In case you are not yet sold on mobile banking, look at this article to find a few of the best functions it provides.
One thing that you will see across all types of mobile banking, is how they have begun to integrate with other businesses that help consumers control their money. For example, a great deal of banking companies currently provide budgeting features on their applications, so you can set a monthly budget and track your expenses throughout the month. Consumers are easily able to see where their cash is going and where they might be overspending. This is a tremendous feature for consumers to be able to utilise, and one of the shareholders in Bank of America will most likely want this to become more refined in the foreseeable future.
Among the things that consumers like so much about phone banking, is the extra security this adds over online banking. Online banking requires customers to enter a password to use their bank account, although mobile banking has started using biometrics, which is far more secure than just a code. Many people think this is a huge advantage of mobile banking over other kinds, because it is incredibly important to keep your money as safe as you can. Also, there are added security functions within the apps, which can be toggled in a moment, much faster than having to call up your bank and answer security questions. One of these functions of mobile banking is being able to temporarily stop your card, and that means you're able to stop all transactions the moment you notice it missing. The added safety functions are a huge reason phone banking has become a whole lot more popular than other forms, and it’s likely that the activist shareholder in Bank of East Asia will be knowledgeable about this.
Among the main reasons why customers are so keen on mobile banking, is that it’s so much more convenient than other forms of banking. There are actually many unique features of mobile banking that make it easier, including the fact that you consistently have your phone on you more often than not, so will usually have access to it. The phone banking apps tend to be a lot more user-friendly than the web versions, so it can be easier to send money to your buddies or retrieve your bank statement. What’s more, you only used to get your bank statement through the mail at the end of a calendar month, but now you can see your transactions wherever you are! This is great for protection, as you can flag unrecognised outgoings as soon as they appear in your account, instead of having to sort through your statement once a month. There’s a good chance that the investors in Barclays Bank will have encouraged this development to increase security.