Since the first iPhones appeared on the market, smartphone technology has revolutionized the world. Most people now use their devices for an array of different tasks every single day. They respond to emails, check social media and more. Some folks even manage to run a business using nothing more than the latest handheld release. With that in mind, we thought our readers might benefit from learning about why the technology is affecting banking. There have been some significant changes during the last few years, and much more are just on the horizon. So, let’s take a look.

Checking statements becomes much easier

Nearly all large banks now offer mobile applications to their customers. That means people can check their balances without having to access a computer. The days of putting your card in the cash machine are long gone. In most instances, you don’t even need to remember a pin number thanks to fingerprint readers. The apps are reliable and secure, and they’ve helped millions of people to save a lot of time. Some people can even apply for loans and overdrafts using their app, which limits the number of meetings they have to arrange at the bank each year.

You can transfer money to family and friends instantly

Smartphone technology now allows people to transfer money to any of their contacts in a matter of seconds. Indeed, they just have to setup different profiles within their banking apps. So, it’s the perfect solution for those who regularly lend or borrow cash from friends. Also, it’s ideal for sending those late Christmas or birthday presents when you forgot someone’s big day. You could have the money in their bank between knocking the door and them opening it. The process is that simple. Best of all? It’s as secure and reliable as transferring funds via any other means. Things can go wrong, but that doesn’t happen often enough for you to worry.

Business owners can accept fast payments

People who run small businesses make good use of smartphones these days. That is especially the case if they don’t have an office and spend all day on the move. They just open a merchant account with a specialist provider and use their card readers. They connect to most smartphone devices and allow company bosses to accept money wherever they are in the world. There is often a small fee involved, but it’s worth the expense because the technology is convenient. Regardless of the business model, mobile payments are becoming more popular by the day.
As you can see from the information we’ve just relayed, there are lots of reasons banking habits are changing due to smartphone tech. Will we see more advancements in the future that make our lives even easier? You can bet your bottom dollar. However, only the developers know their next move. So, for the moment at least, we’ll all just have to sit back and wait to see what happens. One thing is for certain, banking using a mobile app has helped millions of people to save a lot of time.