Mobile Banking Benefits: 5 Advantages of Using Online Banking Apps

If you’re not using your smartphone to handle the bulk of your banking and money management needs these days, you might find yourself in the minority of today’s banking customers. Free online banking apps are widely available for local and national banks and are consistently winning customers over with an impressive range of benefits designed to make banking on-the-go easier.

Mobile banking is practically a way of life – especially for the millennial generation – and surveys suggest older generations are also routinely implementing mobile banking by accessing bank account information and making transactions on their phones and tablets. Nearly nine out of 10 people surveyed for the Business Insider Intelligence 2019 U.S. Mobile Banking Competitive Edge Study said they use mobile banking and banking apps. And of those surveyed users, 91% of Gen Xers and 79% of baby boomers reported seeing the benefits of mobile banking.

According to Statista, the top benefits of mobile banking are a greater awareness of your financial situation and fewer concerns about managing finances. From checking their bank account balances to paying bills to transferring or sending funds with ease, account holders that utilize online and mobile banking apps are enjoying unprecedented control over their finances on their own schedule and without having to set foot in a bank lobby.

If you need a little bit more convincing before integrating a new banking app into your financial routine, here are five reasons you should consider making the move to mobile banking if you still haven’t hopped on the bandwagon.

1. The flexibility and functionality of online and mobile banking platforms encourages responsible social distancing practices – and that’s one of your best defenses against infection during the current coronavirus pandemic.

At Community Point Bank, we love seeing each of our customers, and we love catching up when they visit one of our branches. That said, their health and safety are always our top priority—especially during the COVID-19 outbreak. 

To cut down on unnecessary person-to-person contact, especially at your local bank, you may want to make the switch to mobile banking. According to one recent survey, about four in 10 people reported using mobile banking apps more since the pandemic hit the states in early 2020. 

Many routine transactions, automatic payments, money transfers, and tasks related to your account can be done on your smartphone through an easy-to-use app or online portal. If you’re a current Community Point Bank customer and need help getting set up for online banking or putting our app on your phone, just call your local CPB bank location, and we’ll help you open the door to all the convenience and benefits of mobile banking.

2. Mobile banking apps offer around-the-clock accessibility that’s hard to beat when it comes to managing your personal finances.

Banks may initially administer their customer’s banking accounts, but it’s your money—and you should be able to access it whenever you want. Did this month’s utility bill payment slip through the cracks? Need to transfer money before rent is due? With mobile banking and online banking apps, you can immediately address these urgent issues and others by tapping the app on your phone, logging in and transferring funds as needed. 

Many apps, including ours at Community Point Bank, allow you to schedule one-time payments or set up a recurring or automatic payment each month. You’ll save precious time – and money – by never having to worry about late fees or scheduling payments again. 

3. Take control of every area of your finances through your bank’s mobile app.

If convenience and expanded accessibility aren’t reason enough to embrace mobile banking, then how about the peace of mind that comes with never second-guessing about whether a deposit or draft has posted? Knowledge is power in financial management, and mobile banking gives you both. 

At Community Point Bank, we believe equally in the importance of financial education and financial freedom when it comes to money. Mobile banking apps are a great way to start saving and provide a path to more responsibility and independence because they intimately and regularly connect you to your cash flow. Always having an accurate snapshot of your personal finances will help you make informed decisions when it comes to saving, budgeting and buying big-ticket items. 

And if you’re in the market for some great budgeting tips that will help you save money, Rachel Cruze, the daughter of frugal financial guru Dave Ramsey, has you covered.

4. Lean on new and efficient technology and never look back at the old way of doing things again.

Change can be scary, especially when your money is involved. But take it from us, apps have revolutionized the banking experience by simplifying once-manual processes like receiving payments or paying bills with electronic ease. Wave goodbye to the days of depositing checks in person or running by the ATM to pay your friend back with crisp, physical bills.

Two of the most popular features of mobile banking apps are the ability to deposit checks with your smartphone camera and to pay someone instantaneously with an electronic fund transfer. The Community Point Bank app has both of these features, and our online banking customers say they’re never going back. 

By and large, consumers are pleased with mobile banking and all its benefits. According to this infographic from the American Bankers Association, nearly half of the respondents surveyed in 2018 had deposited a check with a mobile device in the past year. And of those, about six in 10 did so at least once a month.

5. Beef up your account security and fraud alert measures with multiple layers of protection.

For some, the idea of mobile banking conjures up concerns about identity theft or fraud. But in reality, a properly-secured smartphone can be an effective way to lock down your finances and deter would-be criminals.

Security experts recommend using two-factor authentication and other tools to turn your phone into a handheld fortress. With pass codes, fingerprints and facial recognition, unlocking a phone for nefarious reasons is now tougher than ever. And if someone is somehow able to get into your phone, mobile banking apps offer another line – or two – of defense. Access to the Community Point Bank app, for example, requires a username and password—and can even be tied directly to your fingerprint. 

These security precautions—along with going paperless and signing up for fraud alerts, if you haven’t already—are a great way to restrict access to your personal financial information in today’s digital world. 

Ready to make the switch to mobile banking? Contact your local Community Point Bank branch for details today.