Business

Mobile Banking is Exploding in Popularity

Read on to learn more about why mobile banking is exploding in popularity.

Today’s advancement in technology has allowed mobile banking to gain traction, as there are 57 million mobile banking users in the U.S.

Mobile banking uses the internet, mostly a smartphone or other mobile device through an app, to receive bank statements, make payments, view their credit score, and much more.

Read on to learn more about why mobile banking is exploding in popularity.

Why Are People Shifting to Mobile Banking?

Traditionally, you would visit a bank in person to handle your account. While you still have to deposit and withdraw cash or handle any disputes physically, more people are using their mobile devices to manage their banking.

Continue reading to discover the top reasons why people are choosing mobile banking.

It’s Convenient

Mobile banking allows customers to make transactions without leaving their homes at any time of the day.

For instance, consumers can use their mobile devices to deposit a check without going to the bank, saving time. Most banks offer a check deposit feature, such as Chase’s QuickDeposit, where you take a photo of the front and back of a check. Within 1-3 business days, the money is in your account.

Paperless Billing

People have become more conscious of “going green” to help the environment. One solution recently has been to reduce the amount of paper by allowing paperless billing.

With paperless billing, people can view their statements without waiting for a letter every month in the mail. As soon as the statement is ready, you will receive an alert when it is ready. You can view it any time, including past statements.

Most statements are in PDF format, allowing you to print if desired.

More Control Over Accounts and Spending

Consumers have more control over their accounts with mobile banking.

If you wanted to transfer money from your checking to your savings, you set it up in the mobile app in seconds. You can also set up a recurring deposit from the checking to savings without doing it manually.

Those who are conscious about their spending can also make daily changes to their spending habits and budgeting by opening the app.

Alerts

Scammers and hackers are always on the prowl, especially with debit or credit card fraud. To protect your account, people set up alerts.

You can set up an alert with a fixed amount, such as creating a notification if you spend more than $100. Also, you can receive overdraft alerts or if the account is below a certain amount.

If someone commits debit or credit card fraud against you, a text and an alert will show up in the app. Once you call the bank, they will file an investigation. You can view the investigation through the mobile app once they are finished.

Lastly, you can view your credit score or set up an alert if there are any drastic changes.

Security Control

Mobile banking apps now have facial recognition or two-factor authentication to secure your bank accounts.

Having extra measures makes it harder for hackers to get into your account if they got ahold of your password.

Also, you can freeze your card through the mobile app if it’s lost or stolen.

Customer Service

Calling the bank can be a hassle with long waiting times. Mobile banking apps now allow customer service through the device by chatting with someone right away.

If you wanted to replace a card because it’s damaged, you could also request a new one through the app without calling customer service.

Summary

Overall, mobile banking is exploding in popularity because it’s easy and convenient.

More features appear as time goes on, giving customers more control over their bank account without heading to the bank. As technology advances, mobile banking will become more advanced.

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