In recent years, as mobile banking has become increasingly popular, it has become an important tool in the lives of more and more people all over the world. And no wonder: it’s a easy and convenient way of handling your funds. And while mobile banking has numerous benefits, it also has some disadvantages. How did banking services change with electronic banking?
More than 79 percent of smartphone owners have used their phones for online shopping in the last six months. Statistics say that in 2019 alone, over 75%, or approximately 246 million Americans, used their smartphones to check their bank balance. And there will be over 7 billion smartphone devices worldwide by 2021.
Electronic banking has changed the perception of banking services dramatically for anyone who owns a smartphone. Technological innovation has made it possible for mobile banking to establish an utterly groundbreaking approach to the entire experience of money management.
What is mobile banking?
It is an application that functions as your own pocket bank on your smartphone. Without the need to go out and sit in the queues waiting to be served, this app works. Your bank recommends that you sign up for an app where you can deposit checks, keep track of your bank balance, get informed of the latest news, alerts and deals, find ATMs in your location, and other mobile banking advantages available for customer disposal.
Features of the mobile banking app provide 24-hour access to account balances, account history, and purchases, payments for bills and loans, and travel services. The primary and most important one, in a heartbeat, helps you to transfer funds from your bank account to another.
Let’s move closer to the benefits of mobile banking applications that can save you time, money and effort.
The banking and overall finance world is one of the oldest and most prominent industries in the world. Like any other industry, it is adopting new technology and methods that make it easier for all parties involved.
A major sector that was adopted relatively recently is mobile banking, and now it seems like it may be the future of banking and how everyone will do their banking. It is tough to argue that mobile banking is a smart option to pursue, but still, there are some key downfalls.
Timesaving
The old days of driving to the bank to check your balance or deposit a check are obsolete unless you refuse to adopt to online banking. Most ordinary functions that you used to do at a bank are now pretty easy to do with a mobile banking app.
It also makes sense because we are on our mobile devices more than ever, so why not do all of your banking needs from your device? Financial institutions have noticed that younger generations are not in favor of going to the bank, so they have made your mobile phone capable of it.
Instead of wasting time driving to the bank and waiting in line, you can do it all from your phone!
Accessibility
Another key reason why mobile banking software makes sense is because of the accessibility argument. In the old days, most people used a local bank and if you lived in a rural area, they probably only had one location.
That means that if you were away traveling, you had no chance of checking your balance or depositing a check. Flash forward to today, and now you can do all of this if you have an internet connection. It is mind-blowing the amount of accessibility that we have to our finances with just the click of a button.
Most people would say that the amount of accessibility that you have with mobile banking is what makes it so appealing and worth getting involved with.
Security
Now, it is time to talk about arguably the biggest drawback of mobile banking and why there are still people that refuse to pursue it.
Because we have everything on our phones that is related to our banking identity, it does raise some concerns that it is not safe, and we would be at risk for a security breach. While we have been relatively lucky thus far, there have been security breaches in the past for some financial institutions. There is a lot of information that we carry on our mobile devices, so it is naturally going to attract hackers.
Mobile banking software is always improving, and that means that there are more and more security solutions arriving in the marketplace to overcome these hackers and barricade all of our information. Hopefully, you never have to deal with any security threats because your bank is totally safe.
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