The Busy Women’s Guide to Mobile Banking
Contributed by Arah Erickson, head of Wells Fargo Retail Mobile Banking, a service that launched in 2007.
As all busy women know, time has become the most valuable commodity in our lives, more cherished than that corner office or, in some cases, extra vacation days. And, we are constantly trying to find ways to “multi-task” our way into gaining another 15 minutes in our day. Whether you are an entrepreneur, corporate executive, or a multi-tasking working mom, the common thread among us is that time is precious. We all get creative in how we “find” extra time in the 24-hour day to either fit in one more task or spend a little more time with friends and family.
In the quest to simplify our lives in small ways one important place to look is to your mobile phone – and more specifically to the mobile banking tools that many banks are now offering to customers that help manage day-to-day finances on the go.
There has been a revolution in what people are doing on their mobile devices and the way they are staying connected to the world through them. Whether it’s calling a taxi, getting driving directions, checking email, or using it for banking, personal mobile devices are the center-piece of communications and information. These days you can get a snapshot of your bank account details, make a payment while traveling by bus or train, pay your bills on your mobile device (even during the middle of the night if you have a fussy baby), or transfer money to a cash-strapped loved one.
Knowing that we’d all like more time to get tasks accomplished and do those things we cherish, here are five tips for how you can save time with mobile banking.
- Pay a bill immediately, so you don’t have to add it to your “to do” list.
Mobile banking allows you to take action on a bill when it’s top-of-mind – whenever or wherever – so you can check it off your “to do” list the moment you think of it.Whether you’re commuting to work on the bus or subway, sitting in the doctor’s or dentist’s office, or waiting to pick up your kids from school or from a friend’s birthday party, you can use your mobile phone to pay your bills. Not only is this convenient, it helps avoid late fees which can hurt your credit.
Mobile banking allows you to take care of a bill payment the moment you think of it, so you don’t have to wait for your computer to boot up when you get home. - Get a snapshot of your accounts before making a purchase at the store or salon.
Time-starved busy women have to make the most of each minute. And, it’s important to have peace-of-mind when it comes to making a larger purchase or getting an extra service at the salon. Mobile banking allows you to check the current available account balance in your account to help with the decision-making process. It’s also a great way to see if a deposit has cleared. - Use technology to your advantage and keep a watchful eye on your money.
Banking with your mobile phone can help busy women save time. Whether you’re at home or traveling, mobile banking keeps you in touch with your money and provides peace-of-mind about your finances.
In addition, mobile banking can help you monitor your bank accounts for any unusual activity. If there’s ever an unusual purchase, for example, you can quickly take action to address it. Access to this account information while “on the go” adds greater protection against fraud through early detection. Alerts sent to your mobile device and email accounts can also help you keep track of your deposits, a low balance, bills paid, or credit card purchases. - Transfer money to your college student. Quickly.
Did you know that today many students won’t call their parents? They only send text messages with updates. To adapt, many of us have to learn to communicate through text messages (i.e. “LOL,” if you’re savvy with text lingo). A text message is also the most likely way you’ll get a request from your son or daughter to send money!
But there is a benefit to texting – and this one is for you. There’s no faster way to get a snapshot of your bank accounts than with text banking. It’s quick, convenient and easy to do.
To transfer money to your loved one, you need to sign into your financial institution’s mobile banking website or mobile banking application. In just a few clicks, you can quickly and securely send money to a student for those additional textbook purchases. - Find the nearest ATM when you need cash.
For busy women with smartphones, many financial institutions offer mobile banking services through application stores, such as the App Store on iPhone or iPod touch. By just “one-tap” on your mobile banking application, you can activate the location sensitive ATM search capability and quickly find the nearest ATM.
If you are wondering how to get started with mobile banking, visit your financial institution’s website to see what kind of mobile banking services it offers. Also check to see that your financial institution protects your mobile transactions with an Online Security guarantee and doesn’t use account numbers, passwords or other personal information with its text banking service.
Once you discover the ease of mobile banking, you won’t know how you ever got along without it.