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It’s no secret that in the years since its introduction, mobile banking has grown exponentially in popularity. In fact, 4 in 10 people in the UK use their mobile banking apps regularly with 71% of the adult population (around 38 million people) accessed their banks via browser or mobile banking app in 2017.
So, why are so many people making this shift, and, what are the pros and cons of mobile banking?
Pros of Mobile Banking
Improved Customer Experience
Positive customer experience is paramount to the success of any business and banks are no exception. Mobile banking apps are a great way to provide a great customer experience. One of the biggest ways that happens is through the improved availability that mobile apps offer banking customers. Mobile banking is available 24 hours a day, 7 days a week, and this is something that customers need.
Customers can also get a personalised experience on mobile banking apps by tailoring the app to their specific banking needs. You also have full control over your own finances at your fingertips.
Convenience
Convenience is one of the biggest selling points for mobile banking. The easy and instant access to your finances at any point in time is a vital thing for most people. People find it extremely useful to be able to look at their balance and transactions when suits them, as well as being able to manage and make payments when they need to.
Alternative to Switching Banks
Online banking has provided a platform for customers who are being affected by the ongoing closure of many bank branches. People who live in the areas where branches closing will be faced with few options. Either they will have to change banks or travel long distances for the nearest branch.
Or they can make the switch to mobile banking. In doing so they will be able to stay with their same bank that they may have been with for years and won’t have the hassle of switching banks or travelling far to complete simple tasks like paying a bill or seeing their transactions.
Safety Features
Mobile banking has a lot of great added features that are making banking apps more and more secure as time goes on. Features like transaction alerts, which send an alert to your phone whenever your account is used for a transaction, or strong customer authentication features which will require you to authenticate any transactions that you make through either your mobile or your banking app.
Cons of Mobile Banking
Technical Interruptions
One of the cons of mobile banking apps is that technology is unpredictable, which means that there are occasions where mobile technology or the internet can fail us, which leaves mobile banning consumers at a loss. This also means that if the bank’s servers are down, then you won’t be able to access your accounts in the way you would from going into the bank physically.
Security Risk
While safety features are getting stronger on mobile banking apps, there are still risks to consider. For example, if you are using your apps on multiple devices, so you have maximum accessibility, then your details are spread across multiple devices and therefore, may be at risk.
It is also important that if you are using different devices that you are taking precautions to make sure that both your apps and your devices are secure, and the deatails that you are using for those accounts are secure and unique.
Customer Service
Some banks, whether online on via app, have implemented chatting features and offer customer service numbers for those with questions and inquiries. But this is still not an equal match for the face-to-face customer service you'll receive at a physical bank, where you are likely to get you problems resolved much quicker.
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