Is Mobile Banking Set to Go Big in 2015?

by Jason Unger

Is 2015 the year that everyone banks on their phones?

I don’t have stats to show it, but my gut feeling is that a lot of people already do. There’s not much to worry about (as long as you use common sense), and since there’s so much upside — checking your balances, making payments, depositing checks, etc. — it’s just like banking on your computer, but on your phone.

We know that Bank of America’s mobile strategy includes geo-positioning and potentially biometrics, and others are calling 2015 “the year mobile banking shifts into high gear.”

I’m skeptical that there’s going to be some big change in the mobile banking landscape in 2015 that will cause everyone to suddenly jump on board. Even though services like Apple Pay and other payment methods have recently been introduced, it’s going to be a steady rise in adoption for mobile banking — not a huge jump.

With that being said, the Better Business Bureau has some tips for better mobile banking — and I think they’re worth sharing.

  • Password-protect your phone or tablet so that only you can access the information on your device.
  • Never provide personal information unless you initiate contact with your bank or other financial institution.
  • Don’t stay “auto-logged in” to your accounts. 
  • Delete old texts from your bank to reduce your exposure to fraud.
  • Report lost or stolen devices immediately to your wireless provider and financial institutions.

What do you think? Is mobile banking set to take off in 2015? Or will the steady climb in adoption continue?

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