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A transformation in banking is here – One that started to become popular in the 1990s but has become ubiquitous in the last decade: Mobile banking. Through the power of a banking app and a mobile device such as your phone, you can manage all of your finances anytime, and anywhere. Say goodbye to long lines at bank branches and paperwork for every transaction. Mobile banking puts financial transactions just a few taps away.
The Evolution of Banking: From Physical To Mobile
Banking has not always been as convenient as it is today. Just a few decades ago, and for many years before that, if you wanted to complete a financial transaction, or manage your finances, you had to do it in person, at a physical bank branch. Everything from withdrawing money to opening and closing accounts and paying bills took place in person, and usually involved physical paperwork. Two transitions have changed this financial landscape toward something more convenient.
Transition from Physical Branches to Virtual Platforms
Traditional banking consisted of physical branches where customers could come to interact with the financial institution and complete tasks such as money transfers. However, the advent of the digital age shifted the focus from physical branches to virtual platforms. It started out as SMS banking, allowing customers to communicate with banks over text. As technology advanced, financial institutions began to come out with mobile banking apps that allowed customers to access their accounts, communicate with their banks and complete important tasks without stepping foot in a physical location.
Transition to Smartphones
Mobile banking apps would not have been possible without the rise of smartphones. And, as smartphones have become an integral part of the daily lives of almost every individual, these apps have also become an integral part of how people bank. Today, the smartphone doubles as a powerful financial tool that you can leverage anytime, anywhere.
Key Features and Benefits of Online Banking
Convenience is not the only reason for the meteoric rise of mobile banking. Banking online creates an experience that is unmatched in features, benefits and yes, simplicity. Here is a look at some of the key features and benefits of taking banking online, and on the road.
Account Management
Mobile banking’s core features center on one goal: Helping you to manage your account. You may be surprised at the number of tasks you can complete on your mobile device. Here are just a few of them:
- Checking balances
- Reviewing transaction history
- Paying bills
- Transferring money
- Receiving critical alerts
- Using digital wallets
- Debit card management
- And more
These features make it easy for you to do everything from track your expenses to pay your utility bills, transfer money to cover a night out to lock your debit card if it gets stolen. And, since most of these tasks take only moments to complete, you can manage your finances whenever you have a few moments.
Mobile Deposits
Gone are the days of traveling to a bank every time someone gave you a check. Using your bank’s mobile app, you can simply take a picture of your check using your phone’s camera and deposit it into your account. That turns a trip to the bank into a matter of clicks on your smartphone. No more hassle. No more delays. Just your money, in your account, faster.
Funds Transfer
Mobile banking also allows you to move money wherever you want it almost instantaneously. You can complete transfers from your bank account to a friend or family member using an app such as Venmo. Or, you can move money between your accounts (e.g. Moving money from your checking account into your savings account). This feature is particularly useful when you are short on time and need to move your money quickly, or when you are traveling and do not have immediate access to your physical bank.
Security Measures
One of the primary concerns many people have with mobile banking is the security of their sensitive financial information. However, banks employ numerous powerful security measures to lock down your personal data and prevent unauthorized access. Some features they may use include the following:
- Biometric authentication (e.g. Fingerprints or facial recognitions)
- Encryption
- Fraud detection algorithms
As technology and security measures evolve, so do your banks’ efforts to safeguard your information. As a result, you can embrace mobile banking with confidence.
Using your phone to transform how you manage money is now a daily occurrence, thanks to mobile banking. Convenience, accessibility, and security are now available on your smartphone. You can expect additional changes to how we manage finances as technology continues to develop. Take control of your financial future. Download Bank of South Texas’ mobile app today and experience the benefits of mobile banking for yourself. We have the support, services and features you require to thrive financially.