Mobile banking is the use of a mobile phone to conduct financial transactions. Most banks now provide mobile banking services, allowing you to perform a variety of basic tasks that would otherwise necessitate a trip to the bank. This seems like such a good system to have in place. You can, for example, use mobile banking to move cash, check account balances, and receive account statements. But, as with all good things in life, online banking has its drawbacks as well.
What are the advantages of mobile banking?
Saving Time
Mobile Banking provides quick and immediate banking services, reducing your reliance on banking institutions for basic transactions. Do you want to quickly check your account balance, view the details of your recent activity, or transfer funds? Simply download your bank’s mobile banking app to your phone and you’re ready to go.
Remote Banking
Are you planning a trip to another city or even abroad? All you need, no matter where you are, is a reliable network connection and a strong internet and mobile network. Thanks to mobile banking, you can conduct various types of transactions from anywhere on the planet. You are not limited to just the physical financial institutions.
Transaction Monitoring
Another advantage of mobile banking is the ability to track all of your financial transactions. Logging into your mobile banking app allows you to monitor your bank accounts and easily dispute fraudulent transactions. You will be able to keep track of all your spending
Simple Access
You can use mobile banking to move cash, check bank balances and statements, and apply for loans. You can use your mobile banking app to order cheque books, apply for debit cards, open fixed and regular deposits, and more.
Continuous availability
Mobile banking is similar to transporting your financial institution in your pockets 24/7. Through the mobile banking app, you can undertake fund transfers at any time, contact customer service helplines, and obtain banking information in minutes.
Services with Added Value
Utility payment systems, cell phone recharges, insurance plan purchases, and other services are also available through mobile banking apps. You can open investment securities accounts, pay income tax, buy FASTags, and open pension accounts, among other things.
Now, let’s have a look at the disadvantages of mobile banking.
Reliant on the internet
One significant disadvantage of mobile banking is that it is only available if you have a wifi connected smartphone. You can also use regular mobile phones to access the services, but they are not as comprehensive as those available through mobile apps.
Technical Understanding
To take advantage of mobile banking benefits, you must be well-versed in constantly evolving banking technologies. This can be particularly difficult for the elderly or those from rural areas.
Phishing on the internet
Internet phishing scams can be caused by unsafe technology and phone banking practices. If you keep your passwords and personal banking details on your phone, you potentially expose your account information. To experience mobile banking services safely, avoid opening spam messages or sharing passwords.
