It’s easier to keep tabs on your finances now than ever before.
Financial apps allow you check your bank account or monitor the stock market with the touch of a finger, and Americans are taking advantage. Nearly two-thirds of U.S. smartphone users have at least one financial app. And 70 percent of Americans check their bank’s mobile app at least once a week.
If you’re not one of them, smartphone finance does bring several benefits. Bankrate’s Robert Barba has more:
Regular use of mobile banking apps has potentially significant implications for the financial health of users. Essentially, people now have the ability to see very quickly how much money they have and where it is going.
For instance, watching your available checking account balance regularly is key to avoiding overdrafts, says Greg McBride, CFA, Bankrate’s chief financial analyst.
“Using mobile banking makes you more aware of your current financial state—what payments have cleared, whether your paycheck has been direct deposited, whether or not there is a hold on the check you just deposited,” McBride says.
Users might also spot discrepancies or fraud faster on mobile than online. The ability to spot fraud quickly is just one of the elements that also makes mobile a more secure banking experience. Other elements include the use of biometrics, such as using your face or thumb to authenticate yourself, which are fundamentally stronger tools than using a password.