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Why the big push for mobile banking?

Discussion in 'Non-Vegas Chat' started by Joe, Apr 1, 2016.

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  1. Joe

    Joe VIP Whale

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    I'm internet savvy. I check my investments once a day on-line. They all want me to sign up for their mobile banking app when I log into my accounts from home. I have no use for that. I use my cell phone to get or receive an occasional call on the road, or if on vacation, I'll have it on. Other than that it sits in my car turned off.

    Now today, I get a $10 check from my bank in the mail, to deposit if I use their mobile app to do it. Is this a new way they have discovered to reduce employees, or what is the reason for the big push to mobile? Which I don't trust by the way.

    I'm already paperless except for year end statements.

    Speaking of which...my former employer was acquired by another company and the new company is now in charge of distributing mine and my wife's monthly pension checks, which of course are direct deposit and I see them each month when I check online. This new company sends us both a monthly paper statement each month. I called the new company to cancel the paper statements.

    They can only cancel the monthly paper statements if I send in a request in writing with notarized signatures. OK, screw you and continue to waste postage and paper every month. At least I recycle the paper statement and envelopes. It's direct deposit and it makes no sense why I should have to jump through hoops to cancel a paper statement. It's not like I'm trying to change banks or account numbers where the direct deposit ends up, which I could maybe understand a notarized signature.

    Damn, I'm crabby these days. I think I need Spring.

    Hey you kids, get off my lawn! :evillaugh
     
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  2. h0und10

    h0und10 Low-Roller

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    Just helps them operate more efficiently.. I read somewhere each "transaction" with a teller at a bank branch costs about 4 dollars. But mobile banking transaction costs like 25 cents. They poured million into the app in the form of research, layouts, security etc, and its only going to pay off if people actually use the app. Also helps build a connection with the customer in effect keeping them attached to their bank and not switching to other banks. They are trying to stay ahead of the game with the younger generation. No company wants to go the path of radio shack or block buster lol
     
  3. Turtleman

    Turtleman VIP Whale

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    I'm with you Joe - it's a mystery to me, too. And I've never understood how organizations calculate the cost of their employees performing their jobs. In the teller example given, does that mean they pay the teller based on the number of transactions or that they pay the teller less on a slow day? I would think it costs the bank the same thing if the tellers are working nonstop or sitting on their butts. Unless overtime or other expenses are involved, what difference does it make? Of course, if they can eventually get rid of the tellers, that's different.
     
  4. Joe

    Joe VIP Whale

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    2, maybe 3 times a year I'll actually visit my bank branch. Either drive up or once a year actually walk inside if I need some rolls of coins for my wife's bowling or golf leagues and their kittys.
     
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  5. smartone

    smartone VIP Whale

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    HA! Great post Joe! I actually use the mobile banking quite a bit... great to transfer money between accounts or more in my case, into the kids accounts. I travel 6-8 days a month now and it's been really handy. Of course, I carry a laptop on the road and can do all of that from it as well. I do like the ability to take a picture of small checks and deposit them that way. I pay every bill we have electronically now (except the pest control guy), so save on stamps and checks.
     
  6. h0und10

    h0und10 Low-Roller

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    well its all on averages and how many transactions can be done in an hour. The more people that can do tedious banking things online or mobile, then the less tellers and staff they need to hire and employ.
     
  7. Joe

    Joe VIP Whale

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    Hey, don't get me wrong. Every bill I can, I pay electronically. Either withdrawal from checking or preferably it goes on the charge card to earn some miles or cash back.

    The mobility thing doesn't seem to be pushing a laptop. Hell, I go online with my laptop, but more an app on the phone.
     
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  8. 7out

    7out Tourist

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    As someone that works in the industry, mobile products are very "sticky". Meaning it makes it more difficult for you to leave your institution if you are using those types of channels....and yes, the cost per transaction is less when compared to a branch teller.

