More than two-thirds of Americans use digital mobile banking. Are you considering becoming one of them?
We highly encourage it. Why? Well, there are a number of benefits ranging from ease-of-use to saving money to earning (yes, you can earn money).
Have we got your attention? Good, because in this article we’re going to go over some of the top advantages of mobile banking that will have you making the switch to digital banking ASAP!
1. Mobile Check Deposit and Direct Deposit
Hard copy checks are a thing of the past for many people. With mobile banking, it’s easy to set up direct deposit with your employer, so your money goes directly into your account every payday instead of receiving a hard copy check.
But if you do still receive “real” checks from either your work, your grandmother, or perhaps as your tax refund, mobile banking still is advantageous. Banking apps and websites allow you to take pictures of your checks and instantly deposit them via the banking app.
You don’t have to make the long trek down to the bank or have to wait to deposit a check during business hours. Simply pull out your phone, tablet, or laptop, and instantly deposit your money.
2. Take Care of Your Investments
Mobile banking doesn’t stop with your personal savings and checking accounts. This blog talks about how you can handle all of your investments through mobile websites and apps.
This can make it easier for you to take care of all of your investments. It will keep you organized and give you access to your money whenever and wherever you need it.
3. Available Whenever You Need
Like we just alluded to, mobile banking allows you access to your funds whenever you need them. You’re no longer constrained by business hours or certain days of the week.
You won’t have to wait on hold to speak to a bank employee or rush down to your local bank in order to look at your transaction history.
Simply log onto your account online or through your app and you can instantly see your available funds, pending transactions, and even move money between accounts instantly.
4. Environmentally Friendly
Between bank statements and in-mail notices, banking is not environmentally friendly. Mobile banking allows you to go paperless with electronic statements, overviews, and documents, which saves on printing, paper, and transport of classic bank papers/statements.
5. Fraud Detection Made Easier
If someone else gains access to your account or steals your identity, it used to take a bit for you, or the bank, to notice the fraudulent charges.
With mobile banking, you can instantly get alerts on every transaction deemed odd or strange. You can even get notifications whenever there’s any charge, so you can verify that each and every transaction was your own.
These notifications can be instantly sent to you via e-mail, text, or phone call. The constant access to your account that we discussed earlier will also help you self-monitor your account at all times, so you’ll be able to spot anything out of the ordinary on your own, perhaps before the bank even notices.
6. Faster and More Efficient Service
The dreaded customer service number on your bank’s card or website could essentially be a thing of the past if you switch to mobile banking. You no longer have to wait on hold for 30 minutes just to check your transaction history or transfer funds. You can do it yourself in minutes with mobile banking.
There are also live chat boxes you can use to quickly converse with a customer service representative instead of going through the long arduous process of a phone call or, god forbid, going down to the physical bank.
7. Get Rewarded for Making the Switch
The fact is, mobile banking is advantageous as well. They’re better able to protect their customers, they can manage information easier, and they can save money by going green.
Because of this, some banks are offering reward points and/or perks if you make the switch from regular to mobile banking. You could receive rewards or benefits for signing up for mobile accounts, points per mobile transaction or even discounts on sign-up or enrollment fees.
Many transactions and bills can also be discounted if you pay online, which is much easier to do with mobile banking. You could save on everything from student loan payments to your water bill; just check with your providers.
8. Connect on Any and All Platforms
The convenience of mobile banking isn’t just that it’s mobile. It’s that you can check on any platform: your computer at work, your personal laptop, your phone, your tablet, etc. Whenever and wherever you need to take care of some banking business, you can with mobile banking!
9. Security Advantages
Many customers are wary of mobile banking because they feel that it isn’t as secure as traditional banks. However, the opposite is true!
Mobile banking security is top-notch. It requires multi-step-authorization, encryption software, and protection with major governing bodies like the FDIC. Malware and other cyber attacks aren’t likely with mobile banking either because of the high level of security and the widespread use of banking across many platforms.
This combined with the increased reliability of fraud alerts and your ability to self-monitor your account makes mobile banking as safe, if not safer, than traditional banking.
9 Advantages of Mobile Banking: Are You Ready to Make the Switch?
The advantages of mobile banking speak for themselves: you’re helping yourself, the environment, and your bank work better and more efficiently. Plus, you could even save and make money by switching. So what are you waiting for?
Talk to your bank and see when and how you can get started with mobile banking. You can now check mobile banking off your financial goals list. Check out some other financial goals you should have on your list.
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