In the digital age, just about everything happens in the online realm. That means businesses that fail to embrace technology will often get left behind. It’s no surprise, then, that most banks now offer mobile banking services to appeal to their customers’ needs. If you don’t use online and mobile banking services regularly, you may not quite understand the appeal. The truth is that these tools can actually reduce your financial stress. Here’s how mobile banking works:
- You’ll have less clutter: There were more than 69.5 billion debit card transactions recorded in 2015. If you use your bank debit card regularly, you might be used to getting a paper statement every month. But this practice is wasteful and often ineffective, as cardholders may misplace these statements or even throw them away without giving them a second glance. That can create a lot of stress when you can’t seem to find the information you need later on. Alternatively, you might feel like you have to hold onto every paper notice from your bank. When those statements pile up, you’ll end up with a lot of clutter — which can also cause anxiety. Being able to access your account records via your mobile device gives you peace of mind (and it helps the planet, too).
- You can track your finances anywhere, any time: While you should still save your receipts and balance your checkbook, most people want better access to their financial information. Being able to check your account balance without going to an ATM or making an account transfer with the touch of a button will ultimately help you keep track of your money much more effectively. As anyone who’s ever been subject to an overdraft fee or insufficient balance notification knows, what you don’t know can hurt you. But by being able to log in and view your bank account records from your phone or tablet, you’ll be able to improve your budgeting skills, make better financial decisions, and grow your wealth more easily — all of which will reduce your stress level.
- You can easily work banking into your schedule: It may not seem like a big deal to go to the bank every week — after all, countless Americans have done so for decades! — but it can take up a lot of your time. And if you live in a remote area, your banking options might have been limited to institutions in your immediate vicinity. These days, people want convenience and speed. Mobile banking services can usually save you from making a trip to the bank. For example, you can easily take a photo of a check and deposit it instantly, open a new account, or transfer funds to a different account with a bank’s mobile app or website. That means no rescheduling your day or rushing to make a deposit on your lunch hour. Even if you don’t live anywhere close to a local branch, you’ll still be able to access your money and utilize all of your account tools right from your phone.
Clearly, these mobile banking services make it much easier to control your finances, improve your budgeting habits, and obtain all the information you need. Before opening an account with a financial institution, make sure to check out their mobile banking offerings and ensure they’re up to your standards.