Even before the Coronavirus pandemic, online and mobile banking were the most popular ways to bank, according to recent statistics from the American Bankers Association (ABA). Now it’s essential to be able to conduct some tasks remotely, such as banking, instead of visiting a physical location. So, whether you are new to mobile banking or not, chances are you can learn something from this look at the benefits of mobile banking. Keep reading to get the most out of your mobile banking experience!
What are the benefits of mobile banking?
Coronavirus has shifted much of our everyday lives online, which makes mobile banking even more beneficial to people who’d prefer not to visit a physical location right now. Simply download the Palisades Credit Union mobile app for iOS or Android and you’ll have your credit union in the palm of your hand, anywhere you are.
The benefits of mobile banking include:
- Convenience: Check account balances, find ATM locations, transfer funds, and even deposit checks.
- Timesaving: No longer need to visit a credit union location to perform the everyday tasks mentioned above.
- Bank on the go: You don’t even need a desktop computer. Bank from the train, airport, or backseat of a cab.
- Easy to monitor: Stay on top of daily transactions to protect against fraud.
- Good for budgeting: With access to your money at your fingertips, you can check your balance before you spend and make sure you’re on track to meet budgeting goals.
- Mobile Deposit: Depositing checks is no longer a hassle. Simply use your smartphone camera and mobile app to take a picture of the front and back. Deposit processing times are the same as if you brought the check to a branch.
- Apply for a loan: Need a credit card, personal loan, or car loan? No need to go to the branch when you can apply for financing through the mobile app.
- No cost to you: Mobile banking is a free service for all Palisades Credit Union customers.
Is mobile banking secure?
At Palisades Credit Union, the security of your accounts and personal information is our highest priority. Our mobile app was designed with your security in mind. Here are some additional steps you can take to protect your account(s):
- Lock your phone: Add a passcode, pattern, or fingerprint authentication to your phone. That way, if it falls into the wrong hands, your apps and data will be safe from prying eyes.
- Don’t fall for phishing texts: While you can sign up for text banking and alerts, keep in mind that Palisades Credit Union (and other financial institutions) will never ask for your login credentials, account number, or other sensitive information.
- Protect your phone from theft: Sure, it’s an everyday accessory, but your smartphone is also as priceless as a piece of heirloom jewelry. Practice good habits such as keeping your phone in your pocket or bag and not leaving it lying on public surfaces such as restaurant tables. Familiarize yourself with options for finding and disabling your phone remotely in case it is lost or stolen.
- Avoid public wifi: Open networks make it easier for thieves to steal your information. Avoid logging into your mobile and online banking accounts when connected to a public wifi network.
Who offers mobile banking?
Mobile banking is now a standard service at most financial institutions. Luckily, you don’t need an account with a large bank to experience all that mobile banking offers. You can choose a local institution, such as Palisades Credit Union, and get all the mobile banking features you need in addition to the friendly, local service you want.
Get started with Mobile Banking today!
Already a Palisades FCU member? Register for online banking.
Want to join Palisades FCU to open a checking account with the benefits of online and mobile banking plus a physical location when you need it? Browse our checking account options and open an account online!
Credit Unions are not-for-profit, member-owned financial institutions that exist to serve the financial needs of their member-owners. You are eligible for membership with Palisades FCU if you:
- Live, work, worship, volunteer, or attend school in Rockland County, NY or Bergen County, NJ.
- Are a New York State Employee and work within the five New York City boroughs.
- Are an immediate family member of an existing member.
- Are a member of Local 1212 IBEW AFL-CIO NYC.
- Are an employee of USA Networks in NYC.
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— Update: 07-02-2023 — cohaitungchi.com found an additional article Advantages and Disadvantages of Mobile Banking from the website www.dbs.com for the keyword benefits of mobile banking.
Decoding the advantages and disadvantages of mobile banking
Key Takeaways
- Mobile Banking means the availability of banking services on mobile devices.
