It’s a “tale as old as time.”
Ways Mobile Banking Apps Make Life Easier
From increased visibility into your finances to instant access to banking services, banking apps make life easier. They’ve become one of the most important apps on consumer smartphones. In fact, a 2018 survey found that mobile banking was one of the top three types of apps used by consumers.
Banking apps give you control over your money, no matter where you are in the world. Here’s what you need to know about mobile banking apps and how you can start banking from the comfort of your home.
Begin online banking with a few steps
As long as you have a computer or smartphone with access to the Internet and an account with a bank or credit union account eligible for internet banking, it’s easy to get started.
- Gather your account numbers: Your account numbers should be on your paper statement. Your account number will also be on the bottom of your checks or deposit slips. They are needed to enroll your account.
- Find your bank or credit union’s website: Look on one of your paper statements or on the back of your debit or credit card to find the website, rather than googling or clicking on links in an email or text. If you visit your bank’s website from your smartphone, you may be prompted to download the bank or credit union’s mobile app that you can use from your phone.
- Register for access to your bank or credit union’s online banking platform: The first time you visit, you’ll follow the prompts to create an online account. You will answer questions to prove it’s really you, choose a username and password, and set up security features and preferences. Be sure to create strong passwords and do not use the same password for all accounts. Don’t use information such as addresses and birthdays in your passwords. For more tips on how to create strong passwords read more on the Federal Trade Commission’s (FTC) blog.
- Log in and take a tutorial: If it’s offered by your bank or credit union to learn your way around the platform.
Now that you have access to your banking information, here’s what you can do online or through an app and how it can help you in the long run.
Check basic banking tasks off your list on the go
With a mobile banking app, you can check your account balances, access statements, track spending, make mobile deposits by taking pictures of checks, and even communicate directly with your bank. This can all be taken care of within a few minutes, making it easy to keep close tabs on your money and manage your account wisely while saving you a trip to a local branch.
Categorize spending to help you stay on budget
Some mobile banking apps offer budgeting tools to help you categorize and track your spending. Using such a tool is a great way to build better budgeting habits by being more aware of your spending. You can also adjust your spending limits by category as you get a better sense of your spending habits and want to adjust your budgeting goals.
Manage bill payments and transfers from your phone
If you regularly use bill pay services offered by your bank or credit union, a mobile banking app can help you add, remove, or edit these scheduled payments with ease. Similarly, you can initiate transfers from your phone without going to a local branch. This can be very valuable if you need to make transfers quickly to cover new charges.
Mobile banking apps are also expanding their access to person-to-person payment services, which allow you to send money to friends, family, and coworkers. This is similar to what services like PayPal and Venmo offer, but these payments are seamlessly handled within your mobile banking app.
Receive alerts for various banking activities
Worried about a surprise debit charge bringing your bank account to a negative balance? What about fraud alerts for suspicious activity on your accounts? Your mobile banking app can send you alerts for certain activities and those that you want to pay close attention to. You can customize these notifications so that you only receive the kinds of alerts that are important to you.
Mobile banking can strengthen security
Banks and credit unions are in the business of protecting your assets, including your mobile banking activities. If you’re worried about mobile banking security, there are steps you can take to protect your data.
While you may still use a username and password to log in to a mobile banking app, your financial institution may let you enroll in added safety features. You could, for example, enroll in multifactor authentication where you need two (or more) kinds of verification to prove that it’s really you. For example, a bank could send a code to your phone for money transfers above a certain amount. In order for the payment to go through, you would need to enter the code in addition to logging in through the app to help verify you are who you say you are.
South Bay Credit Union Mobile Banking App
Even if you don’t consider yourself a tech-savvy individual, mobile banking apps are easy to use and offer simple navigation to help you find the features and tools you’re looking for.
At South Bay Credit Union, we offer our members our very own banking app Through our app, members can enjoy 24/7 access to your account information, see transaction history, pay bills, transfer money, open certificates, open an account, finance your dreams, and so much more! The app is even easier to access now by using your fingerprint, face recognition, a pin, voice, or even your username and password.
“We encourage our members to get familiar with our South Bay Credit Union app, as it can help with most of their daily banking needs. Try it for yourself today”, said Vanessa Gonzales, COO.
To download the SBCU banking app today, in the app store, search “South Bay Credit Union”.