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Why Mobile Banking will be a 'Must Have'

Why Mobile Banking will be a 'Must Have'

Internet and Mobile Banking

Why Mobile Banking will be a “Must Have”

Millions of banking customers are already enjoying the conveniences of conducting most of their banking services on the run using their mobile devices. Plans by the banking industry to add person-to-person (P2P) payments and remote deposit capture (RDC) in 2011 or 2012 will make paper banking through a brick and mortar branch all but obsolete. Here’s what to look for from your bank in the very near future:

P2P payments: You will be able to instantly transmit a payment to anyone, anywhere (within the U.S.). No more check writing; mobile payments will be automatically recorded in your online “check register” and your account automatically reconciled.

RDC: Already launched by a handful of banks in 2009, RDC will become a standard protocol that will enable you to scan checks for instant deposit into your account with same-day crediting in most instances.

Thus far, security issues with both of these technologies are negligible. Experience has shown mobile banking to be more secure than online banking, and both are considered to be more secure than physical banking.

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