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What is Mobile Banking?

by Alexander Malygin

3 min read

Traditional bank options like a branch or a call center line become less attractive when branch hours are shortened and +31 or 1–800 numbers are crowded, forcing consumers across the countries to new habits.

It’s no secret that mobile banking has become more in demand in the year of the worldwide pandemic. It’s like a bank in your pocket! The long-standing appeal, of course, lies in its ability to quickly resolve a wide range of financial matters.

Due to high market competition, more and more financial institutions are introducing new products for mobile banking, thereby creating new opportunities and convenience for their customers.

Your personal bank

As a result of the current restrictions associated with the pandemic, people may recognize and appreciate mobile banking due to its many benefits.

One of the most significant benefits of mobile banking is that it is almost always available and at your disposal. You can log into your account from your phone from almost anywhere and, more importantly, whenever you need it. You can also execute the financial transactions from within your application.

This is especially convenient and popular for small and medium-sized enterprises (SMEs). Businesses can now save time by using mobile apps to process their payments or even receive funds from customers directly through their phone numbers.

Moreover, banks can use mobile technology to reduce operating costs. The client is provided with all the functions of the bank, allowing him independently send a request for a particular service. This increases transaction volumes, which ultimately drives business growth.

What services are there?

  • Access to Account Information. Access to account information allows users to view their balances and transaction history, track their term deposits, view loan or card statements, and manage insurance policies.
  • Transactions. Here you can get information about account balances and a list of recent transactions, electronic payments on accounts, and P2P payments.
  • Investments. Investment management services enable clients to manage their portfolios and receive real-time information about their investment accounts.
  • Support Services. The service allows customers to check the status of their requests, submit claims and complaints, and locate the nearest ATMs.
  • News & Updates. The service provides financial news and the latest offers from your bank or financial institution.

Is mobile banking secure?

Large financial institutions naturally value their reputation and create mobile applications following all security measures. Banks, credit unions, and investment firms are investing heavily in the fight against cybercriminals by implementing robust fraud control mechanisms. However, this does not mean that mobile banking is 100% secure. The consumer remains the weak link. In this connection, one should always use security measures when accessing a bank account. Here are some tips to make mobile banking more secure:

  • Use a verified banking app. Many banks feature links to the app stores from their websites to help you download the right app. Avoid download links found on an open forum.
  • Use two-factor or multi-factor authentication. Two-factor authentication requires customers to additionally confirm their identity through a code sent via text message to their cell phone.
  • Use strong passwords. One of the best ways to protect yourself is to use a password that contains random upper and lower-case letters, numbers, and symbols. And don’t ask your browser to remember it for you.
  • Avoid public Wi-Fi. Use your cellular network or your home wi-fi to conduct any financial business.
  • Set up alerts. This quick notification helps the consumer to detect potentially fraudulent activity, which can then be addressed with your bank on time.

Let’s get started

Mobile technology empowers consumers and their access to financial services, highlighting the importance and convenience of mobile banking in today’s environment. Once you’re ready to take action and experience mobile banking products, Finscanner is here to oblige and set up the right account for your needs.

Find financial service that suits your needs at the Finscanner marketplace and explore all the benefits today!

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