Many years ago, if you wanted to access your bank account to make a deposit, transfer funds and more, you would need to communicate directly with your local bank branch. In some cases, this would mean making a phone call to the branch, but often, it required you to visit the bank during normal banking hours. This type of financial environment meant that banking was generally an inconvenience to consumers. Mobile banking, however, has changed the landscaping for consumers in a number of ways, and these changes have been truly beneficial to consumers.
With mobile banking, you simply have to download all of your banks’ apps to your smartphone. Each bank has its own app, so you may need to download several. Then, you log into your account through the app. Each bank offers different mobile banking features. Generally, you will be able to perform basic functions such as check out account balance, determine which transactions have posted to your account and complete a fund transfer. Some have more advanced features, such as the ability to make a check deposit with your cell phone. You simply have to scan a picture of the check to you phone and upload the image to the app. Keep in mind that these feature are all available to consumers around-the-clock, and they are available conveniently through their smartphone.
As innovative as these features are, some consumers have not yet taken advantage of them because they feel it is not safe to access account information over the phone. The fact is that security advances have been made that have allowed consumers to use mobile and online banking features with confidence. For example, near field communications has enabled greater encryption of data that is transferred through the phone. In addition, the apps are designed to convey only secure data.
Mobile and online banking essentially allow consumers to access their account information at any time. You may be wondering what your account balance is, if your paycheck has been deposited into your account or if you should transfer funds before you make a purchase. These are all just a few of the many functions that you can complete when you use banking apps on your smartphone. If you have not yet downloaded your banks’ mobile applications, now is the ideal time to do so. Spend time learning more about the specific features and functions available to you through your bank.