What is mobile banking and top 5 reasons to use it
Wednesday, 7 August 2019
Sitting on my desk, I have a trophy commemorating my involvement in the March 2012 launch of BBVA USA's iPhone v. 2.0 Mobile Banking App. While I don't recall the exact launch date of v. 1.0, it couldn't have been much before then..
Think about that.
Little more than 7 years ago, we had just launched our second version of its Mobile Banking App. Fast forward to today, where smartphones and mobile banking are ubiquitous, and it's hard to believe there was a point when conducting at least some transactions by phone didn't exist.
But it didn't. And perhaps because mobile banking could still be considered a relatively new phenomenon, there continues to be people who don't use it. If you happen to be one of them, read on. You might just find yourself wanting to join the legion of others who have added mobile banking to their repertoire for managing money.
What is mobile banking?
First things first. Let's take a look at what mobile banking is.
Essentially, mobile banking is a bank service that allows customers to conduct transactions without having to step foot in a branch. Customers simply need to have a mobile device (smartphone, tablet), the associated internet or data connection and the bank's mobile app downloaded to their device. The service provided by the bank is typically free of charge and available whenever you need it, 24/7. Some of the most common transactions conducted on a mobile app include depositing a check, monitoring account balances, transferring funds between accounts and more. Some apps even include the ability to conduct person-to-person payments, bill pay and the ability to conduct more advanced services, like sending a wire transfer.
Why should I use mobile banking?
Still not convinced? Consider the following five reasons that you might want to rethink your stance.
1. Mobile banking can help prevent fraud
Most mobile banking apps come with alerts and notifications that you can set up according to certain preferences. Some of these alerts may include sensitive activity alerts. At BBVA USA, these alerts let you know if there has been a change of address request on your account, a new card request or if the account has been closed. Each of these could help prevent fraud and help you sleep better at night knowing your finances are safe and secure.
2. Access anytime, anywhere mobile banking doesn't have branch hours
It's available 24/7 and can conduct many of the basic transactions of a branch. You may just start to consider it the branch in your pocket.
3. It's secure
When you are making a transaction via your mobile banking app, only you and your bank know the details. Gone are the paper deposit slips when you deposit a check. It's all secure in your mobile app.
4. Alerts can help you protect your finances
According to "Why You Should Monitor Your Checking Account," mobile banking can help you protect yourself against overdrafts. You can do this by regularly checking your account and transactions to know what has cleared and what is still pending. You can also set up balance alerts so that you are notified by text or email when your balance drops below a designated amount.
5. Mobile banking makes it easy to budget
Many mobile banking apps have personal financial management tools, or budgeting tools, built into the app. Still others, like BBVA Financial Tools, require little to no work in order for you to graphically and visually see how you are spending your money according to transaction categories. It also allows the ability to link and manage external financial accounts to see a full financial picture in one place.
For more information on BBVA USA Mobile Banking, click here.
The content provided is for informational purposes only. Neither BBVA USA, nor any of its affiliates, is providing legal, tax, or investment advice. You should consult your legal, tax, or financial consultant about your personal situation. Opinions expressed are those of the author(s) and do not necessarily represent the opinions of BBVA USA or any of its affiliates.
Links to third party sites are provided for your convenience and do not constitute an endorsement. BBVA USA does not provide, is not responsible for, and does not guarantee the products, services or overall content available at third party sites. These sites may not have the same privacy, security or accessibility standards.
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