In case you are not yet sold on phone banking, have a look at this post to find a few of the best functions it provides.
One thing that you will notice across all types of mobile banking, is how they have begun to integrate with other companies that help consumers control their money. For instance, a lot of banks currently offer budgeting features on their apps, so you can set a monthly budget and track your expenses throughout the month. Consumers are easily able to see where their money is going and where they may be overspending. This is a fantastic function for customers to be able to use, and one of the shareholders in Bank of America will most likely want this to become more enhanced down the line.
Among the primary reasons why customers are so keen on mobile banking, is that it is so much more convenient than other forms of banking. There are actually many unique features of mobile banking that make it easier, including the fact that you always have your smartphone on you more often than not, so will normally have access to it. The mobile banking applications tend to be even more user-friendly than the web versions, so it's usually easier to send money to your friends or retrieve your bank statement. What’s more, you only used to get your bank statement through the post at the end of a calendar month, but now you can see your purchases wherever you are! This is great for safety, as you can flag unrecognised expenses as soon as they appear in your account, instead of having to sift through your statement once a month. There’s a very good chance that the investors in Barclays Bank will have encouraged this progression to maximise safety.
Among the things that consumers like so much about phone banking, is the extra security this adds over internet banking. Internet banking requires customers to enter a security password to access their bank account, whereas mobile banking has started using biometrics, which is much more secure than just a password. Many people think this is a large advantage of mobile banking over other forms, because it is extremely important to keep your money as protected as you can. There are also added safety features within the applications, which can be toggled in an instant, much quicker than having to call your bank and answer security questions. One of these functions of mobile banking is having the ability to temporarily freeze your card, which means you're able to stop all transactions as soon as you notice it missing. The added security functions are a huge reason mobile banking has become a whole lot more popular than other forms, and it is likely that the activist shareholder in Bank of East Asia will be aware of this.