A study by Carlisle & Gallagher Consulting Group found that over half of Americans access their accounts through mobile devices. That percentage is expected to continue to rise over the next few years.
So why are so many people turning to mobile apps to do their banking?
1. Mobile Deposit
When you receive a check, chances are you want to deposit it into your account as soon as possible. That’s not always easy to do with a busy schedule and limited branch hours.
Mobile deposit allows you to take a picture of your check with your smartphone and deposit it with your mobile app.
2. It’s the Easiest Way to Bank
At the grocery store and need to check your balance? You can do that on the app.
Don’t have enough to cover the grocery bill and need to transfer money from your savings? You can do that too.
What about if you’re at your friend’s and you remember you need to pay a bill? Also possible with a mobile app.
3. Good Security
Mobile apps are highly secure. James Van Dyke, president of Javelin Strategy & Research, says, “Malware is less likely to threaten mobile banking because of the proliferation of platforms.”
On top of that, most people rarely leave their mobile devices out of sight, and you can set up mobile devices to require a password for access.
4. It’s Free
Mobile banking apps are free to download and use. No fees!
5. It’s the Future
Financial institutions will continue to develop features for banking with mobile apps. This year, expect to see more “virtual wallets” introduced, where you can use your phone to pay for purchases in stores.
Not only that, mobile banking can also help people in poor countries. Read this article about Bill Gates’ insight on how mobile banking is revolutionizing the lives of the poor.
Want to try Aspire’s mobile banking app? Download it here.