Mobile banking is becoming increasingly popular over recent years. Let’s look at the pros and cons of mobile banking in this post to see if it’s a good option to manage funds.
Mobile banking is an essential tool to manage funds, make transactions and purchases. More and more people are becoming addicted to it for the convenient banking it offers. A mobile banking application offers almost all of the services or even more than what you would get at a physical banking service. Almost all reputable banks now offer mobile banking to keep banking easier for their customers. If you’re new to mobile banking or considering using it for the first time, here’s a list of advantages and disadvantages to help you decide.
Advantages of Mobile Banking
There are endless benefits of using mobile banking. Here’s a list of the most important ones you can expect.
- With mobile banking, you can transfer funds from your bank account to another bank account simply with your smartphone and an active internet connection.
- The service is active 24/7, so you won’t have to wait to make the transfers. You can access and make transactions at any time of the day, and on any day of the week. Mobile banking can even be used on public holidays.
- You can pay bills, make purchases, and review transaction history via your mobile banking application from the convenience of your own home.
- Since there’s no room for human error in transactions, it may save time wasted in correcting mistakes.
- Since the transactions are carried out automatically, much time and money are saved for individuals and even for organizations.
- With the two-step verifications that most mobile banking apps use, which involves a One Time Password (OTP) sent to your mobile phone, transactions are very secure.
Disadvantages of Mobile Banking
While there are many advantages, disadvantages can’t be overlooked either. Here are some of the things you should be aware of:
- Mobile banking may not be available on all mobile phones. It requires you to install an application on your phone. Thankfully, most smartphones support these applications.
- The bank may charge extra fees for the use of mobile banking services.
- While mobile banking is very secure, there’s always a risk of cyber theft when making mobile transactions.
- Loss of mobile phones may mean uninvited access to your security PIN and other sensitive banking information for criminals.
While there may be some disadvantages of mobile banking, the benefits surely outway the cons. Today, mobile banking is an essential part of day-to-day transactions for many people, and its popularity continues to grow.