Mobile Banking
When you perform a financial transaction on a mobile device, you are using the power of mobile banking. Such transactions can be simple, such as transferring money from your debit account to your savings account.
However, they can also be more complex, including paying bills, obtaining a loan, or setting up a new savings account.
Some banks even offer in their apps a complex analysis of expenses with tips and ideas for savings, notifications, etc.
Features and Benefits of Mobile Banking
The type and variety of features in mobile banking can greatly vary. One of the key features however is real-time account management with a complete overview of the current balance and the most recent transactions in and out of it.
Money transfers, paying bills, and receiving notifications for due payments - are all popular features of mobile banking apps. Many mobile banking apps offer additional features like budgeting tools, financial insights, and quick access to customer support.
Speed and convenience are some of the best aspects of mobile banking. The mobile banking app can greatly reduce the need to visit a bank, especially for mundane financial transactions.
Security
One of the biggest downsides to mobile banking is security. To make mobile banking more safe and appealing banks constantly upgrade and develop their mobile services- with better encryption, so that the information transmitted between your device and the bank remains secure. Mobile banking apps also use passwords, and multi-factor authentication, requiring you to verify your identity by more than one method. These methods could include a password from an app on your mobile device or a simple text message with a code. Biometric authentication, such as fingerprint and face scans is also becoming increasingly the standard in mobile app protection.
While mobile banking is designed to be secure, users always need to take precautions, such as using strong passwords, avoiding public Wi-Fi when banking, and keeping their app and device software always up to date.
How to Set Up Mobile Banking on Your Device?
Make sure to download the app from the appropriate app store - Google Pay if you have an Android device or Apple Pay if you have an Apple device.
After installing the latest version of the app you will have to enter your account details and set up your password. Make sure to make it complex and long by using lowercase and uppercase letters, numbers, and symbols. Remember the password and don't write it anywhere. It's always a good idea to add biometric authentication for additional security.
It's also important to never use your mobile app in public wi-fi networks.