Banking is no longer at the convenience of the bank – which, let’s face it, was never really that convenient for its consumers. I now manage my money on my mobile, because I want to choose where, how and when I interact with my bank.
With more and more people banking via their smartphones, we’re starting to see some interesting trends. There are the basic benefits we’re all aware of: being able to pay the bill you forgot about instantaneously on your phone and avoiding that late fee, or checking your balance at the check-out counter before making a big purchase. But there’s more to it than that, mobile banking now allows you to deposit checks simply by taking a photo on your phone and uploading it. And most apps have a GPS tracker which helps you find not just any ATM, but a no-fee ATM.
The newest trend is the Digital Wallet
Visa’s ‘V.me’ launched in May is focused on helping consumers shop faster online. It aggregates all of their cards under one account and spares them the hassle of entering billing information – all that is needed is your V.me login and password. MasterCard is expected to launch ‘PayPass Wallet’, an extension of their ‘PayPass’ program in the U.S. in Q3.
Of course, with innovation comes risk
While many perceive internet banking to be safer than mobile banking, that is not necessarily the case. Asides from the more complex design of the mobile programs, you’re more likely to track your transaction history closer on your phone, which helps you to identify fraud faster. However, it is still important to make sure you’re protecting yourself:
- only download apps from your bank, never from a third party site
- change your banking passwords on a regular basis
- learn more about mobile banking.
All in all, mobile banking has a long way to go before it catches up to internet banking, but it’s still something I rely on daily to help me manage my money.
Are you taking advantage of the free mobile banking features available from your bank? How do you mobilize your money?