Anyone who knows technology can tell you about the growth it has enjoyed over the course of time. Mobile banking is just one of the byproducts of said growth, but it has become quite useful for many people. Bob Jain and other finance experts will agree, but there are a couple of things that you should know about mobile banking before getting involved. The following pros & cons will give you a better understanding of what you can expect from it.
PRO – It’s easy for anyone to do. One of the best things about mobile banking is that even those who don’t know much about technology can do it. This is done through the usage of well-made apps, which allow customers to obtain their information rather easily. What this means is that you can easily look at your balances and deposit checks, just to name a few errands. Of course, there’s much more to be seen when it comes to mobile banking.
CON – You don’t interact with people. One’s mileage may vary in this respect, but mobile banking does not allow people to interact with others. When you go to a traditional bank to cash a check, for example, you feel confident knowing that an actual person is helping you. This sense of comfort is missing from mobile banking, which is why many people still like making trips to their local banks. Face-to-face interaction matters and the likes of Bobby Jain Credit Suisse can agree.
PRO – Mobile banking is secure. What’s one of the biggest concerns that people have with banking? Security is one of the answers that will be repeated the most, which makes sense. After all, no one wants to feel like the information they input will be at risk. Fortunately, mobile banking apps are designed to be secure, as companies such as Bob Jain Credit will attest. In short, the risk associated with mobile banking is low.
CON – There aren’t as many features. Compared to online banking, for example, mobile banking doesn’t have as many features. Yes, you can still look at your accounts and deposit checks, but this doesn’t mean that it will have everything you need. This is why you might not be able to rely on mobile banking alone. However, as time goes on and technology becomes even greater, chances are that more features will be added.
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