Mobile banking has become increasingly popular over the years. Banks offer mobile banking to their clients as a convenience, but also because mobile banking saves these institutions considerable money. Here are 10 features to consider with mobile banking:
1. Saving money. The average teller is paid $2.36 per telephone or personal transaction at a physical bank. By comparison, the average mobile banking transaction costs about $0.10. Many banks use the savings generated from online transactions to offer clients better interest rates, or other rewards, for maintaining online accounts.
2. Saving the environment. Mobile banking reduces the number of paper transactions that would normally occur if a client walked into or called a bank. Reduced paper use helps preserve natural resources and is better for the environment.
3. Cross-selling. Banks often use mobile banking as a platform for cross-selling or up-selling other financial services, such as credit cards, vehicle loans, etc. Because the client is not being pressured to consider such services, he or she is more likely to research them while conducting an online banking transaction.
4. Convenience. Mobile banking is certainly more convenient when compared to calling a bank or physically visiting it. Financial transactions can be performed at any time, day or night, and during holidays.
5. Larger client base. Because mobile banking can be performed from any computer, clients that would otherwise need to find a more local bank are no longer required to do so. This provides the bank with a geographically wider, and thus larger, client base.
6. Security. Mobile banking can be plagued with security concerns. Though it is rare, hackers have been known to gain access to client accounts. Banks have become increasingly vigilant about securing mobile banking access points and requiring additional passwords or answers to security questions.
7. Information. Clients who perform mobile banking have a better grasp of their day-to-day balances and financial transactions. They are more likely to have a balanced checkbook and to catch incorrect or even fraudulent transactions.
8. Simplicity. Clients can set up instant bill payment and automate other tasks via mobile banking. This simplifies bill payment and frees the client from spending time on writing checks and mailing envelopes. Automated bill payment is also invaluable when the client is out of the country and cannot physically pick up the mail.
9. Account notification. Most banks will e-mail notifications to their clients when a bill is due or when an account statement is available. This helps the client remember bill payment and other such items before they are overdue.
10. Devices. Mobile banking was first made available over the Internet via personal computer. It later became available on other (and smaller) devices, such as smartphones and PDAs. This means that clients no longer need to carry around a laptop or stay at their desktop computers in order to check their bank accounts.