Think You're Too Old to Adopt Mobile Banking? Here's What You're Missing

Mobile banking is the use of mobile devices, such as smartphones and tablets, to manage everyday banking tasks and conduct financial transactions, including bill payments. Although mobile banking is convenient, not everyone is on board.

I have a friend who still writes checks for purchases because she doesn't trust financial institutions to protect debit cards. I'm reasonably confident she would never consider pulling out her phone to pay a bill. She's not someone who takes to new ways of doing things. While mobile banking has become the No. 1 way customers manage their bank accounts in the U.S., only 38% of baby boomers (those born between 1946 and 1964) rely heavily on it.

That's not to say there's anything wrong with avoiding mobile banking, or debit cards for that matter. You earn the money, so you get to decide how to manage it. Still, I can't help but think how much easier my friend's life would be if she'd adopt a few 21st-century habits.

If, like my friend, you think it's too late to start doing things differently, consider these advantages:

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Convenience

Whether you're sitting in your living room or traveling abroad, you have 24-hour access to your bank or credit union account. Let's say you can't remember if you paid your homeowners association fee for the year and really don't want to receive a nasty letter. Checking your account to ensure the bill has been paid is as easy as pulling out your smartphone or tablet.

If you're in your pajamas and need to deposit a check at 11 p.m., mobile banking makes it easy. All you have to do is use your phone or tablet to snap photos of the front and back of the check, then push a button or two, and your check is deposited.

And if you need to conduct banking business, but the snow is too deep, or you're not feeling well, it's not a problem because you don't have anywhere to drive. Most mobile banking apps allow you to do almost everything, from applying for a car loan to opening a new account.

If you plan to travel in retirement, there's no more convenient way to bring your bank along.

Simplicity

Even if you don't have a single tech-savvy bone in your body, most mobile banking apps are designed with simplicity in mind. It should take you no more than a few minutes to familiarize yourself with the app's features.

Let's say you want to transfer money from checking to savings. It's a task that can be accomplished in mere seconds. And because everything on your mobile banking app is shown in real time, you can verify the transfer was made.

Time savings

Nearly everything, from paying bills to transferring funds, can be done with just a few taps of the screen. There's no driving to the bank or ATM, no standing in line, and very little time taken out of your day. Time is a nonrenewable resource, and you don't have to waste it on banking matters.

Makes it easy to stay in the loop

Imagine you're interested in opening a new money market account but have no idea of the latest rates. Or maybe you're curious about what the interest rate would be if you were to buy a new car. It's all right there for your review.

Most apps also let you set up instant alerts so you can receive notifications about account activity. Notifications are designed to help you keep track of your finances and avoid fraud.

Security

If you're concerned about depositing your Social Security or pension checks into your bank account, there's no need to be. To protect your personal and financial information, most apps use encryption that keeps the bad guys out. Many also offer features such as fingerprint or facial recognition to enhance security further.

The good news is that all the qualities that drew you to a particular bank or credit union are also available through mobile banking. As long as your bank or credit union is insured, so are any transactions you make through your mobile app.

Mobile banking may not be for everyone, but that doesn't mean it's not for you. If the convenience and security of mobile banking appeal to you, you're never too old to give it a try.

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