Web banking is becoming a thing of days gone by, nowadays everybody is moving towards cellular banking!
Something that you will notice across all types of mobile banking, is how they have begun to integrate with other companies that help consumers manage their money. For instance, a lot of banking companies now offer budgeting functions on their applications, so you can set a monthly spending plan and track your spending all through the month. Customers are easily able to see where their cash is going and where they might be overspending. This is a tremendous feature for consumers to be able to use, and one of the shareholders in Bank of America will probably want this to become more refined in the coming years.
One of the things that consumers like so much about mobile banking, is the extra security this adds over online banking. Internet banking requires customers to enter a security password to use 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’s exceptionally crucial to keep your money as safe as possible. Also, there are added safety features within the applications, which can be toggled in a moment, much quicker than having to call up your bank and answer security questions. One of these functions of mobile banking is having the ability to temporarily stop your card, which means you can stop all transactions the moment you notice it missing. The added security features are a big reason phone banking has become so much more popular than other forms, and it is likely that the activist shareholder in Bank of East Asia will be knowledgeable about this.
Among the main reasons why customers are so keen on mobile banking, is that it is so much more practical than other forms of banking. There are many unique features of mobile banking that make it simpler, including the fact that you consistently have your phone on you more often than not, so will normally have access to it. The phone banking applications tend to be far more user-friendly than the internet versions, so it's usually easier to send money to your friends or retrieve your bank statement. What’s more, you only used to get your bank statement through the post at the end of a month, but now you can see your purchases wherever you are! This is fantastic for security, as you can flag unrecognised outgoings as soon as they appear in your account, instead of having to sort through your statement once a month. There’s a good chance that the investors in Barclays Bank will have encouraged this progression to maximise protection.