- A prominent mobile banking advantage is that it is akin to carrying a bank in your pocket.
- Mobile Banking reduces the need to visit banks for minuscule banking activities.
- You can access mobile banking services from any place, at any time.
- You cannot access mobile banking services without internet-enabled devices.
Mobile Banking refers to banking via mobile phones. Most banks today offer mobile banking services, enabling you to perform various basic tasks that usually require lining up at the bank. For instance, you can transfer funds, check account balances, receive account statements, etc via mobile banking. But like every good thing in life, mobile banking, too, comes with its fair share of consequences. So here is a comparison of mobile banking advantages and disadvantages.
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Mobile Banking Advantages
Time Saving
Mobile Banking offers quick and instant banking services, eliminating your dependence on banks for basic transactions. Do you want to check the account balance, the details of your recent transactions or simply transfer funds in a jiffy? Just load your bank’s mobile banking app on your phone, and you are good to go.
Remote Banking
Are you travelling to a different city or perhaps going abroad? No matter where you are, all you need is a stable internet connection and a robust mobile and internet network. You can conduct various kinds of transactions form from anywhere across the globe, thanks to mobile banking.
Monitoring Transactions
Another mobile banking advantage is that you can track all your financial transactions. You can monitor your bank accounts and conveniently dispute fraudulent transactions simply by logging in to your mobile banking app.
Easy Access
Whether you want to transfer funds, check account balances and statements, or apply for loans – you can do it all with mobile banking. You can order cheque books and apply for credit and debit cards, open fixed and recurring deposits, and more using your mobile banking app.
Round-the-clock availability
Mobile banking is like carrying your bank in your pockets 24 hours a day, 7 days. You can initiate fund transfers at any hours, reach out to customer care helplines and get banking information within minutes through the mobile banking app.
Value-Added Services
Mobile banking apps also enable utility bill payments, mobile phone recharges, insurance policy purchases, etc. You can open investment securities accounts, pay taxes, purchase FASTags, open pension accounts, and more.
Mobile Banking Disadvantages
Internet reliant
A major disadvantage of mobile banking is that it functions only if you have an internet-enabled smartphone. You can also enjoy the services on regular mobile phones, but they are not as extensive as those you can get through mobile apps.
Tech Knowledge
You need to be well-versed with the constantly evolving banking technologies to enjoy mobile banking advantages. This can prove to be quite a challenge for older people or people from rural areas.
Internet Phishing
Unsafe internet and mobile banking practices can lead to internet phishing scams. You risk exposing your account details if you store your passwords and other sensitive banking information on your phone. Avoid opening scam emails or sharing passwords to enjoy mobile banking services securely.
Final Note
As is apparent, there are several advantages and disadvantages of mobile banking. While the benefits outweigh the consequences, you should take both into account and ensure you practice the proper mobile banking etiquette.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.
— Update: 09-02-2023 — cohaitungchi.com found an additional article 7 key benefits of mobile banking in 2023 from the website www.bankrate.com for the keyword benefits of mobile banking.
Mobile banking was already gaining popularity when the coronavirus pandemic struck, but the disruptions and restrictions caused by COVID-19 have moved banking by app from novelty to necessity.
The allure, of course, is the convenience mobile banking offers: Consumers tote their smartphones virtually everywhere, so a mobile banking app can help them quickly take care of a range of financial needs whenever they wish. It’s essentially a bank in your pocket or purse.
Mobile banking’s significance is only more profound at a time when branch hours have been reduced and many bank call centers are no longer open 24/7.
Forty-four percent of bank customers used mobile banking apps to manage their bank accounts — making it the most-used method to interact with financial institutions, up from 39 percent a year ago, according to an October survey published by the American Bankers Association.
“Digital banking was on the rise long before COVID-19, but the growth in mobile app use accelerated as the pandemic made in-person banking more challenging,” says Rob Morgan, senior vice president of innovation strategy at the American Bankers Association. “Today’s banking apps are extremely sophisticated, and this survey shows that many consumers who try them quickly make mobile their banking method of choice.”
