A recent study conducted by Insider Intelligence found that 89% of respondents frequently used mobile banking. While the popularity of electronic fund management has been steadily rising for the past decade, the COVID-19 pandemic catapulted our reliance on (and preference for) mobile banking to the next level. Clearly, mobile banking benefits are more mainstream than ever.
In our increasingly digital world, more and more individuals are turning to mobile banking for their financial management needs. This article explores the top five mobile banking benefits that are revolutionizing the way we interact with our finances in 2023. Whether you’re a busy professional or just looking to streamline your personal finance goals, understanding the benefits of mobile banking can empower your financial decisions.
Still not sure whether digital banking is right for you? Here are five reasons to make the switch to mobile banking today.
The biggest reason to start using a mobile banking app is convenience. No busy working professional wants to spend their lunch break dashing to the bank. Mobile banking gives you the ability to check your balance, pay bills and review loans 24/7 while on the go. In our fast-paced modern world, it’s also a more practical solution when splitting a dinner bill with friends than dashing to the ATM or a branch for correct cash.
2. Real-Time Transactions
From your morning coffee to your car parking, most of us make dozens of transactions per day. Using mobile banking, you can quickly and easily check whether these transactions have successfully gone through and monitor for any duplicate charges. Having access to a real-time list of your transactions can also help you safeguard against theft by immediately alerting you to any fraudulent or unauthorized charges.
Many mobile banking apps come inbuilt with budgeting tools to help you achieve your personal finance goals. For example, you may be able to categorize your transactions into groups to identify areas of excess, set spending limits, and even receive alerts when you go over budget. You can also receive insights about where your money is going and when. This can help you determine whether you tend to blow your budget on Saturday nights or are likelier to spend big on work lunches. Then, you can more readily address the issue.
Mobile banking apps also make it easy to see all your bank accounts at once, which is ideal for individuals with separate savings and expense accounts. The ability to set recurring payment cycles can also help you plan for and ensure bills are paid on time.
Online transactions are often scrutinized due to the potential for security breaches. However, in 2023, the security options that mobile banking apps build into their software are typically highly advanced. Most include robust encryption, biometric authentication options (think fingerprint and facial recognition), and other advanced identification methods to keep your accounts safe. Online transactions are also more discreet than using a public ATM to withdraw cash.
5. Personalized Services
Bank tellers are often too busy to deliver quality customer service or consider your situation when providing banking advice. Through advanced algorithms and data collection, mobile banking apps are often better positioned to offer tailored servicing. This can include budgeting recommendations, suggestions for loan consolidation, and even appropriate investment opportunities to fit your needs.
Final Thoughts On Mobile Banking Benefits
Mobile banking apps have revolutionized how we manage our finances in 2023. Clearly, the benefits of mobile banking extend beyond convenience, offering real-time transactions, advanced budgeting tools, robust security measures, and personalized services. As we progress further into the digital age, adopting mobile banking as part of your financial strategy can enhance your financial management practices, promote effective budgeting, and provide unprecedented convenience. Consider making the switch today and experience these mobile banking benefits firsthand. Make your life more convenient and improve your budgeting by incorporating mobile banking into your financial strategy today.