With the use of technology, we can now do our banking business at the tip of our fingertips. You can now use your smartphones, or other cellular devices to finish your bank transactions. You can save time by not looking for any teller machines or branch to do any bank related activities.
It has safety features.
Before you can use your mobile banking, you need to register and provide pieces of information before you can use the mobile app. They usually offer security codes before you can proceed with the transaction. The only time that someone can use your account via mobile is when you permit them, or when you provide the security codes being sent to you. Once it is locked, you will not be able to use your funds unless you call them and ask to reset your account.
It is convenient to use and available 24/7.
As mentioned above, you do not have to visit the branch for your banking transactions. You can now send payment, transfer funds, check your account, and other banking activities mostly free of charge. There are no hours of service or brick and mortar terms with mobile banking.
It is paperless.
It will help us save trees because it is paperless. With mobile banking, customers no longer need to receive unnecessary mail from their bank. Not only is it beneficial for the trees, but it’s also safer because you no longer have to toss away sensitive information into the trash. No one enjoys getting bank statements in the mail and the possibility of stolen paper mails that can end up with identity thief.
You have control over your account.
Mobile banking makes it so simple to have complete control over your bankings. You can watch your balances and transfer money among accounts to avoid overdraft fees. With bill pay, you can receive alerts when it’s time to pay to avoid late fees or set up recurring bill payments and not have to consider it at all.
It has personalized alerts and notifications.
With the help of mobile signals and machine sensors, banks can communicate personalized offerings and notify customers about new services based on their location, context, preferences, and buying history.
It has fraud detection as one of the safety features.
Artificial Intelligence assistance is remarkably effective at recognizing patterns and fraudulent transactions. They can recognize fraud in real-time and can even foretell how fraudulent action will progress. Besides, AI-powered algorithms give many layers of reliable protection for mobile activities.