Mobile Banking Apps: Pros And Cons

You may or may not be new to this thing known as mobile banking app as you might have seen a lot of people using this nowadays. But what are mobile banking apps? What are their pros and cons?

Ever since the pandemic began, a lot of people have resorted to use mobile banking apps especially during the period of lockdown where people can’t go out. Mobile banking became increasingly popular in the recent years and has grown to be essential to most people as they find it convenient to manage funds such as their income. But just like anything else, mobile banking has both its pros and cons (Source: “What Is Mobile Banking? Advantages and Disadvantages of Mobile Banking” by Nazar Kvartalnyi; https://inoxoft.com/blog/what-is-mobile-banking-advantages-and-disadvantages-of-mobile-banking/#:~:text=through%20an%20app.-,Monitoring%20transactions,to%20your%20mobile%20banking%20app.)

Mobile banking apps serve as an individual’s pocket bank and operate without people stepping out of their house and waiting in queues – here they can deposit checks, keep track of bank balance as well as stay updated on the latest news, updates and offers. Its features include a 24-hour access to their account balances, history, transactions and other services.

Without further ado, let’s head to the pros and cons of mobile banking apps, starting with the pros first:

Pros

• Improved customer experience

• Time efficiency

• Workload capacity

• Monitoring transactions

• Added services

• Catching fraud

• Managing funds

Cons

• Security

• Tech issues (e.g. downtime, maintenance, bugs, etc.)

• Extra charges for internet services

I’ll just share with you a mobile banking app I just recently discovered and tried – GoTyme Bank , a joint venture of Tyme and Gokongwei Group. Its aim is to unlock Filipinos’ financial potential with the convenience and security of digital banking. They can open an account hassle free by downloading their app (available on Google Play Store) and get a free personalized Visa ATM debit card via kiosks.

GoTyme Bank is fully licensed and regulated by BSP. You can learn more of their benefits by visiting their site: (Source: https://www.gotyme.com.ph/about-us/)