Mobile Banking Benefits You Should Consider
Most of us carry powerful computers in our pockets with us everywhere we go. So, it seems like a no-brainer to tie online banking to those smartphones and tablets. Indeed, lots of people now take full advantage of mobile banking apps that banks and credit unions offer by using them to check their balances and make deposits. H2: How does mobile banking work?
In a nutshell, mobile banking refers to using a smartphone or tablet-based application that connects one or more financial accounts to your mobile device. For example, imagine you want to
examine your bank account balance but aren’t at home with your laptop. With a mobile banking app, you can log into your account and check everything with a few button presses.
Modern digital banking apps and tools go well beyond just account checks, of course. In fact, the best mobile banking solutions can connect to smartphone wallets for instant payments, come with extra tools for financial services and investments, and much more.
What are the benefits of mobile deposits and banking?
As soon as you start using one, you’ll discover a handful of benefits of mobile banking apps that can simplify or enhance your financial activities. Here’s a breakdown of those advantages for the uninitiated.
24/7 account access
For starters, mobile banking enables 24/7 access to your accounts. If you ever want to check how much money you have in your checking account or want to make sure a payment came through, you can do that without having to wait until you get home. You can also transfer funds between your accounts without needing to visit a branch location.
For most people, this is a nice but not necessary convenience. For others, it might be crucial – imagine waiting to see whether your down payment for a home went through in a bidding war with other prospective buyers. Mobile banking lets you keep track of developments from moment to moment!
Mobile check deposits
Many mobile banking apps now allow you to deposit a check to a checking or savings account using a photo. It’s a fantastic way to send money to your account quickly if you don’t get paid with direct deposits.
The largest benefit is that you don’t have to visit a local bank branch to deposit your paper check. If you’ve previously been limited by your bank or credit union's inconvenient physical locations, mobile banking eliminates those limitations and enables you to access or contribute to your balances quickly. By the same token, many mobile banking apps enable you to pay bills automatically with a single touch. In short, they streamline all your daily financial tasks reducing any concerns you may have for staying on top of your cash flow. Who doesn’t like having one less thing to worry about?
Instant account notifications
When something goes wrong, most of us want to know right away. That's what mobile banking brings to the table via instant account notifications. You get total control over your money so you can react quickly in the event of identity theft or another crisis.
Install your mobile banking app on your phone, and you can set it up to alert you whenever certain things happen, like:
- Someone makes a transaction from your account
- A large deposit or withdrawal is made
- Someone logs into your account
Account security features
That’s not the only extra security mobile banking can provide. Mobile banking apps also come with numerous other security features to make it all but impossible for someone to access your account without your permission. This is a good thing since your bank app is full of sensitive information, like your account numbers and balances.
Two-factor authentication (2FA) features like fingerprint access, security questions, and even Face ID scans ensure that, even if your phone is lost or stolen, the thief won’t be able to access your bank account via the mobile app. In most cases, mobile banking security features are just as robust as the security features for traditional websites!
Control over debit and credit cards
Imagine a nightmare scenario where one of your credit or debit cards is compromised. With a mobile banking app, you can quickly cancel the compromised card and prevent it from being used. That’s a huge benefit when you go on vacation or lend your card to someone – you can rest assured that you’ll be able to handle the security breach quickly if anything happens.
Live chat with customer service
Have a complex or more detailed problem that you can’t solve by yourself? With an online banking app, you can quickly connect with customer service team members through online chat or immediately find a customer service phone number to make a call. In this way, mobile banking gives you greater access to your bank or credit union’s customer service team than ever before.
Click or tap to pay
Mobile banking can be beneficial during your day-to-day activities when it allows you to click or tap to make a payment.
Say you're standing in line getting ready to pay for your daily cup of coffee. With a tap-to-pay mobile banking app, you don't have to take out your card or cash—all you have to do is prep your app and place your phone on the payment scanner/POS. That's it! Click- or tap-to-pay functions are fast, easy, and streamlined. For example, Sharonview’s Mobile Banking app works with Apple Pay, linking seamlessly with your Apple Wallet for quick payments wherever Apple Pay is accepted.
Say Hello to Mobile Banking
All in all, the sheer usefulness of mobile banking makes it a must-have service for your daily life. If you haven’t tried mobile banking already, download your bank or credit union’s online app and give it a shot! The odds are you’ll find it so helpful you’ll wonder how you ever managed your finances without it.