Mobile Banking – Use It in Your Favor?

Today, all banks offer you an application to access your account from your cell phone or computer, to check your movements.

Make transfers and pay your credit card, among other services.

In Mexico, according to 2017, Mobile Banking is a relatively recent service, which in 2016 had only 13.2 million users.

In June 2016, the Federal Telecommunications Institute (IFT) reported 109.5 million cell phone subscriptions.

This means that the number of accounts per cell phone represents 8.1% of total subscriptions, according to the same Financial inclusion report.

Mexico City prevails as the federal entity with the largest number of bank accounts with active mobile banking, with 1.14 million contracts.

They are followed by Sonora, with 308,755 contracts, and Jalisco, with 306,816.

If we make a general balance, we can conclude that access to this service is very limited, despite the fact that it has several benefits.

Mobile Banking

According to Condusef, users find it difficult to distinguish between online banking and mobile banking, because they offer practically the same services.

However, mobile banking is distinguished because it is usually necessary to link your deposit account to your cell number.

In turn, you can access your mobile banking account through your account number and cell phone number.

Banks generally offer the following services in mobile banking:

  1. Transfers to own and third party accounts, from the same bank or any other.
  2. Balance inquiry and movements.
  3. Check account statements.
  4. Payment of services (electricity, gas, recharge of balance, contributions, etc.)
  5. Contracting of other financial products or services, such as insurance or investments.
  6. Account unlock and change

Use of Mobile Banking

It is very easy to use mobile banking.

You just have to go to your bank branch and meet some requirements.

In some cases, even a phone call is enough, asking for the following:

Sign a Mobile Banking contract, which is regularly included in the electronic banking services contract, (you can capture your signature in the app itself).

Provide your mobile number to the bank.

Thus, the institution links it to the service so that it works as your access password.

Install your bank’s mobile banking application on your cell phone.

Also, you should ask if it is necessary to install a token application from the same financial institution, which returns a unique number to authenticate your transactions.

Advantages of Mobile Banking

Having a mobile banking service, as Condusef says, is like having “the bank in the palm of your hand”:

  1. You avoid queuing. For any account statement or transfer request, you no longer have to go to branches or ATMs.
  2. Flexible schedules. Some services are available 24 hours a day.
  3. Fewer commissions. If you use this service, many banks do not charge you for making transfers. But beware! Some operations do have costs, search Google: “mobile banking fees” and you will surely find information for your bank.
  4. Reduces risks. Avoid using cash and it is safe because it has a high level of encryption of your data, for this you must always have internet access.
  5. Greater comfort. What better than having the bank available on a device that we use every day.
  6. The application offered by banks is free.

Method to Use Mobile Banking

You can use mobile banking in three steps:

1. Access

To log in, you must enter the PIN you generated when contracting the service. It should be noted that for some banks the access codes to online banking and mobile banking are different. 

2. Customer menu

The account information associated with the service is displayed here, so you can select the operation you want to perform.

3. Operation

To carry out money transfer operations, a second authentication factor (which may be the so-called token) will be requested to confirm said operation.

What Security Measures Should You Take When Using Mobile Banking?

Just as to go to a bank you need to take precautions, in the digital world too:

Find the official application for your bank in the Android store (Play Store) or iOS (App Store).

  • Keep your access codes safe and do not share them.
  • Save the vouchers issued by the system for any clarification.
  • Install an antivirus. There are many on the market and at different prices, choose the one that best meets your needs.
  • Close your session and put some kind of lock on your phone to access it.

So do not hesitate, it is very easy to use a mobile banking service.

It offers several advantages, such as not having to go to your bank branch, avoiding lines.

Checking account statements and performing other banking services from anywhere with an Internet connection.

Avoiding the risk of transporting money and saving the payment of some commissions.