Want to check your balance, transfer money between accounts, or locate the nearest bank branch? There’s an app for that.
But when it comes to making more complex banking transactions over smartphones — from depositing checks to transferring money to a friend’s account — many banks are not offering mobile technology as fast as their customers are ready to adopt it. Demands for new options are growing so quickly that by the time a bank upgrades its software, customers are already asking for the next new function.
Customers, in fact, are embracing mobile banking faster than they did ATMs after they were introduced in the 1980s, according to bank officials.
Sovereign Bank, for example, recently offered its first mobile banking app, which it designed based on surveys that showed few customers wanted to make mobile deposits. Not long after the app was released in May, customers raved about the ability to check balances and accurately find ATMs, but said they wanted more — particularly the ability to deposit checks via smartphone.
Large banks are entering the prepaid debit card market and helping drive down fees.
Big national and regional banks are also making fees less complicated by offering low, fixed monthly costs, says Greg McBride, senior financial analyst at Bankrate.com, which released a survey of prepaid debit cards today.
The survey found that 13% of issuers, mainly large banks, charge a single monthly fee of $4.95 to $7, says Bankrate.com. Continue reading
Despite the popularity and widespread use of credit cards these days, people still often have to lug around chunky wallets because of the numerous cards they need to carry around with them. But thanks to mobile credit card processing technology, we can now simply use our mobile phones to make payments at various establishments.
Because of the developments in e-commerce and the advanced technology of mobile phones, mobile payments have become a convenient alternative method of making payments. Not only are they convenient for customers, but they also ease the transaction process for the merchants. Aside from that, merchants can benefit from the lower overhead costs they require and can be more assured with the security of the transaction. Furthermore, with the number of people who own smart phones than credit or debit cards, this mode of payment would no doubt become prevalent and the most convenient way to pay. Continue reading