If there’s anything that defines our generation, it’s cellphones. I’m sure everyone has had the same experience as me, when all adults complain how much us kids need to get off our “damn phones.”
However, over the past several years, cellphones have transitioned from devices people use to communicate to devices that allow people to manage their lives in one place.
The banking industry is one of many industries taking advantage of using apps to reach out to a younger generation of customers.
In 2009 12 million people used mobile banking services, and that number was projected to be around 45 million in 2014, according to Frost & Sullivan.
I believe everyone should take advantage of mobile banking apps. You are more likely to stay on top of your finances if it’s in app form.
If you can check Twitter and Snapchat 30 times a day, you can look at your bank account at least once a week.
I can hear you yelling right now, “But Jay, isn’t banking over a phone dangerous, and won’t I get hacked?”
You’re not alone in thinking this. In fact, 48 percent of people cited security as being their main reason for not using a banks mobile app, according to a survey by the Federal Reserve.
There aren’t any reliable statistics about security failings of mobile banking, but most of the fear of being hacked is due to paranoia.
Most banks with mobile apps have programs where they either cover 100 percent of mobile fraud losses or allow you to have zero liability if you report it in a specified period.
You shouldn’t let security stop you from using your bank’s mobile apps.
So what are the reasons you should start using mobile banking?
With your phone you can now check your account balance anywhere and any time. You should do this to easily stay atop of your finances. For example, when you are at the mall with your friends, you can easily check how much money you have and make smarter purchases.
You can also make money transfers, and many apps let you schedule when you want transfers to occur.
The feature most people cite as the reason they started using mobile banking is for the ability to deposit checks. Just take a couple of pictures of your check, and the deposit is made without going to the bank.
Most apps let you pay bills completely electronically — no need to mess with envelopes and stamps.
These are just a few of the features most bank apps have. However, the real reason I encourage you to use mobile banking apps is not for the features.
Mobile banking is slowly transforming the hassle of driving to a bank into an easy one-minute action you can do while walking to class or lying in bed.
If you’re like me, the simpler something is, the more likely you are to do it. With your finances, the more involved you are, the better.
So put down this paper, pull out your phone and start banking.
Jay is a 20-year-old finance junior from St. Simons Island, Georgia. You can reach him on Twitter @hjcranford.