and nowhere is that truer than in the realm of technology. With most of us carrying a smartphone everywhere we go, Australians are more tech-savvy than ever before, and it's vital for the products and services we use to reflect that.

However, there are some areas where businesses are still lagging behind, and this can cause issues with everything from security through to ease-of-use. If your existing bank account - or the platforms you use to access it - aren't up to scratch, it could be time to look at upgrading. That's where Beyond Bank's Purple Transactor Account comes into play, and in this article, we'll be looking at a few of the technological innovations that make this account perfect for the modern Australian.

1. Instant transfers.

In years gone by, the limitations of banking technology meant that even if you processed a transfer online or through your mobile banking app, it could still take anywhere from a few hours to a day to arrive at its destination. Under Australia's New Payment Platform (NPP), that has changed. Now, it's possible to use cutting-edge services such as Osko* to send money instantly, and you won't even need the recipient's account number! Using a PayID^, it's possible to address transfers using an email address or phone number.

Use of these features of the NPP is built into the Purple Transactor Account, and you can even create your PayID through the Beyond Bank App or Internet Banking! It couldn't be easier.

2. Security.

As you'd expect, improved technology for customers also means that there are more advanced tools available to anyone attempting to gain access to bank accounts that don't belong to them. To protect against this form of cybercrime, it's vital for bank accounts to come with the very best security mechanisms, both online and when accessed via mobile.

One of the ways that the Purple Transactor Account achieves a high level of security is by leveraging the new technologies already found in mobile devices, such as fingerprint identification and the ability to pay with a tap of your smartphone. These features limit the number of times you'll have to physically enter your password and get out your wallet, making a huge difference to your overall level of safety when paying or transferring money.

3. Improved banking tools.

Finally, what pushes a bank account from 'good' to 'great' is access to tools that can improve your finances. These come in all different forms, including the likes of Apple1, Google2 and Samsung3 Pay, which make it possible to combine your wallet and your smartphone into one item. Not only do these 'digital wallet' applications provide you with more convenience, but they also reduce the potential for your card to be lost and subsequently used by somebody else.

Another tool that comes with the Purple Transactor Account is the ability to use it with our Beyond Finance Manager. This platform is designed to track and display how your money is spent, providing you with a clear, simple readout of where your money is going and whether or not you might be able to save more effectively in the future.

These are just a few of the features that make the Purple Transactor Account a great choice for tech-savvy Australians who want their banking to utilise modern technology. Just as importantly, the account is almost entirely fee-free<, have a competitive fee pricing and accessibility across ATMs, EFTPOS and BPAY.

To find out more about the account, get in touch with the team at Beyond Bank today.

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*Osko® is the first service available on the New Payments Platform (NPP) and is backed by BPAY Pty Ltd. It will make sending and receiving money faster.

^PayID is an alternative way to address payments. You can use this instead of remembering or sharing your BSB and account number. A PayID can be a mobile number or email address, and for businesses can also be an ABN or Organisation ID.

1 Apple and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay works with iPhone 6 and later in stores, apps and websites in Safari; with Apple Watch in stores and apps; with iPad Pro, iPad Air 2 and iPad mini 3 and later in apps and websites; and with Mac in Safari with an Apple Pay enabled iPhone 6 or later or Apple Watch. For a list of compatible Apple Pay devices, see here.

2 Google Pay is available on all non-rooted Android devices (Lollipop 5.0+). For full Terms and Conditions, view here.  

For a full list of compatible Samsung Pay devices and Terms and Conditions, visit here.

This information has been provided without taking into account any of your objectives, financial situation or needs. You should consider whether it is suitable for your circumstances before acquiring this product. 

All loans are provided by Beyond Bank Australia Ltd ABN 15 087 651 143 AFSL/Australian Credit Licence 237856. © 2021.

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