With the pandemic and global safety precautions put in place, mobile banking saw an increase in use as people were, as a matter of necessity, confined to their homes during the global lockdown. And although there seems to be a ray of hope as we have gradually moved on from total lockdown to maintaining social distancing and wearing facemasks, mobile banking is still causing a rave in the sector.
Almost all the banks and other financial institutions have their banking apps, making it easy for customers to transact with others. Some even come with the contacts of their banking assist and customer care services, and as such, customers may not need to visit the banks except in very critical situations.
Banking with your mobile smartphone offers many benefits that cannot be ignored. If you also want to enjoy the pros of mobile banking in 2021, here are a few advantages of mobile banking that will strengthen your resolve to go mobile with your banking:
- Banking is made easier
We are in the age of advanced technology where technology has made chores easier for us. Buying and selling can be done on mobile phones; meetings, social events, lessons, and classes are held virtually; banking is not left behind. Tech has made banking so easy that you can easily start and finish transactions within minutes with a bank’s mobile app.
- It is much more comfortable
Accomplishing your to-do list is more fulfilling when done from a place of comfort, and this is what mobile banking offers you. You can do all you would normally set out to the bank to do from wherever you are as long as you have your mobile phone with you.
- You are provided greater security
Sometimes going to the physical branches of banks or ATM stands could make you easily unsuspecting prey to thieves and the likes. Transporting loads of cash physically may also call for trouble and put you in a precarious situation.
Another instance is being susceptible to physical robbery situations at banks that are very unlikely on mobile banking.
Banking on a mobile app creates a more secure environment to conduct your financial transactions as you can do so from the safety of your homes and anywhere indoors.
- Banking becomes more convenient
no more long queues, no more driving all the way to the bank for minor transactional issues, no more and many other irritants of having to do your finances physically in a building.
With banking apps, you can conveniently run checks on your account, transfer and receive funds, pay for fees, buy that next subscription, upgrade your favorite mobile apps to the premium packages, and many other activities from the convenience of your personal space at any time of the day.
This is better than going to the banks as banks have specific times of the day when they dismiss, meaning you may not be able to complete transactions until they resume the next morning again.
- You have access to many more financial activities
Like already outlined in the preceding benefit, mobile banking affords you the opportunity to various financial transactions, including activities that have to do with your everyday living, like paying the bills.
Security protocols when mobile banking
Although mobile banking has many advantages that make it desirable over physical banking, cybercrimes and online theft is still a thing in today’s world. In that case, you should take measures that guarantee your safety and security when mobile banking.
The following are ways you can ensure that you do not fall victim:
- Avoid using public wifi
Public wifi is not secure because it is public. Unlike a private internet source, public wifi allows others to monitor your actions, leading to people with evil intentions defrauding you. Restrict your internet use when mobile banking to private wifi, when you are alone.
- Use only a fortified password
Strong passwords are usually a combination of small and big case alphabets, figures, and whatnot. When setting up your mobile app password, use a combination unique to only you and difficult for others to guess. After setting up your password, do not share it with anyone, as a lot could be done with your app if the password gets into the wrong hands.
- Protect your phone
Knowing that you use your phone to the bank makes it a sensitive object and should be guarded. Protect your phone from theft, and there are many ways to do this. For example, use a strong password on your phone and your mobile banking app; do not leave your phone with people you do not trust, and always have your phone close to you when you are out of your homes.
- Multi-factor authentication
This is a step a bank takes to ensure their app is safe and secured for customers. Ensure your bank uses a two or multi-factor authentication log-in technology. This comes in handy, especially when your account is vulnerable and could be an easy target.
Another way banks can strengthen the security of their mobile apps is by using the fingerprint feature on smartphones as a further means of authorizing logging into the app.
- Download apps from official sources only
Avoid making the mistake of downloading banking apps from Trojan sites and unofficial sources. They may contain viruses and malignant software built to attack your phone and transfer sensitive details about you. Instead, go to your bank’s customer services to help you download the official mobile banking app from the official source. Every other source is a threat to your financial security.
The sole aim of technology and innovations is to make life easy for people. The different sectors in society are continually stepping up their game to meet up with the fast-moving change of things. For example, the medical world is able to do things not medically possible years ago due to the advancement of technology in that field, and the same goes for many other fields of life.
In finances and banking, innovations like mobile and internet banking are welcomed developments that will greatly benefit customers. Nonetheless, banks and customers alike should take caution to implement safety measures for a more fulfilling enjoyment of the ease of mobile banking.