Our mobile phones, also called smartphones, have completely revolutionized how we do everything. Buying clothes can now be done with a click of a button instead of physically going out and choosing the garment yourself. Taking a photo could be done with a tap, which used to be a bulky camera carried around, developing the film, and finally getting the photo. You could send messages within a fraction of a second, as compared to what used to be letters and telegrams that take days before reaching the recipient. Global recognition could be achieved by a single viral video instead of what used to be a life’s work in film and getting highlighted in international news via television.
No matter how you put it, our smartphones and technology, in general, have gone leaps and bounds in terms of innovation. With that innovation comes new ways to interact with things, and such interactions require adaptation from humans. If you don’t know how to use such things to your advantage, then you’d probably be left behind the curve. One such area that you should totally catch up on if you haven’t already is mobile and online banking. The world of finances has taken so many new turns that it’s completely unrecognizable from what it was merely a century ago.
Different mechanics, features, and promos, such as Southwest credit card offers, are just some of the things you should try to wrap your brain around. They are somewhat traditional features, but they also totally exist in the mobile and online world. Doing your finances in the modern era is more convenient than ever, but also very complicated. This article will help you clear the weeds out a little bit.
What are mobile and online banking?
Essentially, mobile banking is doing your conventional banking and financing activities on a mobile phone, typically via a mobile app. They are usually interchanged with online banking as every mobile banking app also requires an internet connection, hence the online aspect of it. The difference between the two is that online banking can be done on any platform that is connected to the internet, while mobile banking focuses specifically on your smartphone.
Of course, conventional banking and financial activities include: withdrawing and depositing money, saving, investing, inquiring about your account balance, sending checks, and more. Imagine all of these done in a mobile or online setting instead of going to the bank for each transaction, and you have yourself the concept of mobile and online banking.
What are the advantages of mobile and online banking?
The main advantage of mobile and online banking is the convenience aspect. Look at everything around you and the people that surround you. Go to a public place and count how many people are holding their phones. Nowadays, it’s more often than not that you see somebody holding their phones, doing something. Imagine that with the banking and finance system, and you have a good look at what the capabilities of mobile and online banking are. Instead of going to a physical branch of your specific bank, you’d get to do almost any activity on your phone by simply being connected to the internet.
Imagine going to the bank to deposit your monthly salary so that you’d be able to save them. Nowadays, you could literally directly send your income to your checking or savings account, and you could do that via a mobile phone.
There is also a level of security within mobile banking that just isn’t present with the traditional and conventional ways of handling money. Bringing cold hard cash everywhere you go for transactions screams trouble. It’s very easy to steal cash, but online bank accounts have harder encryption and security measures than that traditional banking activities.