Here’s why you should use mobile banking in 2023
Mobile banking apps can warn you when you spend more than you have in your account, automatically move money into savings on your payday and let you set controls on your cards to restrict spending. Banking apps can also make it easy to send money to friends and to reach a customer service representative with the tap of a button.
1. Accessing the bank 24/7
Unlike a bank branch, mobile banking conveniently gives you access to your account anytime you like — with some exceptions, such as planned maintenance updates and unexpected outages.
This ease of accessibility saves you time. Mobile check deposit, for example, a feature most banking apps offer, allows you to deposit a check on the go or from the comfort of your couch.
Mobile banking can also help alleviate pandemic-related health worries and other concerns consumers may have regarding banking in person.
“People don’t want to have to go into bank branches anymore, especially during these COVID times, says Billie Simmons, co-founder and chief of staff of Daylight, a digital-banking startup for LGBTQ communities. “But for people whose identity might still not be well received especially in smaller towns or for trans or [nonbinary] people, the idea of being able to do everything via your phone is super attractive because it allows you a certain layer of safety and convenience that branch banking just can’t provide.”
2. Optimizing your money
The best mobile banking apps have evolved to help you manage your money with less effort. For example, the Ally Bank app offers checking account customers a feature to help organize their money digitally and optimize how much money they can save. The U.S. Bank app alerts customers when its algorithms spot money-saving opportunities or situations when an account is at risk of being overdrawn. Varo, a challenger bank with a federal bank charter, also offers automatic savings tools as well as ApexEdge, a hird-party service that helps customers negotiate lower payments on bills.
Spending alerts are another way mobile banking apps can help you optimize your money.
“You are seeing a lot of people say, ‘Hey, I want to know every time there is a transaction over $150 or over $250 or whatever that threshold the consumer happens to care about is,” says Zach Bruhnke, co-founder at HMBradley, a challenger bank. “A lot of people want to go and understand things like ‘What are my daily limits?’ Things you’d probably ask your banker or call a branch for, now you are [the] one to do it. The push is for more and more information to be available at customers’ fingertips prints.”
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3. Paying IOUs
When you are logged into your mobile banking app, it’s easy to pay back someone you know.
Banks across the country partner with Zelle so that you can send someone money in minutes through the bank’s mobile app rather than paying people with cash or a check.
You only need to know recipients’ email addresses or phone numbers to send them money. If your bank doesn’t offer Zelle, it usually lets you transfer funds to someone else’s bank account if you know their routing and account numbers.
4. Strengthening security
Banks are in the business of guarding your assets — including transactions made using their mobile apps. Though nothing is foolproof, there are ways you can step up security precautions if you’re concerned about mobile banking security.
Financial institutions often require a username and password to sign into a mobile app and offer additional safety features to further safeguard your account. Multifactor authentication, for example, requires at least two kinds of verification to prove that it’s really you. The first are the account credentials (your username and password) followed by a text with numeric code sent to your phone that needs to be submitted to gain access to the account.
Further, some mobile devices — and some bank apps — let you log in by scanning your face or fingerprint as yet another way to protect your digital bank account without trading convenience. “In mobile banking, you can really leverage biometrics for authentication,” ABA’s Morgan says.
The security features also allow you to lock or remotely disable your smartphone, should it go missing, to keep fraudsters out.
Your bank app may also let you share your location to help you spot payment fraud.
“It can be better for security for the consumer because we are getting to the world where we can do things like, ‘We know where your phone is and if your card is a long way from your phone, it might not be you,’” HMBradley’s Bruhnke says. “There are a lot of interesting security controls that can come out of actually having the app installed.”
5. Providing added controls
Think of a mobile banking app as a remote control for your money. The app lets you deposit a check and send someone money whenever you wish.
These controls are getting more advanced. Some bank apps let you activate a new credit or debit card, for example.
