Mobile Banking transactions have doubled in the past year. It seems a mobile banking “revolution” is underway in the UK as 5.7 million transactions are made per day via mobile devices.Mobile banking is a system that allows customers of a bank to conduct a number of financial transactions through a mobile device such as a smart phone. These transactions include: checking your balance, asking for loans and paying the bills. Consequently this “revolution” has led to the closure of some branches as there is now a decline in the use of day-to-day banking.
But is mobile banking a good thing? Mobile banking is much more flexible than day-to-day banking and you can do it on the move. Mobile banking offers many advantages, such as easy access and plentiful applications for smart phones. It gives you more control over your money. However, since 1989, the UK has lost over 40% of its bank’s branches partly due to the increase of mobile phone banking. Furthermore, hackers mainly focus on stealing money from mobile bankers. Twice as many malicious programs were found to be targeting smartphones and other mobile devices with mobile banking apps installed on them in 2012.