Mobile banking has evolved, since its launch in 2007. The mobile banking apps started as mini versions allowing users to check their account balance and keep track of their check cashed or not. Today, they are your financial companions and empower you to handle your financial tasks like deposit checks, get alerts, stay updated about your real-time bank balance, transfer funds, etc.
Before you choose an online banking mobile app checks its experience and reliability. For example, if you choose the Blackhawk Bank then check on its mobile banking questions and answers on its website blackhawkbank.com.
Mobile banking advantages
Your account can be accessed on your mobile device anytime. Unlike the traditional banking system, mobile banking software allows to access your account 24/7 [except on maintenance updates].
In the past, you had to visit the bank facility to check your financial details. With the mobile banking app, you save time as making deposits from anywhere even while traveling on a train without any necessity to physically visit the banking institution.
Mobile banking apps are adding money optimization features like how much cash a customer can save regularly. Customers even get alerts about their over-drafting risk in advance.
Paying back IOUs to a family member or friend you borrowed from on time with a mobile banking app is easy. You can transfer cash to their bank account without giving physical cash. For the transfer, you will need their bank account details.
Banks are business that needs to guard their assets including the mobile app interactions. Hackers are always a couple of steps ahead but banks take serious security measures. Generally, mobile banking apps can have a multi-factor authentication program where 2 or more verifications are needed.
For example, a code can be sent on your mobile device for money transfers over a specific amount. For successful payment, there is a need to enter special code besides the application login for verification that he/she is the genuine account holder.
Some advanced banking software needs a fingerprint or face scan for login. It is also a great way for shielding your online banking account, especially when you lose your mobile device. This extra lock helps to keep impostors away until you disable your Smartphone remotely.
Mobile banking app can be a remote control for handling your finances. Advanced controls allow turning off your credit card if it gets stolen or goes missing. You feel secure instantly in such panic situations. You can even turn on your card the same way using the mobile banking app. You even get mobile alerts for insufficient balances, thus allowing you to control your spending.
The mobile banking app allows clarifying your financial health anytime and anywhere!