Mobile device usage is growing among the affluent class.
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Long gone are the days when you would drive to the bank, park, go inside and fill out a paper withdrawal slip, then wait in line for the teller just to get 40 bucks out of your account for groceries or to pay a phone bill. Today, the majority of your banking can be done through your smartphone or tablet.
The major banks are releasing banking apps for mobile devices with cutting-edge features and tools that make online banking easier and more convenient than accessing the bank’s website through the device’s Internet browser.
The competition for this consumer market is robust, according to Business Insider (subscription required):
“The banks that establish a reputation for mobile innovation are likely to benefit in the future from greater market share and more engaged — and high-margin — customers.”
While you still can’t withdraw cash from your iPad like an ATM, you can use your bank’s mobile app to transfer money between accounts, apply for loans or other forms of credit, check your mortgage status and more.
Bill paying is where the bank mobile apps really demonstrate their usefulness, in terms of saving time and positively affecting our lifestyle. No more filling out paper checks and mailing them. Now, it’s just a few taps on your mobile device and the deed is done. There’s no waiting in line for a teller, and it is less likely you’ll be late on a payment.
Perhaps this may not seem like such a life-changing spinoff of mobile technology advancement, but think of those people with mobility or health issues who find it difficult to get around town to complete tasks. In the past they would likely have to rely on family or friends to assist with banking and other activities that others take for granted.
With mobile technology, such as banking apps, people can maintain their sense of autonomy and that is always a very good thing.
How do you use mobile technology for banking?
Do you have concerns about the security or safety of banking online from a mobile device?