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Monday, September 28, 2020

What is Mobile Banking and Its Benefits

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This is something that many of us are already doing. We connect to our mobile banking app to deposit a check, return it to a friend, and check your account balance.

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The draw is, of course, your beautiful property – most of our smartphones are close to us at all times, and the mobile banking app can help us quickly get rid of a wide range of problematic tasks when we want it.

The functionality of the mobile application is very comprehensive these days. We can deposit checks. We can send money to our bank. Not in all cases, but in many situations, we can transfer money to another financial institution.

We can pay bills. We can make transfers from person to person. From a tracking and money transfer point of view, it’s straightforward.

What is Mobile Banking?

For the uninitiated, mobile banking is a way to control your bank account and execute transactions from your mobile phone.

Your bank, credit union, or fintech will allow you to connect to the application so that you can deposit checks, track your bank balance, receive alerts, find nearby ATMs, and much more from your phone.

Mobile banking allows you to take care of the financial tasks and saves you time to complete the tasks. Some features even help you arrange your digital money to improve your daily financial decisions.

Advantages of Mobile Banking

mobile banking

The ability to access any financial document anytime, anywhere, makes mobile banking attractive. You can deposit checks, send money to someone else, and track transaction history while staying online with the grocery store.

These actions also provide a security benefit. By checking your account more often, you will be more likely to detect fraud more quickly or to detect when you may need to reduce spending.

You are less likely to make a mistake, [like] overdraft, or paying arrears at a later amount when we have this information.



Part of the call is the ability to access your account on your mobile device whenever you want. Unlike a bank branch, you can use the mobile banking app to sign up for your account 24-hours a day, seven days a week, with a few exceptions, such as scheduled maintenance updates.


It also allows you to a way to save time. Consider a mobile check deposit, which is now a significant part of your mobile banking application. This feature allows you to make a check without any departure.

Today, the best mobile banking apps are being developed to help you get the most out of your money in all-new ways. In the past few months, various banks have gone a step further by providing financial advice through their mobile apps so you can think less.

Pay the bills

It’s also easy to reimburse a friend or family member when you sign up for a mobile banking app.

Banks across the country are partners with Zelle so you can send money to someone in minutes via a mobile banking app, instead of giving them money. You need to know the recipient’s email address or phone number to send them money.

If your bank does not offer Zelle, this will usually allow you to send the transfer to someone else’s bank account if you know your route and account number.

Good Security

Banks take care of the protection of their assets, including their interactions on their mobile applications.

Of course, nothing is foolproof. But you need to take steps to tighten security if you are concerned about mobile banking safety.

Although you can still use a user name and password to log in to a mobile banking request, the bank may allow you to log in for additional security measures.

You can, for example, sign up for multi-factor authentication where you need two (or more) types of authentication to show that it is you. For example, a bank may send you a code on your


It also states that if you lose your phone, you will have an additional lock to avoid scammers. You can even remotely deactivate your mobile phone.


Imagine a mobile banking app as a remote control for your money. The app allows you to deposit a check and send money to someone when they want.
Controls are also becoming more and more advanced.

An increasing number of banks, such as Wells Fargo, Ally Bank, and Bank of America, allow you to deactivate your debit or credit card in the event of loss or theft using the mobile banking application.

This is an excellent feature to help you feel safe in a panic right now: you don’t even need to call the 1-800 number if you want to reactivate the card.

Some banks have already benefited from the use of the card control function. At Wells Fargo, customers can see their recurring payments associated with their payment card, in addition to activating and deactivating their cards in a single center.

This is called the control tower and should help you when you are in a life transition, such as moving to a new city and want to make sure you don’t pay for the services you no longer use.

Disadvantages of Mobile Banking

Not all mobile banking apps work; you might be frustrated with the digital banking experience. Even the best will occasionally experience interruptions.

  • As banks use more and more features, navigation apps can also be intimidating. Several studies have shown a decline in satisfaction with mobile banking in the United States. As banks add new functionality, some consumers are confused. “Maybe they don’t know how to use it, or they can’t solve it.”

If you are among them, contact the bank and check if they have personal demonstrations. Some banks appoint experts in their branches to help customers learn how to use the features of digital banking.

  • Another disadvantage of mobile banking applications is that they do not support large accounts, such as obtaining a mortgage. The big downside of mobile devices is that you don’t get the kind of details you would get in personal interaction. And people want that security when they do things like buying a mortgage or something more intense than paying or checking transactions.

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Fadehan Emmanuel
Moore is an Associate—Editor of TheXplorion. Got a NEWS TIP related to this story — or to anything else in the world of big tech? Please e-mail him: mooreplug[at]gmail.com. You can also connect with him via the connections below the box.
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