A plethora of new mobile finance apps are making it easier for folks to manage their money with the swipe of a screen. Banking apps from Chase, Citi, Well Fargo, and Bank of America have all been recently updated to make it easier for customers to keep track of what they are spending, and where.
Research has found that people are taking advantage of these apps to take control of their spending, get rewarded for purchases, and make life simpler. Though some people have concerns about security, it isn’t stopping these finance apps from booming and becoming the next big thing in money management.
How are people using these apps? Polls say they are increasingly using banking apps to avoid going to the bank. People don’t have to stand in line to see a teller anymore for things like making a deposit, transferring money from one account to another, and scheduling payments. All of these things can be done from a smartphone, tablet, or other mobile device.
Security is still a worry for some, and updating apps is vital
Banks are regularly updating their apps to make sure they are meeting and exceeding security standards. Often, an update for a mobile banking app will include a fix for a bug that made it vulnerable to hacking, even if there is no visible difference in the app on the user end. For this reason, banking experts and app developers urge people to keep their apps up-to-date, as well as their electronic devices.
Older smartphone models that may not be compatible with the most current version of a mobile app can be a security loophole, leaving out-of-date consumers vulnerable to hacking.
Mobile wallets are revolutionizing payment systems
Besides bank mobile apps, there are also mobile wallets, which are shaking up the payment tech space in a whole new way. Now people can pay for purchases directly from their smartphones, using Apple Pay and Android Pay. Showing a smartphone at the register is the latest way to pay; forget swiping your magnetic stripe card.
Keeping your payment cards and loyalty cards on your smartphone instead of in your wallet is an adjustment for many, especially older folks. Studies show that Millennials are more comfortable using mobile wallets, and older folks are slowly getting on board. Still, plenty of people are becoming more used to using a phone to manage their money, do simple banking, and pay for purchases.