Banking Made Easy With Mobile Apps
I don’t know how regularly you visit a bank but if it is anything like me it’s probably not very often. Occasionally I might need to pay a cheque into an account but most of the time that’s a 30-second drop and go operation.
Most banking today is done automatically; your salary and any benefits probably go straight into your bank account and bills are paid by direct debit. While this has certainly made life much more straightforward it also means it’s sometimes easy to lose track of your account balance.
The Age of the Cashless Payment
In May a report found that for the first time the use of notes and coins had been overtaken by cashless payments. The reduction in the use of cash means fewer people are using ATM receipts to keep track of their accounts and inevitably this will lead to problems.
However, with the continued demise of the use of high street banks, there has been a shift first to online and telephone banking and now to the use of smartphones.
This has put financial control right back into the hands, literally, of the account holder. You can check your balance and make payments had any time of the day or night without needing a computer.
It is even now being reported that ‘One in 10 adults in UK have gone ‘cashless’, data shows‘
Some Mindboggling Numbers!
Last year, 22 million people managed their current account on their phone, industry analyst CACI said.
It has predicted that 35 million people – or 72% of the UK adult population – will bank via a phone app by 2023.
By then, customers would typically visit a branch only twice a year, it said.
Not Using An App Yet?
If you are not currently using a banking app but have access to a smartphone it really is an incredibly simple way of managing your finances.
As well as enabling you to keep on top of your account balance you can transfer money between accounts, make payments, apply for loans, report stolen or lost cards, access detailed statements and change your contact details.
The app is very secure and all payments to new payees need additional authorisation to prevent fraud. If you are at all unsure contact your bank and they will talk yours through the process.
Is safety concern of yours whilst using a banking app? If so, click here to see how safe online banking actually is.
Keeping A Close Eye On Your Financial Situation
For many people, the use of banking apps has, for the first time, allowed them to keep a close eye on their financial situation and there really is no reason not to know your account status at any given time.
We, of course, understand that occasionally even with the best organisation possible it is difficult to avoid running into some sort of financial difficulties and with luck, this is for most people only a temporary problem.
Check out these 5 ways to keep a closer eye on your finances to see how to ensure nothing slips through the net.
On the Off Chance
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Clare McDonald
As a mother of two, Clare knows the importance of being careful with money, so writes posts from personal experience. Clare also loves to find great deals, so shares her finding here.
