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What Is Mobile Banking and Why You Should Use It in 2021 

What Is Mobile Banking and Why You Should Use It in 2021
Man using mobile bank

With 2021 around the corner and the tumultuous year that 2020 has been, many of us are trying to make changes to improve our lives for the future.

One of the changes is to opt for mobile banking. We wish to be as mobile as possible with everything. We’d rather order food or groceries than line up at the supermarkets. We want to find opportunities to work from home. 

Mobile banking lets us manage our finances without having to ever go to a physical bank.

So, what is mobile banking? Let’s take a look and why you should consider it for the coming year.

The Benefits of Banking Online

While online banking isn’t a new phenomenon, mobile banking is entirely online. As such, one gets concerned about mobile banking safety. One wonders if mobile banking is the best way to store your money.

Mobile banking has a higher level of security as it’s made only for online use. You won’t have to worry about frequent downtimes on the website. There are measures to protect your account from potential hackers.

If you visit a mobile banking service such as you’ll see the dedication mobile banking services take online banking to the next level.

It Works for Making Purchases

Mobile banking will become the preferred method for making purchases. You can connect your mobile banking information to online accounts to buy whatever you need. You can use it to pay your bills online. Mobile banking does come with debit and credit cards as well. As a result, mobile banking isn’t just for mobile purchases. 

As we use our mobile devices more often, there’s a need for mobile banking for our purchases. If you buy a product/service through your iPhone, you’ll get the chance to autofill your mobile banking account information to make your payment.

You’ll also find that these purchases can get authorized much faster. They are more secure than using a credit card or payment authorization service. The customer service for mobile banking will also be able to reverse any unauthorized charge much faster. The convenience of paying through a mobile banking service will likely continue to improve.

Great for Digital Businesses and Professionals

Both digital businesses and professionals often have challenges in finding a great bank account. Mobile banking will fill that void for both these groups. 

Many mobile banking services don’t have the hindrances that traditional business bank accounts have. You can expect low or no fees at all. You can expect great customer service from agents who understand what digital businesses need. For freelancers and entrepreneurs, there are banks that help with taking direct deposits and managing finances.

The digital age has brought about new types of businesses and a new class of professionals. Mobile banking works to have all the features that a digital entrepreneur or business needs. These can include no ATM fees, international payments, and investment services.

If you have started an online business or make your living online, you want to consider a mobile banking solution over a traditional bank.

What Is Mobile Banking?

So what are the features you should expect and want from mobile banking? As more mobile banks pop up, you can expect great features to be introduced on a frequent basis.

All mobile banking services should have integration with payment authorization services. As mentioned in the previous point, mobile banks get made for digital working. You might receive payments through applications such as PayPal and Stripe. As such, you want to make sure that the mobile bank works with them.

You might want to look at mobile banks that can take cryptocurrency payments as well. We are likely to see more mobile banks that have in-built cryptocurrency wallets.

You can also find mobile banks that have advanced business features. These can include diverse features such as tax filing and payroll services. You should be able to accept and make payments in different currencies as well.

There should also be a high level of customer service with mobile banking. We’ve all had the experience of dealing with awful customer service at our local bank. Mobile banks are under greater pressure to fight for customer loyalty.

At any moment you can close your account if you aren’t pleased with the service. As such, many mobile banks offer efficient customer service. They also make sure that customer service is available 24/7.

Choosing Mobile Banks

All mobile banks are, of course, not equal. You want to make sure that you research each bank thoroughly before choosing one. You have to first consider what features you cannot do without.

For example, many mobile banks get made for frequent travelers. These can take and make payments using different currencies. These will also have ATM cards that work all over the world and without incurring ATM fees. If you aren’t a traveler, there are plenty of mobile banks that are intended to replace your local bank branch.

You want to consider the size of your net worth when choosing a mobile bank. If you are starting your career you can sign up for most mobile banks.

But what if you are a high net-worth individual? In this case, you want to inquire about the security measures of the mobile bank. You want to also know how easy it is to deposit and withdraw funds. Most mobile banks will allow for check deposits. Very few will have options to deposit cash through ATMs or by other means. 

Just as you would with a physical bank, make sure you strike up a relationship with a mobile bank. It’s wise to speak to customer service beforehand to introduce yourself. You can use this time to vet the bank as well as introduce yourself to the staff. This will give you an idea of whether this bank is for you.

Mobile Banking Is the Future

So now that you know the answer to “what is mobile banking”, you can find the right one for your needs. Make sure you use this guide as a reference to establish your criteria.

Mobile banking is the future and as the year comes to a close, you want to make the change as soon as you can!

You can also find more great content on business and finance on our website.

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