5 Key Benefit of Mobile Banking in 2020

1. Accessibility

Part of the appeal is the ability to access your account on a mobile device whenever you wish. Unlike a bank branch, you can use a mobile banking app to check in with your account 24 hours, seven days a week with some exceptions, such as planned maintenance updates.

2. Convenience

It also provides you a way to save time. Consider mobile check deposit, which is now mainstream within your mobile banking app. The feature lets you deposit a check without requiring you to go anywhere.

Nowadays, the best mobile banking apps are evolving to help you optimize your money in all sorts of newer ways, too.

3. Paying IOUs

It’s also easy to pay back a friend or family member when you are logged into your mobile banking app.

Banks across the country partner with Zelle so that you can send someone money in minutes through your mobile banking app rather than give them physical cash. You will only need to know your recipient’s email address or phone number to send them money. If your bank doesn’t offer Zelle, it will usually let you send a transfer to someone else’s bank account if you know their routing and account number.

4. Good security

Banks are in the business of guarding your assets — including your interactions on their mobile apps.

Of course, nothing is foolproof. But there are steps you can take to step up security precautions if you’re worried about mobile banking security.

While you may still use a username and password to login to a mobile banking app, your bank may let you enroll in added safety measures. You could, for example, enroll in multi-factor authentication where you need two (or more) kinds of verification to prove that it’s really you. For example, a bank could send a code to your phone for money transfers above a certain amount. In order for the payment to go through, you would need to enter the code in addition to logging in through the app to help verify you are who you say you are.

These days, mobile devices —  and some bank apps — will let you login by scanning your face or fingerprint as yet another way to protect your digital bank account.

That also means if your phone goes missing, you will have an added lock to keep fraudsters out. You can also disable your mobile phone remotely.

5. Control

Think of a mobile banking app as a remote control for your money. The app lets you deposit a check and send someone money whenever you wish.

The controls are getting more advanced, too.

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