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4 Myths About Mobile Banking

4 Myths About Mobile Banking

 BusinesswomanLookingAtSmartWatchInDesignOffice

Why not use your smartphone to add a ton of convenience and peace of mind to your life?  Consider mobile banking. With a couple of taps, you can access a whole suite of financial information! Some refuse to try mobile banking because of myths that have been floating around in recent years. Well, we are here to set the record straight, and let you know exactly how mobile banking can save you some time ... and even some money.

 

*Money Saving Tip* Did you know that PrimeWay Federal Credit has a mobile banking app? Click here to learn more.

 

MYTH 1.) Mobile banking poses serious security risks

Despite all of the data breaches that have been in the public eye over the past few years, no one has figured out how to compromise mobile devices as a platform. Security leaks have affected PCs, Macs and point of sale terminals, but no widespread security vulnerability has compromised mobile banking. Despite the fear, mobile banking is actually a fundamentally secure platform.

 

The first reason for this is the plurality of platforms. You and your neighbor may not be able to share cell phone chargers, much less apps or other experiences. This diversity makes it difficult for a single vulnerability to affect many users. Since there is less possibility of large scale attacks, hackers have very little incentive to dedicate time toward trying to compromise mobile platforms.

 

The second reason for this is the tight control placed on mobile devices. Because these devices have to send regular usage information back to your mobile provider, they tend to be far less prone to modification. There is just not as much you can do to an iPhone or an Android as you can to a PC. While some users might override those protections, such modifications are not widespread enough to justify attempted infiltration.

Mobile banking is secure and safe. Data transmitted from your cellphone to your provider is heavily encrypted. If you lose your phone, it can be remotely deactivated.

 

MYTH 2.) Checking your balance via mobile banking is a hassle

Actually, rather than waiting for your statement every month or booting up that slow PC for checking your account balances online, you can view transactions while waiting in line. You can stay vigilant against illegal account access any time you've got your phone and a spare few seconds.

 

The convenience of mobile banking can also keep you from making costly mistakes. If you know funds may be running tight, check your account balance while in the checkout line to make sure you can cover the cost of your purchases. You can see if your monthly rent check has been withdrawn from your account to avoid the costly fees associated with overdrafting. It's easier than ever to keep track of your finances with tools like the PrimeWay Federal Credit Union Mobile Banking app.

 

MYTH 3.) No one accepts mobile payments and no one uses mobile banking

Mobile payments and mobile check depositing are becoming more widely available and are already being used in many places. As technology gets better, these functions will become cheaper, faster and even more widespread. Getting involved in mobile banking on the ground floor will help you stay up to speed with this rapidly evolving world.

Imagine getting turn-by-turn walking directions to your nearest ATM. You could get alerts when new houses are listed for sale along your daily commute. You might pay for your breakfast by signing a receipt on your phone.  These and other changes are coming and they are only the beginning. If our mobile banking doesn't do something you need, let us know here, and we will let our developers know. Who knows? We might just add your suggested improvement to our app!

 

MYTH 4.)  Mobile banking does not actually provide 24-hour-a-day instant access

Do you ever wake up in the middle of the night in a panic because you can't remember if you paid your electric bill? Ever have a mini freak out in the car because you suspect someone may have accessed your account? Are money worries preventing you from enjoying your vacation? If you have these concerns and are nowhere near your computer, you could just suffer through them.

 

As an alternative, though, you could use a mobile app to check your balance and transaction history. See if your monthly bills have cleared. Make sure your balance is safe. You can do all of this any time you've got your phone, day or night.

 

Mobile banking won't replace traditional, face-to-face interaction. There will always be a place in our credit union service standards for human interaction; excellent member service is what we do best!  Mobile banking apps just offer a wonderful alternative to those high-quality services. Convenience, top-level security, and blissful peace of mind are all available from your pocket, anywhere in the world.

SOURCES:

                                                                                             

http://mauconline.net/2013/03/07/advantages-and-disadvantages-of-mobile-banking/

  

http://marketingland.com/pew-61-percent-in-us-now-have-smartphones-46966

  

http://www.bankrate.com/finance/savings/5-reasons-to-use-mobile-banking-1.aspx                                                   

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