One of the greatest changes in the world over the past twenty to thirty years is the internet. Not only has the internet essentially transformed the value of information, but it has also transformed how everyone approaches common tasks that were more complicated years ago. One of the areas that has undergone the most dramatic change is the field of banking. In years past, knowing your local bank and the people that worked there was one of the things you simply just did as an adult. However, with the popularity of mobile banking continuing to increase, a person today can do everything from open an account to sign a mortgage without ever visiting a bank. Although this makes things much more convenient than they used to be, there are some drawbacks to this new way of banking.
Fraud
One of the biggest drawbacks to the new way of banking from a cell phone is the fact that identity thieves now have a much easier time stealing people's information than before. In fact, identity theft is one of the fastest growing crimes in the United States today. When someone literally has all of their financial information on an unsecured phone, there are bad things bound to happen. For example, if a phone is stolen and broken into, all of the financial data is now in the hands of someone who should not have it. In addition, all it takes is a small data breach in order to cause a great number of headaches many years down the line. When the identity of a person is stolen, it can literally take years and thousands of dollars to repair all of the damage.
Out of Sight, Out of Mind
Another potential drawback that comes along with the convenience of mobile banking is the fact that the process is so easy now that no one looks at their finances as much as they should. With the added convenience, people now treat their personal finances like a notification on their phone, something to just get over with. However, this is a great mistake that many people make. Finances are not something to ignore or just to skim over every couple of weeks. Although the convenience of having all of the banking information in one place is great, many people simply no longer look at their banking information the way that they should.
So, although mobile banking is very convenient, you may not want to place all your eggs in that basket.
