Online banking is growing to be a thing of days gone by, these days everyone is moving towards mobile banking!
Among the main reasons why consumers are so keen on mobile banking, is that it’s so much more practical than other forms of banking. There are many unique features of mobile banking that make it much easier, including the fact that you always have your smartphone on you more frequently than not, so will usually have access to it. The phone banking applications tend to be far more user-friendly than the web versions, so it can be easier to send money to your friends or retrieve your bank statement. What’s more, you only 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 excellent for safety, as you can flag unrecognised outgoings the moment they appear in your account, instead of having to sift through your statement once a month. There’s a good chance that the investors in Barclays Bank will have encouraged this progression to maximise security.
One thing that you will see across all types of mobile banking, is how they have started to integrate with other companies that help consumers control their money. For example, a lot of banking companies now provide budgeting functions on their apps, so you can set a monthly budget and track your expenses throughout the month. Customers are easily able to see where their cash is going and where they may be overspending. This is a wonderful feature for consumers to be able to utilise, and one of the shareholders in Bank of America will probably want this to become more enhanced in the coming years.
One of 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 password to use their bank account, whereas mobile banking has started using biometrics, which is considerably more secure than just a code. Many individuals think this is a huge advantage of mobile banking over other forms, because it is exceptionally important to keep your money as protected as you can. There are also added security features within the applications, which can be toggled in a moment, much faster than having to call up your bank and answer security questions. One example of these functions of mobile banking is being able to temporarily freeze your card, and that means you're able to stop all transactions as soon as you notice it missing. The added safety functions are a huge reason phone banking has become a whole lot more popular than other forms, and it is likely that the activist shareholder in Bank of East Asia will be knowledgeable about this.