7 Reasons Why You Need Mobile Banking
Mobile banking has seen significant growth over the past ten years. Accordingly, enhanced security measures have been developed to help protect against viruses, hacks and other digital threats. With all these advancements, there are also numerous mobile banking benefits that make it a smart choice in our modern world. If you’re looking for ways to manage your finances more effectively, mobile banking is the tool you need. It’s convenient, free and secure, and you can access it wherever you are.
Here’s a rundown of the benefits of mobile banking:
1. Convenience
A top mobile banking benefit is that it saves you time, fuel costs and hassle by avoiding long wait times on the phone and multiple trips to the local branch. In fact, 78% of consumers prefer online or mobile banking because it’s so easy to use. For instance, if you want to be better at saving money, mobile banking lets you set up automatic transfers from your checking account to savings, so you don’t even have to think about it.
This seems obvious, but if you perform a lot of transactions (like transferring money to your kids several times a week because they ALWAYS need something or paying IOUs to friends), mobile banking also simplifies these tasks so you can spend more time focusing on what you love.
2. 24/7 access
Another of the many mobile banking advantages is the ability to monitor transactions more quickly and easily than ever before. With everyone on the go—carting kids around to after-school activities, visiting family members, running errands, commuting to and from work and venturing out to have fun—you’re no longer tied to your computer, an ATM or branch location to check your accounts. Just pick up your phone, wherever you are, and log in at any time to track expenses easily from the palm of your hand and see when money goes in and out of your account. With this real-time visibility, you can even get accurate, up-to-date information about your credit score and spending habits when you need it.
With this 24/7 banking access, it’s more important than ever to know what’s happening with your accounts. Set up alerts and receive a customized heads-up, in near-real time, whenever there is activity on your accounts. Base your alerts on balances, approvals, transactions and more.
3. Security
Security is of the utmost importance in mobile banking, as it gives you peace of mind that your financial information stays safe and protected. For example, if you enable two-factor authentication, you’ll get a code sent as a text or email whenever a login attempt is successful. This means if your password is compromised, you can still control who accesses your account.
“We work to identify the highest security threats and then to build security solutions that protect our members and their financial information,” says David Glod, vice president of information security at Mountain America Credit Union.
If you have any concerns about protecting your financial information, you can find a few tips about protecting your mobile banking account here.
4. It’s free
Another benefit of mobile banking is that most mobile banking apps are free to download to your smartphone. You can view your accounts, deposit checks with your camera, print statements, transfer funds, pay bills and set up notifications and alerts—all with no fees! Mobile banking benefits you by giving you the power to handle your finances with confidence. While many mobile banking apps are free, it’s important to note that standard phone provider fees may be applicable for data usage.
5. Preapproval from your phone
Another exciting benefit of mobile banking is the ability to apply for a loan right from your mobile device. Getting preapproved quickly on your mobile phone may make the difference between getting exactly what you want and settling for second best when you buy a home or car. This proactive approach helps you get the financing you need with terms that align with your financial goals.
6. Instant decisions for credit cards
Some mobile banking apps (like the one from Mountain America Credit Union) even offer instant-decision approvals! Yep, you read that correctly—a top mobile banking benefit is getting instantly approved when applying for a credit card.* No more waiting a day or two to hear if you can move forward or not. That means you can get on with your business faster.
7. Fast and secure peer-to-peer transfers
Most credit unions and banks have a money transfer platform within their mobile app. This secure tool allows you to send or receive money between family and friends—even if their accounts are with different financial institutions—right from your mobile banking app. All you need is an email address or phone number, making it a cost-effective way to make digital transfers.
Ready to experience mobile banking benefits?
Make your life easier—download our app today! Take a tour here. If you have questions about membership, interest rates or anything else, we’d love to help.
