The competitive era of the internet and technology makes it difficult for different industries to survive. Even the banks have been fighting head to head, to get right with customer preferences and solicitation. They are trying their best to put forth new and improved digital banking methods to meet customer needs with advanced banking mobile applications. 

Mobile banking makes it easier to access different features and services and makes home banking  preferable among customers. In the age of smartphones, this is the scene played out everywhere we look. The estimated number of smartphone users in the United States is estimated to reach 275.66 million by 2024. Also, in India, two out of three individuals have a mobile phone. However, with the increased use of smartphones and the internet, people have gathered various myths about mobile banking applications along the way! 

Read more about mobile banking applications’ problems here.

Here are the top 7 common misconceptions about mobile banking applications that people still believe in: 

1. Mobile Banking Applications Provide the Most Basic Services 

Many people believe that banking and financial apps offer the most basic services and are a complete waste of time. Unlike earlier times, banking apps now provide a full range of functionalities and services to help you with almost everything a physical branch can! You can now order for your bankbook, maintain your credit and debit cards, and much more! Moreover, you can also file complaints, track statuses of your applications with the bank and keep in touch regularly with your bank personnels through their 24/7 customer care services.

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2. Banking Details can be Hacked If the Phone is Lost/Stolen

Another common myth among users is that banking apps can be easily hacked if the smartphone is lost or stolen. With increased security layers in these apps, like login passwords and OTPs, no one can even touch your funds without your permission. Moreover, mobile banking apps ensure that an incorrect transaction or action is easily reversible. The number of security checks inbuilt in these apps provides that you do not make any further mistakes with your funds.

3. Mobile Banking Applications can Access My Data

This is one of the most common myths among users. At times, mobile banking applications display a pop-up asking for permission to access certain information, like your contacts. This is for the complete functionalities of these apps. These apps don’t misuse your data at any given point in time. In case you don’t want these apps to access your data, all you need to do is not provide them with permission to do it. 

4. Digital Banking can be a Lot of Hassle 

Many people believe that mobile banking applications can be a lot of hassle. In case an incorrect transaction is made, or the user types in the wrong password, these apps can offer efficient coordination and solutions for each specific problem. These apps ensure that the users’ funds are safe and sound, at all possible times. 

5. There’s no Personal Touch!

Mobile banking makes transactions all the more convenient and quick. Even with the morphing trends, consumers still want to visit their bank branches to conduct a few of their significant transactions, deposit their funds, or open an account. Users say that they like to keep in touch with their bankers and maintain a relationship with their financial institution. For the same reason, visiting their bank branch once in a while becomes imperative. 

However, this is an absolute myth since mobile banking applications include personalization for each of their customers. They offer you the services and shows suitable for your case, considering your history. 

6. Need to Be Tech-Savvy to Use Fintech Apps

Mobile banking apps open up new opportunities to conduct all your banking tasks from the comfort of your home. It’s true that many FinTech apps used to be complex, but now developers focus more on UI/UX designing to make the applications more user-friendly. Developers prioritize simplicity that offers clear instructions and intuitive interfaces. Whether you are tech-savvy or not, these apps provide an accessible platform for managing finances efficiently. 

7. Mobile Banking is Not Good for Budgeting

Many users think mobile banking apps are not good for budgeting. However, modern fintech apps come with AI-based data analytics tools that allow you to track your spending in real-time, categorize expenses, and set financial goals. Advanced features also include spending alerts, monthly summaries, and trend analysis. Now, mobile banking apps help you stay on top of your budget and make informed financial decisions. It also provides excellent resources for effective financial management.

With all these myths busted, it becomes difficult to reason why users won’t embrace digital banking. In most cases, the transactions made can also be corrected with these mobile banking apps. Users are always asked to confirm the transactions twice to ensure multiple security checks.