Pros and Cons of Mobile Banking

Mobile banking gives your customers the privilege of managing their finances anytime they need to no matter their location.

The convenience that this new way of banking brought along is definitely a great step towards improving on the banking services available today.

However, mobile banking does have a few drawbacks, and positive aspects to it that are mentioned in this article below.

The pros of mobile banking:

• Easy access to your finances

With the introduction of mobile banking, you are able to access your financial information even beyond working hours. Mobile banking offers you the privilege to transact and access your finances without walking into the bank or making a telephone call.

This new of doing banking also gives the bank an opportunity to serve its customers better by making sure that the mobile banking systems are functional, efficient and competitive.

It also helps with decongesting the banking halls and reduces the amount of paperwork for both the banker and the customer.

• Safety of your financial information

The fact that you can log into your bank account on your mobile securely is a good way of managing your finances in a much better way, without having to go through the process of filling in paperwork at the bank whenever you do a transaction.

Most banks have spent lots of money in making sure that the wireless banking is safe and most banks have continually established security measures to protect their customer’s financial information hence making mobile banking mostly used by many customers.

• Mobile banking is a free service

Mobile banking is free of charge which also means that your service fees that the bank used charge you on a monthly basis is no more.

Mobile banking does not limit you to, how many times you can access your account event at midnight you can still access your bank account.

The cons of mobile banking:

Mobile banking does have a few drawbacks despite being a fast and convenient way of doing banking.

• Unencrypted email and text messages

The communication between you and the bank is not encrypted which puts you a high risk of a third party intercepting your information and putting you at a higher risk of your information being used in fraud and any other cyber crimes.

For example, if you send a text message or email to your bank you can easily become a target to identity theft.

• Limited anti -virus software options for mobile devices

The options for anti-virus software suitable for mobile devices is limited which can endanger your mobile device making it open to vicious virus attacks which can comprise your financial information amongst other challenges.

A mobile device lacks the same kind of security which is available to computer users. A viral attack on your mobile can cause devastating effects to your banking information besides compromising your privacy.