Woman banking from her phone
Demand and usage for mobile banking has skyrocketed in the past few years, with one study indicating that 75% of Americans use mobile banking on the couch. Another study showed that a whopping 97% of millennials stated they used mobile banking, with 91% of Gen Xers and 79% of baby boomers also seeing the benefit of mobile banking.
Even though these statistics show a general acceptance of mobile banking, the reality is that people are still cautious about using their mobile devices (smartphones and tablets) to do some of the most convenient and timesaving activities, such as depositing checks, transferring money, and making purchases. People feel more secure walking into a branch or going to an ATM because many are still not convinced of the security of their mobile devices.
Here, we provide some insights that will help you be more confident and secure with using your mobile device to enhance your banking experience.
Security is the top priority of all mobile apps. In fact, using your mobile device is actually safer because they require multiple layers of security and validation. And, it is extremely easy to do. Consider how you use your phone now to take pictures whenever you want. Now you can use the same phone camera to deposit a check.
Download your bank’s mobile banking app, either through the Apple Store of iPhones or with Google Play for Android devices. To deposit a check (or multiple checks) using your phone, simply select that option from your menu bar and follow the prompts. These will include selecting the account into which you wish to deposit the check (often from a drop down menu), entering the amount of the check and taking a photo of the front and back of your check (you’ll need to endorse the back of your check with “For mobile deposit only” underneath your name). So simple.
All the information is encrypted and shared only with your bank. Most mobile banking apps work the same for depositing a check (or multiple checks), so after you have done it once, you will know how easy and convenient it is to deposit any check, and usually have access to funds the next business day. Check with your bank for their mobile check deposit funds availability policy.
Mobile phones have become the new “digital or virtual wallet” for many people, eliminating the need to carry cash. Mobile apps such as Apple Pay for iPhones and Google Pay for Android devices enable you to make contactless, secure purchases in stores, in apps, and on the web, or send and receive money from other people.
For example, you’re in a store or restaurant that accepts Apple Pay, you can use your iPhone (with your debit or credit card information already securely stored in the Apple Wallet) to select which card you want to pay with (yes, you can have multiple credit and debit cards stored on your phone). touch your phone to the store’s credit card machine, and your payment is accepted!
Let’s say you are having dinner with a group of friends. Once the bill arrives, you decide that you want to have one person pay, and you all send that person the portion of the bill you owe. With your mobile device properly set up with a person-to-person transfer option, you can simply transfer the funds directly into your friend’s account. No need to have cash and figure out how to give them exact change.
Using your mobile phone is much safer than even using your actual credit card or debit card because your mobile device requires two-factor authentication (PIN, thumbprint or Face-ID) before a payment is authorized.You reduce the risk of losing your cash or cards that can be used immediately if stolen from you, rather than all your payment options securely stored on your mobile phone, where accessing the virtual wallet is impossible without the two-factor authentication that is unique to you.
Read about two-factor authentication for Apple iPhone here and for Google Android here.
Most of these person-to-person and mobile payment options are free to use and give you the freedom to bank from anywhere at any time of day. You also have the ability to monitor and set up alerts that can detect and prevent fraud from occurring. Check with your bank for more information about their person-to-person (P2P) payment options.
Learn more about how HOMEBANK can help you with your consumer or business digital banking needs. Let us help you stay safe and secure by making an appointment to speak with a banker about your digital banking needs or call us toll free at (855) 577-2001.
