Mobile banking is fast becoming standard—much like the ATM. Nine in 10 banks and credit unions recently surveyed by the Federal Reserve Bank of Atlanta now allow you to access your bank account, and sometimes more, through a mobile app or browser. The institutions that don’t yet offer mobile banking largely plan to add it by next year.
Yet few consumers have switched fully to banking over their smartphone or tablet. That’s in part because banks aren’t willing or able to allow customers to do everything on mobile that they do in person or on their computers.
But customers themselves prefer doing only certain tasks via mobile, while executing others in person or over the phone even if a mobile option is available. A look at mobile banking’s hits and misses may help you decide if you should “app up,” and which tasks are best suited for mobile.[…]
Transfers and Deposits
More than half of mobile-banking users transfer money between their accounts. Depositing a check using a phone’s camera also has caught on; nearly half of mobile-banking users have done it. That’s despite some lack of clarity by many apps about deposit limits and when funds will become available, says Andrew Hovet, a director for Novantas, an analytics and advisory firm.
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