Suits Me® Simplified: Banking 101

App-Based Banking: The Emergence of Digital Banking

Not content with moving much of Britain’s banking online, technology is continuing to evolve and app-based banking, a very different proposition indeed.

The transformation in the banking market is nothing new; high street banks have been slowly dying out for many years and now many towns no longer have a branch.

Technology has played a large part in the financial revolution, and online banking is now commonplace. However, not content with moving much of Britain’s banking online, technology is continuing to evolve. The latest development to gather pace is app-based banking, a very different proposition indeed.

But what exactly does this mean and how can you be sure it’s safe? Here’s the low-down on app-based banking and why it’s become so popular.

Mobile Banking Apps

How Popular are Mobile Banking Apps?

If you’re wondering whether all the hype about mobile banking apps is really justified, it only takes a quick glance at the number to reveal that it’s far more than just a passing trend.

According to UK Finance, there were 5.5 billion sign-ins to banking apps during 2017, a phenomenal number for such a new style of service. CACI backed up these figures by confirming that 22 million customers accessed their banking accounts by using their smartphones.

Banks were also active on the apps too, sending customers 512 million alerts about either payments being made or an overdraft that was about to be breached.

A very useful tool, banking apps were adopted universally by millennials. Older customers have been slower to embrace the technology but 10% of over-65s have now logged into a banking app.

What are Mobile Banking Apps Used for?

In the past, banking apps had a poor reputation as their functions were very limited and the available information was basic. That has all changed with the evolution of better technology and banking apps now provide a full suite of services.

This means that using your smartphone, there’s virtually nothing you can’t manage on your account. Whether it’s organising your outgoing payments, transferring money or requesting a new card, all you need to run your account is your smartphone. It really is that easy now.

Are Mobile Banking Apps Safe?

So much has been written about potential viruses and internet safety that it’s not surprising that the idea of a banking app causes consternation in some. However, as long as you’re careful and follow the basic internet rules of safety, there’s no risk.

Make sure you choose a secure password which you don’t write down or share with anyone. You should only do your online banking using a secure connection and you should keep your anti-virus software updated.

These few small steps can help to keep you safe while you’re using a banking app.

A Cashless Society?

If you’re wondering whether Britain is about to move into a cashless society, the answer is: not just yet. Many of the digital providers offer easy access to cash, including withdrawals from ATMs. However, their services do make it easier than ever to carry out digital transactions, as well as using a debit card in shops and stores.

Society may be some distance away from eliminating cash, but when it comes to banking, they’re already started to make the transition to apps and digital-based services and away from traditional provisions.

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