Mobile Banking Applications: How Will We Bank Differently an A Mobile-Centric World?

Many of us prefer to transact banks on their Smartphones. It has been estimated that the global banking industry will cross 1.1 users by 2015. Many leading world banks like Citibank, Bank of America, Wells Fargo, ING, Chase have free mobile apps so that their customers can easily check their balance, transaction history, make payments and find the bank’s nearest ATM from customer’s locator.

Some of the convenient useful mobile banking applications which are widely used are mentioned here:

Mobile AllPoint: This app with the use of your address or GPS can locate a surcharge-free ATM in your neighborhood. AllPoint is the largest surcharge free ATM network with over 43,000 ATMs in U.S.A. This app is available for BlackBerry, iPhone and Android phones.

Pageonce Money & Bills: This free app freely available on the BlackBerry, iPhone, Android devices and Windows Phone 7 will help you to organize and track your financial records. This Webby mobile app honoree (2011) will allow you to control your expenses and receive real time alerts about your account.

FaceCashThis app was founded by Harvard grad Aaron Greenspan who once claimed that his classmate Mark Zuckerberg stole his idea on Facebook. Once you have loaded certain information on yourself like driving license, social security number and bank account details with one photo ID this app allows you to purchase over your phone. This app is available for BlackBerry, iPhone and Android phones.

SquareThis app is ideal for small business owner because it allows him to accept payment right from his phone with a nominal fee of 2.75% per transaction. It is very simple; download the app and get a free Square credit card reader in the mail. It is available in Android phones and iPhone.

The Advantages of Mobile Banking

  1. It is the most economic way to receive distant customer service, because an average phone or teller transaction costs around $2.36 where as electronic transaction costs around $0.10 per transaction.
  2. It lets you pay your bill when you are away from home.
  3. You can make check deposit through the camera on your mobile device. The camera does not save the photo of your check, it sends through encrypted channels to your designated bank account.
  4. You can check your balance and transfer your fund any time you wish.
  5. Your banking app will help you locate and guide you to your nearest ATM.
  6. One touch button will allow contacting customer service.
  7. You can choose your log-in securities; no data is ever stored but transmitted through encrypted channels similar to online banking transaction.

The Disadvantages of Mobile Banking

  1. Although the security experts are of opinion that mobile banking is safer than computer banking because they are almost free from viruses, it does not mean it is totally immune from security threats.
  2. Mobile banking is not available over every mobile neither every bank has such option.
  3. It is not as free as it claims. You still have to pay for data and text messaging fees in addition to having a compatible device. You may have to pay certain fees for the software. Some banks charges extra fee for mobile banking service.

About the Author

I am working as Editor in Chief for Writing on Financial Topics is my passion. You can find me on , Seeking Alpha Instablogs or join our Facebook Community, s. FNI is a great Community for financial bloggers and writers. Get everything you wanted to know about your finance and investment related matters such as mutual funds, banking, retirement, economics and much more.

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