8 Enormous Benefits of App Based Banking

8 Enormous Benefits of App Based Banking
May 31, 2019 Lauren Howells

8 Enormous Benefits of App Based Banking

Whether you’re trying to keep on top of repayments for a small loan or making sure you’ve got enough money to cover your mortgage each month, app-based banking is one of the easiest ways to manage your finances.

But don’t just take our word for it. CashLady offers up 8 reasons why banking via your smart device is the way forward.

1. Keep an eye on your spending in one click

When online banking came along, not having to go to (or call) the bank to see your balance, saved many people a large amount of time – and money. Banking through an app is even easier, as you often don’t need to use login details and difficult-to-remember passwords.

Now, you can simply use your fingerprint to log in to your banking app. Plus, if your phone supports it, you can now log in using facial recognition. What could be simpler?

2. Banking at a time and place that works for you

In the past, we had to arrange to bank money transfers and balance checks, when the banks were open. Now, with app-based banking, you can open up your app and check your balance. You can even pay your bills at any time – even at 3 am if you want to.

The flexibility of banking via an app means you can manage your money whenever and wherever you want to. Whether you’re on the bus or sitting on a beach in The Bahamas, you can make sure that you are not overspending.

3. Mobile Check Deposits

8 Enormous Benefits of App Based Banking

Even though cheques are being phased out, they are still a feature in many people lives. With the advent of mobile banking, most banking apps now offer a mobile check deposit service.

With just one photo, you can download your cheque to your smartphone or device and it will be deposited into your account, with the money available soon after.

4. Organise your overdraft through an app

If you think you may go overdrawn or need some extra cash, some banks enable you to increase, cancel or reduce your arranged overdraft through their banking app. This prevents the need for you to visit a physical bank, saving you time and the need for a face-to-face negotiation.

5. Increased security

There are increasingly more innovative new ways to protect your phone being developed. One is called Multi-factor authentication (MFA). With MFA you need to log into an account using two or more pieces of information like:

  • A password
  • A token
  • Your biometric identification

Because of this, banking apps can now link your account to your mobile device which allows them to know when someone else is attempting to log in.

6. Go paperless and protect the environment

8 Enormous Benefits of App Based Banking

Paper statements are becoming increasingly unnecessary now that many of us are able to view our spending from our smartphone.

Opting not to receive paper statements is better for the environment and means that you are adding less clutter to your home – win, win!

7. View your bank accounts in one place

As financial technology and open banking develop you are likely to see more apps offering better ways to bank. According to one source, 2019 is going to be the year that mobile banking could overtake online banking.

There are already apps out there where you can see all of your accounts in one place. This enables you to view your finances at a glance, instead of logging in to many apps for each individual account.

8. Easier access to customer service

Even with all of the advances in technology, you will likely need to speak to a real person at some point. Many banks offer the option to call them securely through their app once you’re logged in, without needing to go through security checks needed for a standard call.

This makes getting in touch easier and avoids having to try to recall all of those random security answers you gave many months or years ago.

Some apps even have a live chat function, removing the need to call completely which prevents waiting around on hold.

Final Thoughts

With more and more features being added to banking apps all of the time, managing your money is set to get even easier.

Whether you want to keep an eye on your spending, work towards your savings goals or simply be able to check your balance when and where you want to. App-based banking provides you with the ideal solution to keep on top of your finances.