Mobile banking apps are revolutionising the world of banking and finance. ATMs are being replaced by the convenience of mobile banking apps, where you can check your accounts, make deposits and withdrawals, and transfer money to friends or family at any time, among other things.
If you’re interested in learning more about how to find a superior mobile app for your needs, please read on! We’ve listed some of our favourite features below that you should be on the lookout for to make an informed decision.
Why are mobile banking applications becoming more popular?
While traditional banking services have been available to individuals since the 1930s and early 40s, it wasn’t until the late 1980s that the first ATM machines were installed at the doors of businesses and homes. Nowadays, ATM machines are becoming increasingly rare as smartphones and tablet devices are taking over as mobile banking options for millions of people.
This shift stems from security concerns, such as identity theft and fraud. Nowadays, there are more smartphone users than desktop users, so it only makes sense that mobile banking apps would become more popular instead of bank ATMs. In addition, social responsibility is another issue at play here.
The Most Important Characteristics of a Good Mobile Banking App
You should make your mobile banking app purchase decision based on various features. We’ve listed some of the most important ones for you below:
Security is always going to be an essential factor, especially when it comes to banking apps. This is one of the main reasons mobile banking apps have become so popular – they’re more secure than traditional bank ATMs. Data transmitted is encrypted and secure. Access to your account through a mobile app requires two-factor authentication, just like your desktop computer does with its browser version of your bank’s website.
It’s essential that a mobile banking app can provide you with all of the features you need and nothing more. For example, if you’re using a mobile banking app for basic checking and transferring funds. Then, you must be ato view the same within no time quickly time. The features should be sufficient to get the job done without spending more money.
3. Design and UI
The design and UI of the mobile app should be at par with the industry standards. The images and graphics on an excellent mobile app are optimised, and there is no loading time. Moreover, the interface of a sound mobile app is carefully planned by integrating the best of technology and including vital ergonomic features. The user interface must be well-planned, and the app must be easy to navigate.
How to Make Mobile Banking Work for You
You can learn more about features such as security, functionality, design and caching by reading reviews from users who have tried different mobile banking apps. You can also find some in the App Store or Google Play Store that are rated highly. In addition to the above, you should also make sure that your mobile banking app is easy to use and even offers a user guide if you need help navigating it. Keep in mind that mobile banking apps are still in their early days, so there may be bugs or other issues that you might have to deal with. If you’re using a new version of your mobile banking app, it might take some time to get used to it and figure out how to use all the features.
Online Banking Timeline
The 21st century brought an influx of new financial institutions and new technologies. Online banking technology provided many more features than were ever possible in previous decades, giving more people access to more opportunities to manage their money online.
Tips and Advice on Mobile Banking Security
When it comes to banking, security is always going to be a significant concern. But when you’re making deposits and withdrawals, there are ways you can stay safe while banking online.
1. Basic Online Banking Security
We recommend getting one immediately if you don’t already have a high-end credit card with online banking. With these types of credit cards, you can enjoy all the same benefits that traditional credit cards offer and increased security for your online banking information. You will also be protected if someone steals your data from a website and uses your bank accounts for fraudulent purchases or money transfers.
2. Password Security
You should always use a strong password when banking online or using any other type of secure application. The most robust passwords are at least eight characters long and contain letters, numbers and symbols. However, it is also essential to have a different password to protect your account in case someone gets hold of your login information.
3. Two-factor authentication
Two-factor authentication is a secure authentication process that uses two different authentication factors to identify you. First, you will enter your username and password. Still, you will also get an additional one-time code sent to an email address or phone number that only has access to the applications you have authenticated.
4. Pop-up blockers
Pop-up ads can slow down your computer and make it challenging to navigate the websites you are visiting. If a pop-up opens when you are banking or making e of financial transaction, click on the “X” to get rid of it. This will ensure that your information isn’t jeopardised at any time.
5. Set up alerts
If you’re using online banking, it’s essential to set up notifications that will let you know if someone tries to transfer money out of one of your accounts or if someone has tried to log into one of your accounts without permission.
Technology has done wonders for the banking industry, making it easier to deposit a check, pay bills or transfer money. Mobile banking is a great way to stay in touch with your finances when you’re on the go and ensure that your information is safe from fraud by using secure apps. If you’re looking for a way to simplify your banking experience and get the most out of all the available features, then mobile banking could be exactly what you’ve been looking for.