Mobile banking apps were available in the market even before the pandemic struck. However, it became a necessity during the lockdown days when social distancing was inevitable. The convenience of mobile banking is the most attractive feature. Most consumers carry their smartphones with them wherever they go. Therefore, a mobile banking app can be used to quickly handle their financial needs as they wish. It is like carrying a bank in your pocket or purse. Here are the most important 7 benefits of online and mobile banking.
- 24/7 access to the bank
Mobile banking is quite different from bank branches as they are more convenient in giving access to your bank accounts anytime you prefer. It will save you a lot of time. You can get several banking services in the comfort of your home through your smartphone. During the pandemic, it helped people to prevent the spread of viruses as they could get banking services without physically going to the bank.
- Optimize your money
You can easily manage your money using a mobile banking app. These apps send alerts to the customers, which helps them to optimize their money easily. Earlier, you had to go to the bank or call your bank executives to get details of your transactions, your daily limit, your account balance, etc. Now, you can do all these things from your phone.
- Easy to send and receive money
It is easy to make transactions using a mobile banking app. The app allows you to send money within minutes without going to the bank and paying cash. You just need the bank account number or mobile number of the recipient to send them money.
- More security
Banks offer protection to your assets, including the transactions carried out through mobile apps. Most financial institutions will ask for a username and password to log in to the mobile app. They also offer extra safety measures to offer more safety for your account. Several mobile apps Multi-Factor authentication which requires a minimum of two verifications to identify it is you who make transactions. Some banks also ask you to scan your face or give your fingertips to safeguard your digital bank account.
- Offer added controls
A mobile banking app remains a remote control to protect your money. Banks are now providing more advanced controls to access bank services and your money. For example, some banks allow users to activate their credit or debit cards from their homes. A good number of banks also allow you to deactivate your credit or debit card in case of losing it.
- Gives clarity to your financial data
Mobile banking apps are giving more control to customers over what is going on with their money. Customers get more transparency on their financial data.
- More tailored choices
Mobile banking apps are tailored to meet the specific needs of customers. Some banks offer special consideration including low interest for communities like LGBTQ+, women, minorities, etc, that need financial help.