Advantages of using mobile banking systems include being able to access an account through multiple channels, optimum security, not having to pay fees and having quick access to an account. Mobile banking also comes with unique features, such as virtual wallets and automatic savings.
Ways to access mobile banking accounts include apps, text messages and browsers on smartphones and tablets. Banking alerts can be received via text, and bankers can access their accounts on banking apps and through browsers.
Because malware isn't as common on phones, security breaches for mobile banking aren't common. If a person loses his phone, his account is protected by passwords, and he might be able to disable his phone or lock his account from another device.