The convenience has got to be the top benefit of this form of banking. Gone are the days of needing to rush to a branch on your lunch break, or taking time out of your weekend to spend hours waiting in line – now, the majority of financial matters can be undertaken wherever and whenever it suits you, whether you’re commuting or curled up on your sofa. These days your phone can even be used to make physical purchases through services such as Apple Pay and Google Pay, that link to your chosen credit or debit cards.
Then there’s the ability to truly keep on top of your finances. Because you’re able to log on and check the status of your accounts at any time, you can quickly see if there are any issues, such as if an upcoming payment means you’re likely to go overdrawn or if a calendar month fee might push you over the edge. Indeed, according to the Financial Conduct Authority (FCA), customers who use a mobile banking app and text alert service are 24% less likely to incur unarranged overdraft fees. This means that online banking could actually help improve your finances, as well as helping you monitor them.
It could also boost your chances of being alerted to any suspicious activity, such as identity fraud. If you check your balance and bank statements and don’t recognise any transactions, you can quickly dig deeper and contact your bank for further information – please call your bank immediately if you spot anything untoward. Though there’s the chance you’re concerned about the security implications of internet banking itself; please read on for what to watch out for, and why you needn’t be concerned about logging on.