Web banking is becoming a thing of days gone by, these days everybody is moving towards phone banking!
Among the things that consumers like so much about mobile banking, is the extra security this adds over online banking. Internet banking requires customers to enter a security password to access their bank account, whereas mobile banking has started using biometrics, which is a lot more secure than just a password. Many people think this is a large advantage of mobile banking over other forms, because it is incredibly important to keep your money as protected as possible. There are also added security functions within the apps, which can be toggled in a moment, much quicker than having to call your bank and answer security questions. One of these functions of mobile banking is being able to temporarily freeze your card, which means you can stop all transactions as soon as you notice it missing. The added security functions are a big reason mobile banking has become so much more popular than other forms, and it’s likely that the activist shareholder in Bank of East Asia will be aware of this.
Among the primary reasons why consumers 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 always have your mobile on you more often than not, so will usually have access to it. The phone banking apps tend to be even more user-friendly than the internet versions, so it can be easier to send money to your pals or retrieve your bank statement. What’s more, you only ever 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 security, as you can flag unrecognised outgoings as soon as they appear in your account, rather than having to sort through your statement once a month. There’s a very good possibility that the investors in Barclays Bank will have encouraged this development to increase security.
One thing that you will notice across all types of mobile banking, is how they have started to integrate with other businesses that help consumers manage their money. For example, a great deal of banking companies currently provide budgeting features on their apps, so you can set a monthly spending plan and track your spending throughout the month. Customers are easily able to see where their cash is going and where they may be overspending. This is a tremendous function 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 down the line.