If you have considered downloading a Mobile Banking application for your smartphone or tablet but have been unsure if the technology fits your needs, you may be in for a surprise.
When automated teller machines were first presented as a means of allowing access to an individual checking account, many consumers were wary. For decades preceding that point, the only way to access and manage accounts was via a live teller. While ATMs have since made it easier to perform financial management tasks when tellers aren't available - even allowing for deposits with some new models - they still present a problem: Like branch locations, they are not always nearby when you need to manage your accounts.
Even if there is another bank's ATM in the area, many people aren't fond of paying the additional fee for using one of these machines.
Enter: Mobile Banking
The ability to manage your checking and savings account from a mobile phone is fairly new technology, which continues to evolve and offer new features. Although Mobile Banking often refers to smartphone and tablet apps for your bank, it can also refer to banking via text messaging and mobile web browsers.
Like ATMs, Mobile Banking allows for account access outside the business hours of your local branch. However, that access is conveniently in the palm of your hand. There's no need to search for an ATM if you want to check your balance or transfer funds.
Here are some common features of Mobile Banking:
- Account and balance alerts
- Account summaries
- Transaction history
- Detailed statements
- Bill payment
- Branch and ATM locator
Benefits of Mobile Banking
The ability to manage your accounts from your smartphone or tablet affords you numerous advantages:
- Instant access: At times, you need to view your accounts right away. If, for instance, you lose your debit card and want to check your checking account for unauthorized transactions, you don't have to run to a bank or ATM. This is also beneficial if you need to make a sizeable purchase that requires funds to be transferred between accounts or in the event that you forgot to pay a bill and want to avoid a late fee.
- Account updates: These days, many people aren't as conscious of the status of their accounts, especially given that debit cards allow access to funds without the need for withdrawals. With Mobile Banking, you can check your account balance by quickly glancing at your phone and receive an alert if a transaction exceeds a certain amount. This can be particularly beneficial for monitoring the security of your accounts.
- Secure access: Some consumers are hesitant to adopt Mobile Banking because of fears regarding unauthorized access to their personal protected information (PPI). While these concerns are valid given the many ways cybercriminals can obtain PPI, most mobile apps have built-in security measures and encryption, including password protection, to prevent such breaches. Essentially, if you keep track of your device, use and update its security features and remember to log out once you're done managing your funds, you likely have little to worry about.
- No fees: Thus far, most Mobile Banking apps are free and financial institutions do not charge fees for the account management actions they allow via these apps. It should be noted, however, that there could be data and messaging charges from your phone service provider.
If you're slow to change or still have reservations, consider the fact that more banks are adding Mobile Banking to their roster of account management tools. As smartphones and tablets see more market penetration, it's no surprise that these apps have become more popular.
For more information on Mobile Banking, contact Landmark Bank.
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