Why You Should Invest in Mobile Banking?

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Steered by high technology and development, the banking industry is witnessing a major takeover of its services adopting to a more secure and painless customer transaction through mobile software and applications.

Statistical reports have claimed that countries in the South-East Asian peninsula alongside Europe are experiencing rapid growth in the number of users signing up for innovative banking services through the comfort of smartphone connections.

By bridging the gap of fintech engagement, banks have empowered their customers with the evolution of granting more payment controls by a few taps. Nowadays it’s not a major requirement to visit banks or ATM and queue outside the bank to open and have your money transferred, account balance checked or have your bills paid on time.

So, What is Mobile Banking?

For those unheard of the new disruptive concept, what makes mobile banking stand out from traditional structures is its full accessibility to all your money matters at any given moment. To put it more broadly, your bank account can be accessed, monitored and utilised from your smartphone saving you all the time being present to complete the task at a physical bank or ATM.

Have a relevant app operated by your bank downloaded at the initial stage on the phone. Thereafter you can sign in easily and avail to as many financial dealings such as deposit cheques, current bank balance, and payment reminders or alerts with plenty of features available close at hand.

Most banking apps comprise the following features:

  • Money transfer
  • Credit score
  • Budgeting/Management tools
  • Loan payments
  • Nearest ATM locator
  • Bill Pay/P2P
  • Risk & Fraud Management
  • Balance information
  • 24/7 access to personal account archives and recent transactions

So, if you decide to invest in Mobile Banking:

  • There is Advanced Security For Your Money

Having sole control of your entire financial data assets through a mobile banking system without being hacked or stolen is always possible.

While it’s essential to log in with a username and password to a mobile banking app, there are additional safety measures that are implemented or enrolled by your bank if you’re not convinced enough.

For instance, two-factor authentication may be installed for identifying the rightful owner of the bank account. This can involve a number digit code sent to either your email or phone to complete the transfer or necessary task.  Options like face scans and fingerprint identification are also available in some banks.

Surely, this can keep criminals away from accessing your most personal financial information.

  • You Save Time with Convenience

The quickest way to settle any debts can be done online when you are logged into your mobile banking app. If you have a friend or family member living abroad who is need of urgent assistance, you can send the required amount in minutes by entering either the recipient’s phone number or active email address.

  • You Are Exposed to Unlimited Access

Viewing your account transactions and receiving alerts through the mobile app even while you’re away from home is an absolute luxury to consider.