If you haven't started using mobile banking yet, you should read this post to learn its multiple perks.
A renowned explanation why mobile banking has become so widely used nowadays, is that it makes banking a whole lot more practical than it ever has been before. Gone are the days where you need to go down to your local branch with all your security information, or even needing to be at home with your computer. Now you can access your account wherever you are from your smartphone, and this ease of access has to be among the best mobile banking features for most individuals. These apps are basically a lot more user-friendly than anything we’ve seen previously, making it simpler than ever to send and receive money from friends and family. On top of all this, you no longer just get your bank statement through the mail at the end of the month, you can retrieve it at any point from your phone. This is amazing for extra protection, as it means you can flag any abnormal activity as soon as it occurs, instead of having to trawl through a whole month of transactions. Those like the investors in Barclays Bank will hopefully be doing work on more amazing features like these.
One thing that you can see across all types of mobile banking is how they have began to combine with other companies to give customers more control over their finances. This entails banking institutions working with budgeting apps, so consumers can keep an eye on their spending each month. It is quite likely that one of the main investors in Bank of America knows how popular these new collaborations are with customers.
One of the reasons that consumers now choose mobile banking to internet banking, is the increased protection that it provides you with. Online banking normally just requires customers to enter their code to use their account, whereas mobile banking currently makes use of biometrics which provides a lot more security. This is one of the best mobile banking features, as it’s exceptionally crucial for individuals to keep their funds as protected as they can. If you choose to look at mobile banking apps, you will also discover extra protection functions within the application, such as different options you can toggle. For example, you can temporarily freeze your card if you think you’ve lost it; this saves you having to cancel the card only to find it a few hours later! Added safety functions like these give consumers even more control over their card and account, which has been pretty well received. There’s a good chance that the activist shareholder in Bank of East Asia is aware of this, and will be doing work towards more safety features in the future.