The Benefits Of Mobile Banking

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Mobile applications has taken the banking industry to another level. Mobile apps is a form of mobile banking that is the use of a cellular device to perform online banking tasks while you’re away from your computer. One benefit of Mobile banking is that it says individuals a lot of time. Instead of having to go to the nearest bank you can do just about anything you need to do at the bank on your cellular device, instead of making cash deposits and withdrawals. A few tasks that individuals can do while accessing mobile apps is monitoring their account balance, transferring funds between accounts, bill payment and locating ATMs. Mobile banking operates across all of the major service providers in the U.S. with three different ways: mobile web, …show more content…

Banks or Financial Institution offers a variety of financial services for personal or business accounts, and even insurance services too. Banks have levels to their services from the teller that offers many of the different financial transactions; to the back offices where insurance and account information is provided. Customers may also visit banks or their mobile services for non-financial transaction services such as change of address or change in bank details. Some examples of banking institutions are Bank of America, Wells Fargo, and Chase. These institutions offer a mobile application for their customers. A mobile application is a form of software that provides limited or isolated functionality. In this case, banks provide mobile application functionality of their services at a convenience on mobile devices for consumers. Banks are looking to find any open opportunity to reach out to their current customers; market and advertise their products to gain the attention of new customers also. Mobile devices have developed into a world-spread phenomenon. In the technology industry, there are many devices from phones, tablets, and computers. These devices offer a multitude of services including mobile applications. According to the Board of Governors of the Federal Reserve System, their 2014 survey that was conducted under Consumers and Mobile Financial Services showed that eighty-seven percent of the U.S. adult population has a mobile phone. This study shows that majority of people have a mobile device. The banking industry took advantage of information such as that and created mobile applications for their services. Some of the services that are featured on their mobile applications are: Account access to check the balance of any open account, track any posted or pending transactions, transfer balances between accounts, make check deposits, bill pay, and many more

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