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7 benefits of mobile banking
Mobile banking has become a popular method for financial management due to its ability to help people manage and view finances remotely via a smartphone or tablet.
According to the American Bankers Association (ABA), 48% of bank customers use apps on phones or other mobile devices as their top option for managing bank accounts.1
This article explores seven reasons why mobile banking is so popular, as well as how to use mobile banking to help organize finances, manage transactions, and save money.
Convenience and accessibility
Mobile banking can be fast and easy. Round-the-clock access to banking means people can check balances, transfer funds, and pay bills whenever it suits them.
This flexibility means that if a person has a secure network connection, they can enjoy mobile banking conveniences from virtually anywhere.
Real-time monitoring
Mobile banking typically has real-time monitoring, allowing people to closely track spending and financial movements as they happen.
This visibility into transaction history may aid better financial management, allowing for more informed decision-making and the ability to spot budgeting adjustments.
Built-in security features
Mobile banking is generally secure, depending on the provider or app being used.
Mobile banking apps generally employ various security measures — such as biometric authentication (fingerprint and facial recognition) and encryption protocols — to keep financial data safe.
These technologies aim to ensure that only the owner of an account can access their data and that information is protected from potentially fraudulent activity.
Quick and easy account management
A typical mobile banking app can help consumers make transfers, create recurring payments, open additional accounts, apply for new cards, and review spending.
While these services are usually also available through online banking over a desktop computer, mobile banking interfaces may condense and quicken the same capabilities.
Access to digital wallets and payment solutions
Mobile banking can integrate with popular digital wallets, simplifying how consumers transact online and in stores.
Some digital wallet providers may offer additional features, such as ways to earn rewards or cash back.
Financial management tools
Leading mobile banking apps may include features that allow budget creation and expense tracking. Access to data on spending habits across categories, like groceries, utilities, and entertainment, can guide personal budgets.
Goal-setting tools embedded within these apps may aid in financial planning, helping users to set and achieve realistic personal finance targets.
Additionally, alerts and notifications may provide timely tips and insights on features and products that can help save money.
Customer support and assistance
Mobile banking apps can make it easy to get support or ask about safety and security matters.
Reputable mobile apps often provide support buttons that help customers chat, email, or talk to customer are representative on the phone to get support.
Some mobile banking experiences include artificial intelligence (AI)-enabled assistants or chatbots that provide specific user information at any time of day.
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