How Your Smartphone is Quickly Becoming Your Best Banking Tool

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Thanks to your smartphone, you don’t have to go to the bank each time that you want to make a deposit or take care of other basic financial tasks. This can save time that can be used to catch up on schoolwork or relax on the beach. Mobile alerts and other security features can also make it more likely that you’ll rely on your phone to stay on top of your finances.

Ease of Apps

Apps make it easy to access your bank account information with a few taps of your finger. Once the app is open, you can complete tasks such as scheduling payments to lenders or sending money to friends in an instant. A financial institution may make it possible to deposit a check just by taking a picture of it. If you have a question or concern about your account, you may be able to start a live chat session or make a phone call directly from the app itself, according to American Banker.

Guard Against Overdrafts or Fraudulent Activity

It may be possible to find out the instant that your checking account balance hits a certain threshold or if a deposit has posted. According to Airship, you may also receive a push notification or alert if someone tried to change your account password or if a suspicious transaction shows up on your account. If you didn’t make that purchase, you can dispute it immediately and put a stop to fraudulent behavior before it creates lasting financial damage.

It’s Only Going to Get Cooler

According to MX, smart speaker devices are on the rise, up 128% in 2018 alone, and banking technology is, of course, going to have to keep up. Improving customer communication as well as managing finances through voice commands and predictive data are just a few of the future benefits. In recent years, it has become possible to pay for goods or services by tapping a payment terminal with your phone. The rise of augmented reality and smart banking technology will make it even easier to have a secure and interactive experience wherever you are.

As long as you have your smartphone nearby, you will always have time to go to the bank. Whether you are a parent or a busy professional, you can keep an eye on your money account without losing focus on the other priorities in your life. This can make it easier to avoid mistakes, like forgetting to make a car payment or forgetting to deposit your last paycheck.

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