Sure you may look pretty cool when you swipe your iPhone instead of your MasterCard (News - Alert) to pay for that Caramel Frappuccino Light Blended coffee at Starbucks, but what else can mobile banking do for your image and finances?
Well according to industry experts out there, it can do lots.
Bankrate (News - Alert).com recently published an article detailing the five main reasons to use mobile banking services, a trend that is taking the tech space by storm as more than 45 million people are expected to use mobile banking services by 2014 according to Frost & Sullivan (News - Alert). Mobile banking allows for consumer purchases to be made through smartphones.
"The biggest benefit is that you have more control of your money," James Van Dyke, president of Javelin Strategy & Research in Pleasanton, Calif, told bankrate.com. "You don't have Internet connections everywhere you go. But you do have a mobile connection."
The article lists some great reasons why we should elect for mobile banking including the following:
1. More Ways to Access Accounts
Whether it’s through texting, mobile browsers or downloadable apps, mobile banking makes it even easier for consumers to access their financial information. Some may opt to have texts sent to their phones when their accounts are low while others may use Web browsers to access online accounts. Even more will turn to downloadable applications. For example, Bank of America's mobile banking arm, which now has four million users, offers applications for over 800 devices, including smartphones and BlackBerry (News - Alert) devices. These applications offer features such as helping you determine the closest ATM by using the GPS system.
2. Better Security
With the threat of bank breaches a very possible reality, mobile banking helps address security issues. According to industry experts cited in the article, there are very few reported mobile banking breaches.
"Security is a perceived disadvantage in mobile banking," Van Dyke said, "but it's not a reality." He noted that mobile banking is safer than other channels, including Internet banking. "Malware is less likely to threaten mobile banking because of the proliferation of platforms," he said.
Bank data is guarded with passwords and other ID checks and phones can be disabled remotely.
3. No fees
Nothing is worse than seeing your bank account slowly dwindle because of hidden fees. But, for now, those that use mobile banking services can enjoy no associated fees as banks are not headed down that route yet.
One thing to note, however, is that your phone provider may tack n extra charges for messages or downloads.
\Carrie Schmelkin is a Web Editor for TMCnet. Previously, she worked as Assistant Editor at the New Canaan Advertiser, a 102-year-old weekly newspaper, covering news and enhancing the publication's social media initiatives. Carrie holds a bachelor's degree in journalism and a bachelor's degree in English from the S.I. Newhouse School of Public Communications at Syracuse University. To read more of her articles, please visit her columnist page.
Edited by Juliana Kenny