There is no doubt that mobile banking is here to stay, but what are its benefits? Almost 21 percent of mobile phone owners reported having used it within the past year. And according to a recent Forrester survey, nearly a third of mobile phone users said they would consider performing financial transactions using their mobile device. While many consumers still see the mobile experience as a novelty, most of them only want to do basic transactions. But how can mobile banking improve the lives of ordinary consumers?
First, mobile banking apps should make it easier to use their services. Users can view account balances, review transaction history, and manage their investment and insurance policies. In some cases, they can also cancel subscriptions and negotiate lower utility bills. It is a good idea to use two-factor authentication when banking using your mobile phone. This method is more secure than relying on your memory. You can set a question to remember your first school name as an extra layer of security.
Another benefit of mobile banking is the convenience it provides. In the US alone, nearly half of all smartphone users use mobile banking applications. These apps give customers more convenience to conduct financial transactions outside of a bank. In some cases, users can even deposit a check just by snapping a photo. Despite its convenience, mobile banking apps are still evolving and need to be tested before becoming mainstream. You can find more information about the advantages of mobile banking by visiting our guide to mobile banking apps.
Mobile banking is a convenient, easy-to-use alternative to online banking. It allows users to access their accounts without logging into a computer. You can also receive and send notifications and alerts from mobile devices. It’s possible to perform many of the same financial transactions as you would with online banking. However, the most significant benefit of mobile banking is the convenience it provides. While using mobile applications is convenient, many users are not aware of how it works.
To protect your account information, ensure you use a secure mobile banking app. Using mobile banking apps is safe and secure because most banks use encryption for their services. This protects your identity, financial information, and privacy. Using a password that is strong enough and has several different layers of security is a great way to ensure that your information remains secure. Similarly, using a PIN number or fingerprint sensor on your phone to log in to your mobile banking account is a great idea if you use public Wi-Fi networks.
The popularity of mobile banking has only increased as more activities can be conducted outside of physical branches. More than 80 percent of American consumers say they can manage their money without going to the bank to do so. More than half of them would never go back to traditional branches or paper statements. With the growth of mobile banking, consumer expectations are shifting. Consumers expect mobile banking to be convenient and secure and come with added features that improve financial health. So, how can mobile banking help consumers?