mobile banking

51% of U.S. Adults Bank Online

Fifty-one percent of U.S. adults, or 61% of internet users, bank online. Thirty-two percent of U.S. adults, or 35% of cell phone owners, bank using their mobile phones.

Both types of digital banking are on the rise. In 2010, 46% of U.S. adults, or 58% of internet users, said they bank online. In 2011, 18% of cell phone owners said they have used their phone to check their balance or transact business with a bank.


What are some common mobile banking activities?

Mobile banking has become very popular with consumers. Last year, the American Bankers Association found that 62 percent of U.S. adults preferred to bank online rather than via ATMs or in branches. And, Bank of America has said that 10 million of its customers use their phones to access their accounts and financial products.


How can mobile banking be secured?

There are several innovative ways to secure your mobile banking activities. The features in today’s mobile devices can actually make mobile banking more secure than the banking we do on our PCs. Features like geo-location, biometrics and device identification can enhance the way we are authenticated to our banking sites and applications.


What kind of services can I get with mobile banking and how does it work?

Mobile banking is like Internet banking but instead of using your PC, you use your cell phone. You can use the service to inquire about your account or to make a transaction. For instance, you can check your bank statement, pay a bill or transfer money from one account to another. There are some mobile banking applications that will even let you deposit checks by taking a picture.

There are two types of services. “Push” services are when the bank sends out information to you. For example, your bank might send you an alert when your account balance falls below a certain amount.


Online Banking Vs. Mobile Banking

While PC-based online banking is not much older than a high school student, mobile banking is still in elementary school. With the proliferation of smartphones, however, online banking’s younger sibling is quickly catching up to the slightly more established option. Banking through your PC’s web browser offers a full menu of services.

Mobile money slowly turning East Africa into cashless society

Ali Ndiwalana, an IT specialist, had just finished an interview with The EastAfrican at Dormans Coffee House in Kampala, just across where he works, when he handed the waiter a Ush50,000 ($20.80) note in payment for a forest cake and two sodas taken in the course of the conversation....


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