The Pros and Cons of Mobile Banking

A man looking a credit card and putting the details into a laptop.

It’s no secret that in the years since its introduction, mobile banking has grown exponentially in popularity. In fact, 4 in 10 people in the UK use their mobile banking apps regularly with 71% of the adult population (around 38 million people) accessed their banks via browser or mobile banking app in 2017.

So, why are so many people making this shift, and, what are the pros and cons of mobile banking?

 

Pros of Mobile Banking

Improved Customer Experience

Positive customer experience is paramount to the success of any business and banks are no exception. Mobile banking apps are a great way to provide a great customer experience. One of the biggest ways that happens is through the improved availability that mobile apps offer banking customers. Mobile banking is available 24 hours a day, 7 days a week, and this is something that customers need.

Customers can also get a personalised experience on mobile banking apps by tailoring the app to their specific banking needs. You also have full control over your own finances at your fingertips.

Convenience

Convenience is one of the biggest selling points for mobile banking. The easy and instant access to your finances at any point in time is a vital thing for most people. People find it extremely useful to be able to look at their balance and transactions when suits them, as well as being able to manage and make payments when they need to.

Alternative to Switching Banks

Online banking has provided a platform for customers who are being affected by the ongoing closure of many bank branches. People who live in the areas where branches closing will be faced with few options. Either they will have to change banks or travel long distances for the nearest branch.

Or they can make the switch to mobile banking. In doing so they will be able to stay with their same bank that they may have been with for years and won’t have the hassle of switching banks or travelling far to complete simple tasks like paying a bill or seeing their transactions.

Safety Features

Mobile banking has a lot of great added features that are making banking apps more and more secure as time goes on. Features like transaction alerts, which send an alert to your phone whenever your account is used for a transaction, or strong customer authentication features which will require you to authenticate any transactions that you make through either your mobile or your banking app.

 

Cons of Mobile Banking

Technical Interruptions

One of the cons of mobile banking apps is that technology is unpredictable, which means that there are occasions where mobile technology or the internet can fail us, which leaves mobile banning consumers at a loss. This also means that if the bank’s servers are down, then you won’t be able to access your accounts in the way you would from going into the bank physically.

Security Risk

While safety features are getting stronger on mobile banking apps, there are still risks to consider. For example, if you are using your apps on multiple devices, so you have maximum accessibility, then your details are spread across multiple devices and therefore, may be at risk.

It is also important that if you are using different devices that you are taking precautions to make sure that both your apps and your devices are secure, and the deatails that you are using for those accounts are secure and unique.

Customer Service

Some banks, whether online on via app, have implemented chatting features and offer customer service numbers for those with questions and inquiries. But this is still not an equal match for the face-to-face customer service you'll receive at a physical bank, where you are likely to get you problems resolved much quicker.

Similar Articles

A woman is sitting on the couch looking at something a silver laptop and holding a bank card in her right hand.

There are several types of bank account in the UK, and with so many choices, it can be hard to know which type of account suits your needs the most. But worry not, this guide is going to help you understand the different types of bank account and their advantages and disadvantages.

credit

If at any point in your life you have applied for a credit card, started a phone contract, took out a loan, financed a car, leased a flat or bought a house—chances are, someone checked your credit rating. But, what is a credit rating – and why is it so important?

Guaranteed Loans For Unemployed In Nix Contemplation

If anyone says that a circle of hitch has already planned by destiny for you. Maybe they are not exactly wrong but some financial situation happens so unwontedly that we have never imagined in our dreams to pick up your leg out from the mud. For that, you can go for loans.

Organising Your Finances in Retirement

Many of us work our entire lives with the hope of enjoying a good few years of retirement after finishing up full-time work. The road to retirement requires a great degree of financial planning and a keen eye for detail.

5 Essential Accounting Tips for Freelancers

When it comes to freelancing, you have a lot of things to keep on top; your finances are one of the most important ones. When you’re working freelance, whether that’s for a range of companies or yourself as your own business, you are responsible for everything financial – from everyday banking right up to taxes.

Tech Tips: Digital Trends in Crypto Apps

As cryptocurrencies continue to influence the world of financial transactions, it has been only natural to see an upsurge in the number of cryptocurrency apps that are available to enthusiasts.  But with the sheer number of offerings, it can seem overwhelming to sift through all of the products that are available and determine which apps might actually be necessary to install on your devices.

insurance

A home is the biggest asset that we all have, but to make sure that it stays the biggest asset, one needs to give regular attention to it. During summer, where we use the maximum numbers of appliance, it is important to take all measures to make our home as energy efficient as possible.

Guide to Buying Your First Car

Buying your first car is an exciting time and a significant life event, but there a lot of factors that you need to consider. Car ownership comes with a large number of ongoing expenses that you’ll need to be able to pay for.  With some careful money management, you can run a car without breaking the bank.

wallet

For many, debt isn’t an easy thing to talk about, but the first step towards getting yourself out of the red is to get your head out of the sand and acknowledge the situation.