    To Turtleman - yes, tellers are paid the same whether they are doing 50 or 500 transactions a day. However, if there are fewer transactions through the branch channel then there can be fewer tellers or even fewer branches and that is a large expense reduction.
     
  9. breanna61

    breanna61 Super Moderator

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    We received a call first thing this morning from the bank that, sadly, wasn't an April Fools prank. $6K was transferred out of one of our accounts through the night. It's quite a sophisticated operation where the initial transfer was made to an account that we have done an online transfer too before, then the thieves intercept it and redirect the funds somehow. We've spent a bunch of time getting this sorted today and will be reimbursed in 10 days. Had to lock our accounts down so nothng can be transferred outside of our own accounts and hubby (an IT guy) has installed some password encryption. What a pain in the ass and it really does feel like a violation. I had a debit card compromised once and hubby had two credit cards compromised (once right after using it at a gun range in Vegas) but this transfer right through our online banking is un-nerving.
     
  10. Auggie

    Auggie Dovahkiin

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    You already said you do online banking... mobile banking (using an app, not just opening a web browser on your tablet/phone) is a lot more secure.

    Just a couple of years ago it seemed like there was some security leak/big virus coming out for Windows and/or Internet Explorer almost weekly and the other mainstream browsers are targeted as well, you just don't hear about them as much... and that doesn't include malware, spyware and programs that allow remote viewing/access.

    You might be internet savvy and have a good idea about computer security, but really the general population is actually pretty stupid - I manage tech support for a pretty big online ordering company and all the time I see people who can't spell the name of their home town or state properly or that ordering two of something actually gives them two of something or don't know how to enter a coupon code in the big box that appears on every page saying "ENTER COUPON CODE HERE:" or "IF YOU HAVE A COUPON, ENTER IT NOW:"

    My brother is a good example: he is overall pretty computer literate and that I am the family computer whiz everybody in my family comes to me for computer advice and support... but I had to tell my brother I can't help him with any tech support stuff anymore because he picks up a new virus every week because online he is an idiot.

    And that goes to the other thing: tech support. For online banking when you factor in the different operating systems, web browsers, what software is installed, what hardware the customer has, what browser extensions they have, different versions they could be running, etc - that is a lot to troubleshoot and many places for potential problems. With mobile/app banking if you call their tech support all they really need to know is if you are running Android, IOS, Windows and if you are on a tablet or a phone and if you have the latest version of their app installed or not - and thats going to cover almost everything and save a lot of time.
     
  11. LV_Bound

    LV_Bound VIP Whale

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    Put on your tin foil hat for this....
    The push is to have everyone put all financial and personal info on their cell phone to make it easier for the govt when they access your phone to get all your info in one place. :wink2:
     
  12. leo21

    leo21 VIP Whale

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    And for the people who steal them. The new mobile app they are promoting for banking doesn't even require a login when you start a new session.
     
  13. hammie

    hammie VIP Whale

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    I believe Apple Pay, Android Pay app both require the phone to have a passcode.
     
  14. mdee

    mdee VIP Whale

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    For my situation this is the simple answer! My bank has one of the best Websites and Apps in the Industry. But their Customer SUX!
    I'm already doing their job for them like transferring money and snapping picts of checks on my mobile device to deposit into my account.
    It's much easier doing "Mobile Banking" from the comfort of my home sitting in my boxer shorts than having to get up and drive to a bank.
    Plus anytime I do go inside the bank they always try to push services on me that I do not need.
     
  15. Breeze147

    Breeze147 Button Man

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    It's another part of the great CIA plot to keep track of everyone in the world.

    It's like that TV show where the guy invents a machine that can predict when a crime is going to happen so Jim Caviezel can kill the guy first but it gets into the wrong hands.

    That stuff is real.
     
  16. leo21

    leo21 VIP Whale

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    Yeah! After they make you do everything by cell phone, they will then switch over to biometric chips or something to really track you.
     
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