Mobile Banking 101

Today, smartphones and apps are not only used for entertainment. They can now be used for financial transactions, such as transferring funds to other account and paying your bills. This can be done through the use of mobile app of your bank.

To guide you accordingly on how it works, here’s everything you need to know about mobile banking.

What is mobile banking?

Mobile banking refers to the service provided by a bank and other financial company that enable its customers to do their financial transactions through their mobile phones or tablets. It is often free of charge.

What are the advantages of mobile banking?

  • Check account balance

Through mobile banking, you can check your account balance anytime and anywhere, provided that you have an internet connection. Hence, giving you a more flexible banking experience.

  • View transactions

You can also view all your banking transactions in your app. Often, transactions are reflected reel time. This way, you can double check if there are any fraudulent transactions in your account. Just register your Citi simplicity+ card and you can view your transactions every time you want to.

  • Fund transfer

One of the helpful uses of mobile banking is that you can transfer funds either to your own account or other people’s account. All you have to do is to input the account number and amount to be transferred. Take note that some banks charge fund transfer fees.

  • Paying bills

You do not to go malls to pay for your bills.

Just check if the merchant you want to pay to is accessible in the mobile banking app that you have. Then, you can instantly pay for it.

  • Buying load

You can also buy prepaid load regardless of network that you have.

  • Promo updates

You can get notifications on the latest promos of your bank.

  • Locating ATM

In case you need to withdraw, you can easily locate the nearest ATM or bank branch through your app.

  • Available 24/7

One of the big advantages of mobile banking is that it is available 24/7. You can conduct your financial transactions anytime you want since mobile banking is usually available on a 24-hour basis.

How to use mobile banking?

Simply download the mobile banking app of your bank. Then, enroll in their online banking. Usually, you will provide your account details and create a username. Make sure to not forget your username and password so you won’t have a hard time logging in to your account.

How to stay safe when using mobile banking?

Here are some ways on how to stay safe in mobile banking.

  • Use strong passwords

Make sure that you use a strong password. Combine letters and numbers to have a unique one. Furthermore, do not share your passwords with anyone.

  • Ensure safe connection

When conducting transactions in your mobile phones, make sure that your internet connection is safe. Do not transaction while using public Wi-Fi.

  • Create multi-factor authentication

Many banks provide a multi-factor authentication in their mobile app. This allows the user to implement authentication before conducting a transaction.

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