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The Benefits of Banking from your Mobile
For many of us, our smartphone is a major part of our lives, and we usually make sure to have it with us wherever we go.
We spend time reading, using apps, playing games, making purchases, as well as accessing our personal financial data. The ability to access so much information easily has changed the way we engage with our financial environment.
The mobile revolution is continuing to transform the way we do our daily tasks, especially how we do our banking. Banking from a mobile device is an easily accessible and convenient way to do even the most tedious of banking chores. The ability to transfer funds, pay bills, and access financial information from a smartphone or tablet is an attractive alternative to making a trip to the bank.
With online mobile banking we can easily log in to our account whenever we need. You can even log in with your fingerprint for fast and secure access to your information. Many online mobile banking apps allow you to complete a huge range of transactions like transferring funds and paying bills. Some apps are customizable to send you notifications regarding cost saving, future expenses, and financial tips based on artificial intelligence data analysis. Consumers are increasingly turning to mobile banking and making less trips to their bank branch. If banks want to retain their customers they need to move fast and improve their mobile offerings. If they can’t keep up with technology, customers are likely to look for something better.
So the race is on. Many banks and financial institutions are further innovating their internet banking mobile services. There are always new and exciting technologies emerging that aim to improve our mobile banking experience.
What mobile banking technologies and services can we expect to have access to in the near future?
One of the most innovative new technologies that alter the way we interact with machines is speech recognition. With this new feature, customers can log into their account and complete banking transactions by simply speaking into their phone. Speech recognition technology can enhance the customer experience as well as serve as a useful tool for people with disabilities.
Artificial Intelligence (AI) Robots
AI technology is disrupting many industries especially the finance sector. One way it will change our banking activities is through digital robots that will provide banking assistance to customers. Through artificial intelligence, these robots can analyze financial data and give customers advice based on that data. This can help customers make important financial decisions based on real data analytics. As a customer interacts with the robot more frequently, it will learn even more and become even more efficient at its job.
Mobile Banking is the future
Banking from mobile devices has become the preferred method for conducting financial transactions. Banks and financial companies are striving to adapt to the online mobile banking environment by innovating and improving mobile capabilities. Additionally, we can also expect even more advanced financial technology to be accessible from our phones and tablets in the very near future. This is right both to business banking and individual banking.
What is online mobile banking?
Online mobile banking is available from most brick-and-mortar banks and financial institutions that want to provide customers with a way of doing your banking without having to go to the bank. With mobile banking you can make financial transactions, using your smartphone or tablet. This is usually done through a mobile banking app provided by your bank. Customers simply download the app, go through some security procedures (to confirm your identity) then start making remote transactions anywhere at any time. You can do mobile banking by logging on to your bank’s mobile website; accessing your account via the bank’s app or by text message(SMS). Mobile banking can usually be used for making financial transactions; checking your bank balance; making remote deposits; using the Smartphone’s camera to deposit/transmit cheques and seeing transaction history.
What is the difference between internet and mobile banking?
Although mobile banking and Internet banking have a lot in common there is a difference. Mobile banking is done on your smartphone or tablet through an app connected to your brick-and-mortar bank. E-banking is done on your computer or laptop over the Internet via your bank’s website. Internet banking through your bank’s website involves signing up for the service, going through security checks (confirming you own the account, email address, password, security questions etc.) then doing your banking from your personal computer or laptop. With Internet banking on your bank’s website you can usually get all of the traditional banking services. Like mobile banking you can use Internet banking 24/7, view your account, make transactions and even print statements.
What are the advantages and disadvantages of mobile and internet banking?
The Advantages of Mobile and Internet Banking:
- If you have a smartphone, tablet or computer with Internet connection you can conduct your banking from anywhere in the world.
- If you have a smartphone, tablet or computer with Internet connection you can conduct your banking at any time night or day.
- Lower costs than regular banking.
- Time saving – no need to drive to the bank and wait in line.
- Keep close tabs on your finances with convenient access.
- Get instant alerts to financial fluctuations in the market.
The disadvantages of Internet and mobile banking:
- Some financial institutions limit the type of transactions you can make and the type of account you can use with mobile/Internet banking.
- There can be a limit it to the amount of money transferred in mobile banking transactions.
- As with any electronic transaction there is also a question of security. There can be issues of remote-hacking, jammed devices or even use of your bank details if your device is stolen.
- If you have no Internet connection you are stuck without being able to make online transactions.
- Sometimes you just need that personal touch – a real person to talk to, explain things and help you make your transaction.
- You have to have some level of technical proficiency/computer literacy to use online or mobile banking.
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