Make Our Lives Easier with Mobile Banking

Jennifer Fishback October 28, 2019 0 Comments
smartphone internet access

With the use of technology, we can now do our banking business at the tip of our fingertips. You can now use your smartphones, or other cellular devices to finish your bank transactions. You can save time by not looking for any teller machines or branch to do any bank related activities.

It has safety features.

Before you can use your mobile banking, you need to register and provide pieces of information before you can use the mobile app. They usually offer security codes before you can proceed with the transaction. The only time that someone can use your account via mobile is when you permit them, or when you provide the security codes being sent to you. Once it is locked, you will not be able to use your funds unless you call them and ask to reset your account.

It is convenient to use and available 24/7.

As mentioned above, you do not have to visit the branch for your banking transactions. You can now send payment, transfer funds, check your account, and other banking activities mostly free of charge. There are no hours of service or brick and mortar terms with mobile banking.

It is paperless.

It will help us save trees because it is paperless. With mobile banking, customers no longer need to receive unnecessary mail from their bank. Not only is it beneficial for the trees, but it’s also safer because you no longer have to toss away sensitive information into the trash. No one enjoys getting bank statements in the mail and the possibility of stolen paper mails that can end up with identity thief.

You have control over your account.

Mobile banking makes it so simple to have complete control over your bankings. You can watch your balances and transfer money among accounts to avoid overdraft fees. With bill pay, you can receive alerts when it’s time to pay to avoid late fees or set up recurring bill payments and not have to consider it at all.

It has personalized alerts and notifications.

With the help of mobile signals and machine sensors, banks can communicate personalized offerings and notify customers about new services based on their location, context, preferences, and buying history.

It has fraud detection as one of the safety features.

Artificial Intelligence assistance is remarkably effective at recognizing patterns and fraudulent transactions. They can recognize fraud in real-time and can even foretell how fraudulent action will progress. Besides, AI-powered algorithms give many layers of reliable protection for mobile activities.…

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IMPORTANCE OF MOBILE BANKING

John Henderson November 12, 2016 0 Comments
Phone, headset, pen, credit card and note

Mobile banking, though perceived by many people as a very insecure platform to transact one’s money, it is safer in reality than internet banking. This kind of banking it is very hard for it to be attacked by any form of malware or even cracked as banks use strong passwords to protect its database more so, even if one looses their phone one has no cause to raise the alarm as one can disable their accounts remotely using another phone without necessarily going physically to the bank.

BENEFITS OF MOBILE BANKING

EASE OF ACCESSusing laptop and phone

Mobile banking though in its infancy stage, it has shown quite a commendable improvement regarding technological wise as it is much easier for one to view the movement of their funds from the comfort of their house without worry as everything is running smoothly and upon request, you receive all the transaction history via your phone. In addition to this mobile banking has gone an extra step in virtual wallets where one can see how money is being also spent through mobile banking, a saving engine has been developed where one is in a position to save money automatically.

DIFFERENT WAYS OF ACCESSING YOUR ACCOUNT

Banks has made it possible for one to access their account via mobile browsing downloadable applications and also text messages.Downloadable applications though not as dominant as mobile browsing, their usage is on the rise as they consolidate almost all the services the bank offers in one application and most at times they are not involved with extra charges, unlike mobile browsing where one has to pay data usage. Texting on the other hand though less efficient compared to the other two it is much easier to access your account through alerts when any transaction is made this helps the account holder be always on the move and in the know on what is happening in his account though texting attracts courier charges at times.
Apart from using mobile directly in banking, they can also be used as bank locators using GPS systems where one just feeds in the details of the bank they are looking for, and they get directed to it, or it’s ATMs.

INCREASED EFFICIENCY

Mobile banking relies heavily on cloud computing. This has helped banks to become more efficient regarding services they are selling to the public such as loan processing credit card processing as banks are deploying cloud-based solutions to drive efficiency.

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