As more people shifting towards using phone banking in their everyday life, you should know some of the coolest functions it has brought
Among the primary reasons why consumers are so keen on mobile banking, is that it is so much more handy than other forms of banking. There are many unique features of mobile banking that make it simpler, including the fact that you always have your mobile on you more often than not, so will usually have access to it. The phone banking apps tend to be even more user-friendly than the internet versions, so it can be easier to send money to your friends or retrieve your bank statement. What’s more, you only used to get your bank statement through the mail at the end of a calendar month, but now you can see your transactions wherever you are! This is excellent for protection, as you can flag unrecognised outgoings as soon as they appear in your account, rather than having to sift through your statement once a month. There’s a very good possibility that the investors in Barclays Bank will have encouraged this progression to maximise protection.
One thing that you will see across all types of mobile banking, is how they have started to integrate with other companies that help consumers control their money. For example, a lot of banking companies now offer budgeting functions on their apps, so you can set a monthly spending plan and monitor your expenses all through the month. Consumers are easily able to see where their money is going and where they might be overspending. This is a great feature for customers to be able to use, and one of the shareholders in Bank of America will probably want this to become more refined in the future.
One of the things that consumers like so much about mobile banking, is the extra security this brings over online banking. Online banking requires customers to enter a security password to use their bank account, whereas mobile banking has started using biometrics, which is far more secure than just a code. Many individuals think this is a large advantage of mobile banking over other kinds, because it’s incredibly important to keep your money as safe as you can. Also, there are added safety features within the apps, which can be toggled in a moment, much faster than having to call your bank and answer security questions. One example of these functions of mobile banking is being able to temporarily stop your card, and that means you can stop all transactions the moment you notice it missing. The added security functions are a tremendous reason mobile banking has become a whole lot more renowned than other forms, and it’s likely that the activist shareholder in Bank of East Asia will be knowledgeable about this.