“If someone tries to use their card that is not activated, a bank for years would just decline the card. That’s the default,” Bruhnke says. “Now if you have the mobile app, you can get a push notification of, ‘Hey, your card hasn’t been activated. Do you want to activate that?’”
It’s not the only way banks let you control your cards. A growing number of banks, such as Wells Fargo, Ally Bank, Chase and Bank of America let you use their mobile apps to turn your debit or credit card off if it goes missing or is stolen. It’s a nice feature to help you feel instantly secure in a moment of panic. Calling a toll-free number is not required if you want to turn your card back on, either.
6. Offering clarity about where your financial data is going
Many consumers share bank data to use services like Venmo and Mint. Depending on how many outside apps you use, it can be quite taxing to remember which company has what bank data. So a number of banks are trying to help customers understand where it’s going by changing the way data is shared behind the scenes.
“We are seeing a lot more banks offer that functionality that gives consumers proactive control over where their data is going,” ABA’s Morgan says. “It’s not just the added security … But it’s also the importance of transparency so you see where your data is going, how it is being used and [controlled], the ability to turn off this thing when you are no longer using the service.”
At Wells Fargo, for example, customers are able to see recurring payments connected to payment cards and can turn their cards on and off under one hub, called Control Tower.
7. Giving you tailored options
If you are looking for a like-minded community, mobile banking provides a variety of options to serve specific pockets of the population.
Daylight, for example, is a digital bank focused on addressing financial issues facing LGBTQ communities, such as lower mortgage approval rates. Daylight has also partnered with Visa to offer a debit card that features account holders’ chosen names rather than their birth names, a feature that may appeal to those who have transitioned their gender.
Rob Curtis, co-founder and CEO of Daylight, says going into a bank as an LGBT person is largely an exercise in futility. “They won’t understand who you are,” Curtis says. “They will ask you the wrong questions and they will give you a service that is designed for people that don’t act like us.”
There are also startups building mobile financial tools for Black communities, young adults, women and other groups.
Disadvantages of mobile banking
Not all mobile banking apps work well, and even the best ones encounter outages every now and then.
As banks layer in more features, navigating the apps can feel daunting, too. It’s not always obvious what features are available or where they’re located within the app. The good news is that banks are working to make their designs more intuitive.
Highly rated mobile bank apps
In 2023, mobile banking apps with standout features let you automate money decisions, block your cards, quickly get answers to your questions and more. Here are some of Bankrate’s favorites.
- Chase: In addition to allowing you to send money to someone else and monitor your account, the Chase app shows you a simple daily snapshot of your spending and saving patterns. You can also set savings goals and track your progress.
- Chime: The challenger bank gives you daily balance alerts and allows you to block your card in-app. More impressively, it lets you set up rules to automatically save money and potentially get your payday up to two days early. You can also overdraw your account without paying a fee.
- Bank of America: Among the standouts of the big bank’s app is Erica, a virtual assistant that can answer a wide range of financial questions. You can also use the mobile app to book an appointment with an in-person banker.
- Ally Bank: The online-only bank offers the staples, such as finding nearby ATMs and transferring funds) and provides extra touches. You can use Ally Assist, a virtual assistant that can help initiate transfers and bill payments, as well as provide information on interest earned and patterns of spending and saving. You can also use the app to set up controls for your cards and create savings buckets to help organize your money.
- Current: The challenger bank’s app provides the ability to deposit checks, and it also lets customers set up savings pods for their goals.
- Varo: This online-only bank’s app lets you track your spending with instant alerts, send money to friends and family, locate in-network ATMs and lock your debit card if it’s lost or stolen.
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Bottom line
Mobile banking is designed to help you in all kinds of ways — some of which are fundamentally redefining the role of a bank. Thanks to 24/7 access to accounts and the ability to make transactions with the tap of a button, consumers have more control over their money management — making trips to the local bank for many a thing of the past.
