There are a number of benefits of mobile banking that customers experience, namely convenience and time saved. Customers who can complete their banking tasks by simply using a cell phone or smartphone do not need to make a special trip to the bank, place a phone call, or even get on their computer to log into a website. In addition, another one of the main benefits of mobile banking is that it helps customers stay on top of their finances, giving them the ability to check balances or receive alerts based on account activity.
Customers most frequently use mobile banking to check their account balances, either by quickly logging in to a mobile version of the company's web site, or by sending a quick text message to the bank. Of course, they can also pay bills, transfer money between accounts, or even in some cases make a deposit by taking a picture of the check and texting it to the bank. All of these things can be huge time-savers, but not only that, they can help people avoid making late payments on bills, and maybe even become more financially responsible.
Another one of the benefits of mobile banking is the ability to receive a text alert if activity happens on an account, such as a large transaction or a suspicious charge to a credit card. This can protect the security of the account and allow the customer to immediately take steps to resolve any issues. The ability for bank customers to carefully manage their finances, as well as their time, is one of the main benefits of mobile banking, and it is likely that this will only become more common as more banks develop mobile services and apps for customers to use on their smartphones.
When most people think of the benefits of mobile banking, they rightly think of the benefits to the customer, as discussed above. But banks can benefit from offering mobile banking services as well. It significantly cuts down on their operating expenses, because customers are less likely to need to come into the bank or place a phone call to interact with employees. In addition, because many banks offer mobile banking as a free service to their customers, they frequently choose to advertise simultaneously on the screen; a small banner on the page, for example, might advertise other banking services like a great rate on a car loan, or a new credit card, bringing in even more revenue.