The Pros and Cons of Mobile Banking

The Pros and Cons of Mobile Banking

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.

The Pros and Cons of Mobile Banking 1
Photo by TMAB2003 via Flickr

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.

What’s Next?

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.

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6 thoughts on “The Pros and Cons of Mobile Banking”

  1. I really like online banking. It is 24/7 accessible, I don’t have to leave my house, and I get to save paper. These days your identity can get stolen anyway and how you bank won’t matter.

  2. I like the fact that I can take a photo of a check from my smartphone and instantly deposit the money into my savings or checking account. You can’t beat that.
    Pat S.

  3. Mobile Banking is the most convenient way of Banking as it would be very successful in the remote areas where to have a PC or Laptop would cost much more than the handfone.

  4. I think that mobile banking is as secure as online banking. Yes there is always a risk that any technology can be hacked, but mobile banking is extremely convenient and beneficial in my opinion. it’s no different to using your pin number at an ATM, which in my opinion can be more easily hacked as it is a static piece of equipment that can be tamapered with.

  5. I like the fact this i can a photo check from my smartphone &instantly deposit the money into my saving or checking account good idea

  6. I agree that one of the benefits of doing mobile banking is that it is really convenient. Sometimes it is hard for me to go to the bank or remember to get on the internet to change things within my account. It is really nice to be able to do it right when I remember it. One thing I have learned is that if you think some mistake was made while using it, you should call your bank and ask them to look into for you.

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