Over the past few years, American consumers have come around to the advantages of mobile banking in record numbers. Recently, a major milestone was achieved when a majority of Americans reported that they use some form of mobile banking. Considering that the major banks in the United States—including Citi®, Chase®, and Bank of America®—are pushing their mobile banking platforms, it’s understandable that more consumers appreciate its distinctive benefits.
The leading reason why there’s been a surge in the number of consumers using mobile banking is because it’s remarkably convenient. Even if you don’t consider yourself to be a tech savvy person, you’ll have no problem navigating mobile banking apps and completing tasks effortlessly. Mobile banking doesn’t require any extra skill set, and as long as you know how to use your phone or tablet you shouldn't encounter any difficulties.
In the same way that online banking removed many of the hurdles from maintaining control of your personal finances, mobile banking also removes hassles from your daily routine. For example, many mobile banking apps allow consumers to cash checks from their tablet or smartphone, saving you a tremendous amount of time traveling to the bank and waiting in line. Even better, you don’t have to work around your bank’s hours anymore, since your banking app functions 24/7.
Keep Reading: 10 warning signs you might be an identity theft victim
Mobile Banking Features
With expanded features available via mobile banking, it’s not just younger Americans who are jumping on the bandwagon. Older Americans as well are benefiting from user-friendly features such as depositing checks, sending money, and paying bills from the comfort of their mobile devices. Moreover, some mobile banking apps have an even more comprehensive set of features including repaying loans, locking credit cards, and other services. The advantage for consumers is that it’s never been easier to keep an eye on one’s finances, which can be empowering for all types of individuals.
The Big Question: Security
Perhaps the greatest concern that consumers have with mobile banking relates to security concerns and privacy settings. Considering the prevalence of identity theft, this fear is grounded in reality, but the good news is that by taking security precautions you won’t have much to worry about. Here are a few tips that all consumers should follow in order to protect your mobile banking accounts:
- Avoid public internet connections: The free Wi-Fi at your local coffee shop is fine for surfing the web, but don’t log into your mobile banking account, since you’ll be more prone to hacking attempts.
- Lock your device: Make sure there’s a password on your phone or tablet so that if your device gets lost or stolen, nobody else will have access to your information.
- Don’t save your information: While it may be convenient to have your device remember your user ID and password, it’s certainly safer from a security standpoint to type it in each time
Keep Reading: 5 tips to increase the security of mobile app payments
Final Word: Mobile banking is an extremely user-friendly service that often comes with comprehensive features, and by taking security precautions you can protect your account from external threats. Americans are coming around to mobile banking’s unique benefits, and the trend has shown no signs of letting up in the foreseeable future.
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