A Guide to Mobile Banking
January 3, 2022
Mobile banking offers tremendous convenience for many customers, but it can also be challenging to navigate for others. We explore some articles from the Consumer Financial Protection Bureau (CFPB), Discover, and Forbes to better explain how to use mobile banking, the difference between mobile banking and online banking, how to safely send money through Zelle®, and the benefits of mobile banking.
Mobile banking can be used to perform nearly any task you might do at a bank branch, from the convenience of your phone. There are a few things you will need to get started with mobile banking, including:
- Your account number
- The bank’s website or app. In MVB’s case, the website is mvbbank.com and the app is listed under MVB Bank Mobile
- Register to gain access
- Log in and take a tutorial
Once you have signed up, you will be able to access your account balance(s) online and/or on the app at any time, review past and pending deposits and charges, receive eStatements, deposit checks, pay bills and other people, and much more.
Before we further explain mobile banking, we think it is important to understand the difference between mobile banking and online banking. The two phrases are often used interchangeably, but there are a few key differences:
- Online banking is conducted over the internet with a desktop or laptop computer, while mobile banking is done on a smartphone or tablet
- Online banking takes place on a bank’s website, while mobile banking is usually conducted through an app
Most banks, including MVB, offer both mobile banking and online banking to give customers the ability to bank on the platform that is most convenient for them at any given time. For some, that might mean checking the app on their phone during their lunch break. For others, it might be easiest to use online banking on their laptop at home after dinner.
As society shifts further away from the use of physical cash and checks, it has become increasingly important for banks to offer customers a safe and easy way to send money to their friends, family, and others they trust. Zelle® offers that service and can be found in the MVB Bank Mobile app. Through this platform, customers can typically send money within minutes, without the risk of sharing a bank account number with the receiving party – all for free. To start sending money with Zelle® in the MVB Bank Mobile app, follow the steps below:
- Log into the app
- Select “Send Money with Zelle®”
- Enroll your U.S. mobile number or email address
- You are ready to start sending and receiving money with Zelle®
Mobile banking offers many benefits, especially for individuals who use it on a frequent basis and to its full potential. According to Forbes, the top five reasons it appeals to a mass audience include:
- Convenience – bank from anywhere during all times of the day
- Features – savings tools and mobile check deposit allow users to plan and take charge of their finances
- Security – safety features like multi-factor authentication offer an extra layer of security
- Control – push notifications help you stay in the loop at all times
- Benefits beyond banking – create financial, social, and economic change through increased connectivity with others
The article cites that 76 percent of Americans used their primary bank’s mobile app within the last year. COVID-19 accelerated the transition for many people starting in 2020, but after learning the tools, most individuals have found that mobile banking is not nearly as intimidating as they expected.