Facts about Mobile Banking

March 11, 2013 5:30 PM

The inconvenience of traveling, long sequestered lines that bring out the claustrophobe in most people, the sometimes frosty greetings from a teller and the ludicrous fees attached to doing business in-branch; these are some of the many factors driving people towards mobile banking--not the least of which is its convenience, considering how accessible and versatile mobiles have become (3.3 billion users reported, triple the number of internet users). But before you make the switch permanently, know the facts and weigh your options.

• Not all your banking transactions can be completed as dialed: Though mobile phones have perhaps made the leap into being magic wands, there are still some banking services it can't yet offer.

• Is this line secure? We all know the risks; before you start to use mobile banking, you must mitigate them by uploading an anti-phishing feature and an antivirus program that offers protection in real-time and not just scanning. Also, learn to root or jailbreak your Android or iPhone, this allows you administrator privileges that might come in handy.

• Collect calls: Mobile banking can be used to pay for many goods and services. Debit/credit card transactions by phone are becoming so common, it's predicted that consumers will soon associate all commerce, banking and payment with the mobile phone.

• The future is calling: Banks recognize that consumers love mobile applications; all services not yet available will soon become so. It's also estimated that phones will become the main internet connection by 2020, and Wi-Fi is growing exponentially. Also, in the 18-34 demographic, 21% of users in the U.S. already do banking over the phone.

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