More than 163 million people in the US use mobile banking. Approximately 80% of Americans regard it as their preferred method of accessing their accounts. Why is mobile banking so popular? Here are the top three reasons to opt for banking applications.
Convenience with 24/7 Access to Banking
One advantage of mobile banking is that you can access your funds at any time. Unlike traditional banking, you don’t have to wait for the bank to open. Regardless of your location, you can check your statements and review the details of your account.
Since you can access your account from the comfort of your home, 24/7 access saves your time. It is convenient for busy entrepreneurs without enough time to go to the bank. Banking apps allow businesses to perform quick transactions, which improves service delivery.
Mobile banking is also a viable option during the post lockdown period. You can access the account at any time of night or day while observing social distancing. Also, according to the experts at SoFi, “Banking with SoFi has no account fees and no service charges—and we’re working hard to keep it that way.”
Access Funds from Anywhere
Through mobile banking, you can access your account regardless of your location. If you want to deposit a check, the process is simple. You can either scan or capture an image of the document from the application. Add the required details, and you’ll have deposited the check.
Applications such as SoFi mobile banking app allow you to request up to 15% cashbacks at local establishments. The app does not charge for overdraft fees, and there are no minimum balances.
Additionally, you can quickly pay people you owe money. Instead of using cumbersome IOUs, use your mobile bank for a faster process. All you will need is the mobile phone number and email of the recipient.
Since you can access funds from anywhere with mobile banking, you can streamline business processes. You can pay suppliers and deposit checks from your home office.
Track Transactions and Avoid Fraud
Banking from your mobile phone means that you have all the information about your account at your fingertips. You can always check your balance before you perform any transaction.
By tracking your transactions, mobile banking simplifies budgeting. Some applications like SOFI mobile banking charge no fees. Therefore, you can check your transactions as many times as is necessary to stay on track with your spending.
Closely monitoring your account allows you to detect fraud. Ensure you turn on activity alerts for real-time reporting of account activity. The application will send account information via text, enabling you to respond to fraudulent transactions on time.
Most banks take extra measures to boost security when using a banking app. It is wise to use two-factor authentication when logging into your account. Also, avoid public Wi-Fi and use your phone’s network instead to minimize the risk of security breaches.
Banking applications have security measures in place to prevent fraud. But you should take additional steps to ensure your account is secure. Always use strong passwords and two-factor authentication.
