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The easiest way of defining online banking would be to say that it is the next step in the evolution of banking. With the rise of mobile phones, it was only natural for the banks and other financial institutions to try and exploit these “pocket PC’s”.
Mobile banking also provides a way for banks to give their customers the ability to conduct various financial transactions with a couple of clicks and swipes on their smart-phones and tablet devices. Depending on the bank these financial transactions include, but are not limited to, getting ones’ account balance and a list of all transactions, the ability to pay bills and to transfer funds between accounts as well as remote deposit capture (scanning checks and sending the scans to the bank in order for it to be posted and cleared).
There are numerous upsides to mobile and online banking and it is fairly safe to say that they heavily outweigh the downsides. The most notable upsides are:
- It’s free
- No limit on the number of transactions
Accessibility is the most prominent selling point of mobile banking. Regular banks, unlike mobile banking, have working hours. Mobile banking, on the other hand, is available 24/7. Which is not to say that you won’t have to step into a bank again, but most of day to day transactions will be available to you on your smart device.
The fact that mobile banking is free should not come as a surprise. Banks are profit from it as much as the average person as they don’t need to employ more people at physical locations and they do benefit from fast transactions as well.
There are no limits on the number of transactions when using mobile banking. This is a big thing for small and medium-sized company owners if not for the average Jo.
Security is vital in today’s day and age and the advanced encryption which comes with mobile banking is state of the art. Internet banking had been plagued by a large number of trojan viruses and was not nearly as safe as mobile banking.
Most of day to day transactions can be done by utilizing mobile banking. It is easy to set-up, it’s free, secure and it is available around the clock. The biggest upside of mobile banking is that it saves you a lot of time which you can spend doing things that really matter. Most of us waste too much time staring at our phones but you will not be wasting it by using mobile and online banking.