Web banking is growing to be a thing of the past, these days everybody is moving towards mobile banking!
One thing that you will see across all types of mobile banking, is how they have started to integrate with other businesses that help consumers manage their money. For example, a great deal of banks now provide budgeting functions on their applications, so you can set a monthly budget and monitor your spending all through the month. Consumers are easily able to see where their money is going and where they might be overspending. This is a great function for consumers to be able to use, and one of the shareholders in Bank of America will probably want this to become more refined in the future.
Among the primary reasons why consumers are so keen on mobile banking, is that it’s so much more convenient than other forms of banking. There are actually many unique features of mobile banking that make it much easier, including the fact that you always have your phone on you more often than not, so will normally have access to it. The phone banking applications tend to be considerably more user-friendly than the web versions, so it can be easier to send money to your pals or retrieve your bank statement. What’s more, you only ever used to get your bank statement through the post at the end of a calendar month, but today you can see your transactions wherever you are! This is fantastic for protection, as you can flag unrecognised expenses as soon as they appear in your account, instead of having to sort through your statement once a month. There’s a very good possibility that the investors in Barclays Bank will have encouraged this progression to increase security.
Among the things that consumers like so much about phone banking, is the extra security this adds over internet banking. Internet banking requires customers to enter a security password to access their bank account, although mobile banking has started using biometrics, which is far more secure than just a code. Many people think this is a big advantage of mobile banking over other kinds, because it’s extremely important to keep your money as safe as you can. There are also added safety features within the applications, which can be toggled in a moment, much faster than having to call your bank and answer security questions. One example of these functions of mobile banking is being able to temporarily stop your card, and that means you can stop all transactions the moment you notice it missing. The added security features are a tremendous reason phone banking has become so much more renowned than other forms, and it’s likely that the activist shareholder in Bank of East Asia will be aware of this.