Gone are the days of having to visit your local bank to deposit paycheck after paycheck, enduring every tedious tasks that goes into it. Now, thanks to mobile banking technology, depositing a paycheck is as simple as taking a picture through your smartphone.
Users have much more control of their money through this platform, unlike those who rely on just banks, having to jump through several seemingly unnecessary hoops just to grab hold of your money. There are countless benefits that come with mobile banking apps as opposed to traditional methods, with heightened security being one of the more prominent ones.
Security breaches are rare (though possible), making it a much safer alternative. If you were to lose your phone for example, the chances of someone accessing your personal financial information are slim to none. Aside from having to correctly guess one’s password to unlock the phone, all mobile banking apps request another password, in addition to several security questions. Some even harness the powers of fingerprint scanning or facial recognition.
Outside of the app, there are more ways to access your accounts via mobile technology. Apps through Wells Fargo, Citizens Bank, and Capital One (just to name a few) send text alerts on several occasions. These can be to confirm a successful deposit or transfer, reminders, and even alerts of potential threats. Not only that, but these can be downloaded on iPhones, BlackBerry devices, and Android phones.
This industry is continuing to grow as well. Beginning in 2007, the trend was brand new, and approached with scrutiny. People were hesitant to accept this new technology, like most innovations, but soon learned that it was one of the most secure ways to monitor your finances. Today, nearly every popular bank understands the importance of joining this growing industry in order to retain their customers. It’s a convenience that many have come to expect from their banks.
While this may change in the future, presently, there are no fees associated with mobile banking; another luxury that many people enjoy. This may depend on one’s cell phone provider however, or their data plan. But, the banking apps themselves rarely ever tack on hidden or extra fees associated with the normal actions performed throughout.
The simplicity of accessing one’s accounts is widely regarded as the sole reason why so many people have begun utilizing mobile banking. You can check your balances and transaction history at any time, anywhere. The more you pay attention to your accounts, the safer you will be in terms of spending.
The future of mobile banking is something to look forward to. With cryptocurrency being as popular as it is now, the potential growth is immense, and mobile banking itself is still a very young field.