— Update: 09-02-2023 — cohaitungchi.com found an additional article 6 benefits of using a Mobile Banking App from the website www.idfcfirstbank.com for the keyword benefits of mobile banking.
Features and benefits of Mobile Banking Apps
You can download the mobile banking app of your banking partner – such as IDFC FIRST Bank’s mobile app – and conduct a range of banking activities from the convenience of your home or office. You can even download third-party digital banking apps that allow you to link your bank account(s) with your smartphone and have everything at your fingertips.
Let’s look at some key benefits and features of mobile banking apps:
Get access to your bank 24×7
The usual banking hours in India are from 9 am to 4 pm. Some banks may even work up to 6 pm. But what if you need to access your bank at midnight for an urgent requirement? What if you face an emergency and require money immediately, or if you need to transfer funds to a friend urgently? You will either have to wait for the bank to open in the morning or knock on a neighbour’s door for help.
However, with a digital banking app on your smartphone, such situations will never trouble you. Unlike a bank branch, internet banking or a mobile banking app provides access to your bank at all times. You can transfer money anytime and from anywhere without any hassles. This saves you a lot of time and effort.
Avail of a host of banking functions
With a mobile banking app, you have ready access to a host of banking functions. For example, you can check your savings bank account balance, transfer funds to another user, request a new cheque book, set up standard instructions, initiate money transfers open a Fixed Deposit account, and pay utility bills.
Mobile apps for banking provide a single interface to get in touch with your bank for an array of banking queries and requests. They enable banking from anywhere and at any time. This does away with the hassle of visiting a bank branch and waiting in line for every banking need. All you need to do is log in to your mobile banking app with your ID and password, M-PIN or fingerprint. Then select the required service and enter the One Time Password (OTP) received on your smartphone to complete your transaction or simply complete certain transactions for which the OTP is not required
Review your account history
Often, you may spend on something and forget about it. And when you eventually check your bank account balance, you get startled and wonder where your money went. In such a scenario, you may need to check your bank statements to know your previous transactions. You may also require bank statements as proof of income or address while opening a Demat account or applying for a new loan/credit card.
With a mobile banking app, you can not only conduct your financial transactions but also review your bank account history. You can access your bank account statements, credit card transactions, fixed deposit details, and more with a few taps on your smartphone. You can even download these statements to your smartphone for future reference.
Track your spending
You can track all your expenses using your digital banking app. For example, with IDFC FIRST Bank’s mobile app, you can see all your past spends and also view and manage your upcoming spends. You can even set reminders to ensure that you never miss an EMI or bill payment(s).
Some mobile banking apps also provide automatic payment services wherein you can sign up for auto-payment of your utility bills, loans EMIs, and other monthly obligations. You will get a notification when a payment is made from your savings bank account. This way, you can not only control your spending and stay within your budget but also build a good credit score.
Invest your money
If you have surplus money in your bank account, why not invest it in different instruments to get better returns? After all, there’s no point in letting your hard-earned money idle in your savings bank account, which offers a very low-interest rate. Still, many of us hesitate to invest our money because we think the process is too complicated.
With internet banking or a digital banking app on your smartphone, you can invest in various instruments with just a few taps. For example, you can open a fixed deposit account, or invest in mutual funds, stocks, bonds, and several other instruments. You can also track your investments and returns, and make changes to your portfolio if required.
Locate the nearest ATM
Many people are unaware of this facility, but it does exist. You can use your mobile banking app to locate the nearest ATM as well as the nearest branch of your bank. This feature can be of great use if you need to withdraw cash urgently, especially if you happen to be in an unfamiliar neighbourhood or a different city.
Conclusion
A mobile banking app can be handy since it offers a host of benefits and features. You can avail of banking services anytime and from anywhere and have complete control of your finances. At the same time, it is important to take certain precautions like keeping your ID and password safe in order to safeguard and protect the mobile banking app from any unauthorized access or usage.
Disclaimer
