New Tech Lets You Take a Personal Banker with You

If managing your money and keeping tabs on your accounts feels like a lot of work, we’ve got two words for you: Mobile Banking.

Accessible through any mobile phone or text messaging, mobile banking lets you bank from wherever you are, whenever you get around to it. And it’s not just about checking balances or pushing money from one account to the next. Today’s mobile banking apps let you:

•   Set alerts that let you know when a withdrawal is made, or your balance drops below a certain level  
•   Send or receive money
•   Deposit checks
•   Pay bills  
•   Transfer funds to another person
•   Locate a nearby ATM
•   Transfer money between accounts
•   Transfer card balances

Of course, whenever you talk about moving money around via the web, security is (and should be) a concern.

The good news is that mobile apps from reputable banks have built-in security features that protect your assets and your information. When choosing an app, you want to be sure it offers protection from things such as reverse engineering, IP address theft, and fraudulent app clones. You’ll also want to look for an app that doesn’t store your personal or financial information on your phone. In addition, whatever app you choose should log you out when you’ve been inactive for a certain amount of time. It also should offer—although you might not use it—two factor authentication. This means you are pushed a text or email that includes a code to enter into the app to complete your login.    

As with all apps, one of the keys to staying secure is keeping current with an operating system or app updates. Hackers often take advantage of bugs and vulnerabilities in outdated apps to install malware. That’s why whenever you see an update alert, you should install it immediately.

In addition, you want to avoid using your app on public Wi-Fi which may not be secure. Instead, use your phone’s data or a mobile hotspot. For added security, consider using a VPN, or virtual private network, that encrypts your data so hackers can’t make sense of it.

While mobile banking has already set a new bar in terms of customer convenience, there are features on the horizon that will raise the bar even higher.

For example, machine learning combined with voice technology (think Alexa and Siri) will make mobile banking even more responsive and user-friendly. Thanks to sophisticated voice-recognition software, it’s likely you’ll be able to safely pay bills or shop using verbal commands. 

In addition, in the not-too-distant future, mobile tech may make it possible to make an ATM withdrawal or transaction without ever pulling out your bank card.

To learn more about mobile banking with Pittsfield Cooperative Bank, click here. If you have questions about security or other aspects of mobile banking, contact us at 413-447-7304.

DISCLAIMER: This article is meant for educational purposes only and is not intended to be construed as financial, tax, investment or legal advice.