Keep your money safe when banking on the go
One of the biggest advancements in
technology that has been triggered by the rising popularity, along with the
growing sophistication, of smartphones has been mobile banking.
Android users can download a whole host of
different banking apps to their device, giving them instant access to their
accounts. The days of needing to be near an ATM or a desktop computer are long
gone, and users can now fully manage their accounts from the palm of their hand
so long as they have web access.
Barclays’ Pingit app is one of the best mobile banking apps around
Mobile banking is now evolving further
still with the introduction of contactless payment. This allows users to pay for
a range of items and services with their phone, without the fuss and time it
takes to purchase something with a debit card, while the transaction also shows
instantly on their banking account. It isn’t all good news, however, as we
reveal in these ten essential mobile banking pointers.
1. Banking on the move
The best thing about mobile banking is
being able to access it as long as you're near a secure Wi-Fi connection and
have your phone to hand.
You can access any mobile banking app over
a 3G network, but this can take considerably longer to load, and some apps will
require you to undertake additional security procedures to access them.
2. Official apps
You'll find nearly every bank has an
official mobile banking app on the Google Play store. Be it Lloyds, Barclays,
HSBC or NatWest, as well as most others, you're pretty much covered. Generally,
the apps include the same features, and a similar level of security and design
is used across the board. Most of them also include settings which can be
tailored to meet your needs.
In the UK, Google Wallet is very uncommon at the moment
3. Security is paramount
With recent developments in the rise of
malware affecting Android smartphones, mobile banking apps have introduced
plethora of stringent security precautions to protect their customers. As well
as the passwords which you normally set up, some apps will ask you to create a
unique PIN for you to access your account, or perhaps require you to answer a
security question.
4. Help the environment
One of the quirky features included in most
mobile banking apps is the option to stop being sent paper statements every
month. Instead you can set the app up to send a run-through of your statement
on a monthly basis. You can look at your statements in full via the app too.
5. Banking with PayPal
Many mobile banking apps can be linked to
your PayPal and Western Union accounts, making it easier to transfer money to
people all over the world. Using your mobile banking app alongside your eBay
account will give you an instant way of being able to pay for items, as well as
send money back to your mobile account.
Many
mobile banking apps can be linked to your PayPal and Western Union accounts,
making it easier to transfer money to people all over the world
6. Be extra wary of third-party apps
Be careful of using any third-party mobile
banking apps on your Android device. Any app that's not part of a banking group
could potentially be dangerous for you to use. Entering your details in to this
sort of app will allow the people behind it full access to your account and,
more importantly, its contents.
7. Check permissions
The best way for you to first identify any
potential dangers with a third-party app is to examine the app's permissions
when looking to download it from G o ogle Play. Any app that will look to
collect your data, send messages and call numbers should be avoided at all
costs.
8. Google Wallet
Google's new contactless payment system
allows users to pay for their items with just their phone. Using a mobile
banking system, users can connect their card and its details to their Google
Wallet making it a lot easier to pay for goods. Expect to see a lot more places
include the Google Wallet service in the near future.
9. Ongoing payments
While mobile banking, you may wish to set
up a direct debit to a different account, or create a standing order. Both of
these can be completed in just a few steps on an Android device, but can be
edited and removed through your internet banking service, or within a branch
itself.
10. Beyond
your accounts
Although the main reason people will
download a mobile banking app is to access their accounts, there are many other
features worth checking out. Most mobile banking apps include information on
the nearest ATM and branch, as well as opening hours. Some include information
on new accounts, loans and mortgages, and some give details on key contacts for
the bank should you have a problem with your account.
Most banking apps can help you locate nearby branches
Has your bank backed Android?
Most UK high street bank chains have their
own official Android-based mobile banking app. Boyd’s’ mobile banking app gives
you complete access to your accounts, as well as the opportunity to find info
on your nearest branch and request meetings with advisors. Similarly the HSBC,
RBS and NatWest apps all offer the same features.
Barclays
with its Pingit app
One bank that has elected to try something
a bit different is Barclays with its Pingit app. This gives you the usual
access to your accounts, as well as a very convenient way of sending money to a
different account: users can transfer cash using just their mobile number and a
confirmation code. It works in the same way as an external app, similar to
PayPal, meaning you need to deposit money into it in order for it to work
properly.
On a slightly different path is the My
Credit Cards app, which enables you to sort out incoming and outgoing
transactions across all your credit cards. The app works in the same way as a
mobile banking app, but tracks multiple credit cards at any one time.
