Imagine, for a minute, that the only way to find out your bank balance was to physically go to the bank. You would need to stand in line, take a token and perhaps deal with grumpy employees who would disdainfully update your passbook. And, with half your day gone, you would finally have the answer to your very simple question – How much money do I have left?
Yeah, we’re rolling our eyes too! But, with the introduction of mobile banking, many if not all of these tedious processes will soon become history. In India, China, Korea, Singapore and other Asian countries mobile banking is growing rapidly and here’s why.
1. More Control Over Your Money – This is a generation of travellers and doers, who are constantly on the move. Everything must happen faster, better and on our own terms. Mobile banking helps your money to be at the same pace as you. Whether you’re waiting for a friend at a restaurant or on your way back home from a long day at work, you can always check in, transfer funds, pay bills, set up auto payments and transact in hundreds of different ways.
2. 24/7 Banking – Banks work fixed timings and internet banking means you need to log in from a desktop. With mobile banking, you can conveniently bank from your holiday in Thailand, while in line at the supermarket or while you’re binge-watching your favourite comedy series.
3. Free & full of features – Depending on how advanced your bank’s app is, you can conduct a host of other activities including checking current account balance, getting a mini statement, depositing checks, locating the nearest ATMs and much more, multiple times, for no added fee. All you need is a smartphone platform that supports your bank’s app and a working connection to get unlimited access anytime, anywhere.
4. Security – Your banking data already has a number of checks and fail-safes in place to protect you in the form of passwords, registered addresses, ID proofs and multi-factor authentication. So your phone (even if it’s ever stolen or misplaced), is among the most natively safe places you can transact. Well-built bank apps don’t store your data while transacting or on your SIM card and given how advanced smartphone tech is, you are far less likely to hear about a smartphone virus today than ever before.
As mobile banking becomes increasingly popular, and technology provides quick solutions to everyday banking needs, the savvy smartphone user can expect to see many more features that will make life easier.