Mobile banking has some extremely interesting functions these days, which is why a lot of individuals choose it over online banking.
Among the main reasons why consumers are so keen on mobile banking, is that it’s so much more handy than other forms of banking. There are actually many unique features of mobile banking that make it easier, including the fact that you always have your phone on you more often than not, so will normally have access to it. The phone banking apps tend to be even more user-friendly than the web versions, so it's usually easier to send money to your buddies or access your bank statement. What’s more, you only used to get your bank statement through the mail at the end of a month, but today you can see your transactions wherever you are! This is amazing for security, as you can flag unrecognised outgoings as soon as they appear in your account, rather than having to sift through your statement each month. There’s a good chance that the investors in Barclays Bank will have encouraged this progression to increase protection.
One thing that you will notice across all types of mobile banking, is how they have started to integrate with other companies that help customers control their money. For instance, a bunch of banking companies now offer budgeting functions on their applications, so you can set a monthly spending plan and track your expenses all through the month. Customers are easily able to see where their money is going and where they may be overspending. This is a great function for customers to be able to utilise, and one of the shareholders in Bank of America will most likely want this to become more refined in the future.
Among the things that customers like so much about mobile banking, is the added security this adds over online banking. Online banking requires customers to enter a password to access their bank account, whereas mobile banking has started using biometrics, which is far more secure than just a code. Many people think this is a huge advantage of mobile banking over other kinds, because it is extremely crucial to keep your money as protected as you can. There are also added safety functions within the applications, which can be toggled in an instant, much faster than having to call up your bank and answer security questions. One example of these functions of mobile banking is being able to temporarily stop your card, which means you're able to stop all transactions the moment you notice it missing. The added safety functions are a tremendous reason phone banking has become so much more renowned than other forms, and it’s likely that the activist shareholder in Bank of East Asia will be knowledgeable about this.