Online Banking Smartphone – Yes

Think of a smartphone as a very small laptop or netbook.  People wouldn’t think twice about banking with either of these devices so a smartphone should be thought of in the same way.  Granted, you aren’t going to want to do anything too complicated via your smartphone but if all you need to do is check your balance and transactions, then a smartphone is perfectly adequate for this purpose.

Before starting to use online banking via your smartphone, there are some major considerations that need addressing. The first thing to consider is something that applies to any website you use that requires a log in.  Never allow your smartphoneto remember these passwords as, if you are unlucky enough to have your phone stolen, your account is wide open and is likely to be emptied by a phone thief who has hit the jackpot.  Most banking sites employ a secondary identification system where you need to answer supplementary questions but if you have allowed your phone to save these also then you really are asking for trouble.

Performing transactions via your smartphone could also be risky but, as long as you are careful and pay full attention to the screen.  It is all too easy to press the wrong key on your smartphone, especially if it is a touch screen design.  This means that if you were transferring money between accounts or paying a bill, you could easily find yourself paying either too much or too little. For example, if you were paying a bill of $10.50 but hadn’t realised the tap on the decimal point button hadn’t worked, you could find yourself actually paying $1050 which would not prove popular.

If you can stay disciplined and are prepared to enter passwords and security questions on each login and also pay full attention to exactly how much you are paying out in an individual transaction then mobile banking via your smartphone is a great way to keep in touch with your finances whilst on the move. If you are expecting a payment and it is not showing up in your account, you can chase it up straight away rather than wait until you are either home or back in the office which could delay payment by a day, depending on when you realise payment has not been made.

To summarise, using your smartphone for online banking is a great tool providing it is used properly. It will give you up to date information whilst you are on the move and maybe even allow you to make difficult cashflow desicions without having to wait until you are back at a desktop PC, thus saving time.