The way in which we manage our personal finances has come a long way over the years. Advances in technology have made it possible to not only conduct much of your banking and bill paying from the comfort of your own home, but also while on the go from your mobile phone. The introduction of mobile banking has added yet another option to the list of ways we can manage our money.
With smartphones using technology most of us do not even fully understand consumers now have the option to pay their bills, check their bank balances, and transfer funds from the palm of their hand. As with any new method of managing money it is important to weigh the pros and cons of mobile banking and money management before deciding if this option is right for you. Here we look at some advantages and drawbacks associated with this new method of banking.
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The Pros of Mobile Banking
The main benefit of mobile banking is convenience. Basically mobile banking is simply taking online banking to the next level. The ability to access bank accounts, make payments, and even track investments regardless of where you are can be a big advantage. In the fast paced world in which we live many people are out and about and on the go all day long. By allowing the user to take care of basic money management at any time and in any place, mobile banking holds a great appeal to people who otherwise find it difficult to find the time to bank in a more traditional manner. Banks and financial institutions aim to make everything as convenient as possible; many have released applications for the various smartphone operating systems to make things easy for their customers.
The Cons of Mobile Banking
With so many options in how you manage your money mobile banking appears to be one of the more convenient ways to do so. Why then are many people hesitant to give it a try?
One of the major drawbacks associated with this new way to manage money is security. Over the years we have seen a change in how thieves and con artists steal our personal information. Before computers integrated so closely with our lives a person had to pay close attention to how they managed and disposed of paper documents with banking and credit card information. Once the Internet became a household fixture and more people began taking advantage of online banking and online shopping there was a shift toward the electronic theft of personal information.
The same theory applies to mobile banking. Identity thieves will follow suit as more people shift to mobile banking. This means individuals who fail to take the proper safety and security measures when managing their finances via their smarthphone will be vulnerable to identity theft and other problems.
Is Mobile Banking Right for You?
Technology will continue to change the way we live. Mobile banking is here to stay, regardless of the dangers which may be associated with banking by phone. Whether or not this method of money management is right for you is a personal decision. If mobile banking will make your life easier and you are willing to take the appropriate steps to make sure your transactions are secure this may very well be the best way to manage your finances. On the other hand if you have no trouble managing your finances online or even in person or feel the risk outweighs the reward, mobile banking may be something better left to someone else.
Majority of top banks offer mobile banking, if you are interested you can check with your current bank(s) first to see if they support mobile banking, and more importantly, your specific smartphone. If your bank doesn’t support mobile banking, or you are simply looking for a new bank, you can consult this list of top savings banks and credit unions.