According to the ‘Mobile Economy 2017′ report published by Groupe Speciale Mobile Association (GSMA), there were 4.8 billion mobile phone subscribers at the end of 2016, and that number is expected to jump to 5.7 billion by 2020. 55% of subscribers in 2016 were connected to 4G broadband- the fastest available- but nearly three quarters will have access by 20201. So it’s no surprise that the mobile economy has taken off over the last few years. After all, you can complete most transactions from your phone these days, from ordering a pizza to booking a hotel. People expect the same level of convenience from every service provider, and banks have responded by developing apps which allow you to access your accounts from your mobile device.
If you still rely on traditional ways of banking, here are a few reasons you should consider joining the mobile banking revolution.
Bank branches appear on high streets in most towns and cities, but it has been a while since you had to go into one to manage your finances. The internet means you can do the majority of your banking on a computer or laptop from the comfort of your own home. But mobile banking takes this convenience a step further. You can now log in to your account from your phone and access it wherever and- equally importantly- whenever you need to. Unlike a branch, mobile banking never closes.
You can carry out pretty much any transaction from your mobile bank app. So if you’re out and about and you want to transfer cash from one account to another, you don’t have to find a branch or wait until you get home. You can even send money overseas, although banks charge the highest fees, so we recommend you use a remittance service like Xpress Money. Having 24/7 access to your accounts also helps you stick to your budget, as you’re able to constantly monitor your spending.
As we discussed in this blog post about mobile security, there are some innovative new ways of protecting your phone. One of these is multi factor authentication (MFA) which involves logging into an account using two or more credentials- something you know such as a password, something you have, for example a token, or something you are via biometric identification. Thanks to MFA, banks can link your account with your mobile device, so they know when someone else is trying to log in.