Virtual Virtues: Why Mobile Devices Are Perfect for Online Banking

Since the mobile revolution, whenever we discuss digital advancements, we actually refer to mobile ones. The same goes for online banking, which continues to make a transition to mobile devices. A recent study found that out of 71% of online banking users, 43% use their smartphones. In addition to becoming our go-to digital tool, there are good reasons to choose the smartphone as a banking device. Here they are.

On-the-spot online banking solutions

One of the things we love about online banking is that it’s super accessible and fast. Instead of having to find the time to visit the nearest bank, we simply log in. Mobile enhances these advantages and puts the entire bank right in our pocket. We’ve grown so used to reaching for our smartphones that the idea of desktop banking solutions sounds slow. Sure, not every online or mobile banking solution is fast enough to fulfill our every finance-related wish, but the combination of mobile technology and speedy banking should do the trick. Mobile makes our bank available anytime, anywhere.

Communication is key

While we’re on the subject of availability, let’s talk about our ability to communicate with the bank and ask questions. Online banking offers a wide variety of communication channels that make the most sense when used on mobile. After all, and I don’t know if you remember this, phones were originally created for users to call one another. Chatting with your banker on the phone or via WhatsApp and Facebook Messenger should be easy if you choose the right mobile banking service.

The mobile community center

Bank customers want to chat with their bank, but also want to hear from other customers. Today’s social media networks are filled with finance-focused groups that help community members find the best solutions, negotiate fees, and strategize for a better future. Banks can no longer afford to ignore social communities and must be active in answering questions and even building their own groups. Rewire, for example, operates a number of active communities for work immigrants based on members’ origin country such as finance-focused communities for FilipinosNigeriansIndians, and Thais in Europe. Communities bring people together and offer relevant advice where it is needed. Since more than 90% of social media users access networks with their mobile, this aspect of online banking should be mobile-first as well.

Making mobile payments 

The popularity of mobile payments is consistently rising and expected to reach 1.3 billion transactions in the next three years. If financial institutes want to be present when and where money moves, the transition to mobile is inevitable. Today’s banks should think of mobile devices as an advanced credit card and offer their own payment options as well as seamless integration with other leading mobile payment solutions.

When choosing your online banking service, make sure to work with companies with a mobile-first state of mind. In other words, make sure your online banking solution works through a native app that is regularly improved and updated instead of a customized website on your phone. Opt for financial services that understand what the mobile platform has to offer and don’t look at it as an afterthought. A great mobile experience doesn’t just make your life easier on a daily basis but also helps identify the online banking service providers who lead the market vs. those who got left behind.