In this day and age, most people have mobile phones. These cell phones are a necessity for modern man. They can be used to make calls, email, play games and send text messages. Many businesses have integrated special templates on their websites to enable access for mobile phones, granting convenience to those on the move or who are extremely busy and work outdoors. The banking industry has invested heavily in mobile banking for its customers and analysts have continued to analyze how this process is being received in the community.
Big banks want to give their customers easy access to their accounts and thus an impetus to use mobile banking. Customers who use their mobile phones for banking need to save banks a ton of money in employee related costs. So banks have made it their priority to ensure that mobile banking security is assured in order for customers to use the application on their phones. There have been mixed reviews of mobile banking. Some people are not comfortable with using cell phones as they feel they may get hacked and have their personal information taken from them. Others feel that the size of the phone screen is small and they would rather just use a personal computer.
Mobile phones may get lost and all the personal information in them can be used to steal bank account information. So, banks have made it a point to ensure that mobile banking security is encrypted and safe for consumers. The good news for customers is that any fraudulent transactions in an individual’s account will be fully reimbursed if their account is compromised.
Mobile phones may be used to purchase merchandise off the Internet. If one sees a product they like while running errands, they may use their phones to visit the website of the store they were in and buy it using their mobile phones. In addition, it is also easy to send funds through the mobile money transfer capability installed on most phones. This eliminates the hassle of going to stand in line at the bank waiting to see a teller for such services.
The advantage of mobile money transfer is the encryption added to the websites that allow the transfer of funds. The applications usually have a small lead time that allows for automated signing out of the platform when not in use thus increasing safety and protecting the customer should the phone get lost.