Online banks revolutionized brick-and-mortar banking by making it greener, quicker and more convenient.
Now, online banking is going mobile to offer consumers even more perks, such as heightened security, easier access and a plethora of helpful applications for smartphones.
Here are some of the advantages of mobile banking:
- Consumers have a greater handle on their money since they only need a mobile connection to access their accounts. No Internet service is required.
- There are fewer surprises, as customers can check their balances and transactions anytime.
- Consumers can get alerted about various situations, such as if their account is low.
- Despite its perception, mobile banking is secure, perhaps even more so than online banking. Malware is less likely to threaten mobile bank customers due to the sheer abundance of platforms.
- You’re protected even if you lose your mobile device. Personal information is password-protected and secured by other identity confirmations. Additionally, you can disable your phone remotely.
- Through certain banks and applications, you can monitor your spending through a virtual wallet and make payments.
- Mobile banking is free. Banks currently aren’t charging fees for mobile services.
- Consumers have an added layer of protection against identity fraud: The more you monitor your account, the safer you are and mobile banking lets you do just that.
Admittedly, mobile banking doesn’t offer as many functions as online banking. Most mobile banking functions are basic and are simply an extension to the Web.
But experts agree that mobile banking features are still worth using, and these functions continue to improve.