Paying credit card bills, transferring money between accounts, and even investing in stocks can now all be accomplished through the use of smartphones. The capabilities of such phones now allow the average consumer to control certain facets of their finances on-the-go. Obviously, these capabilities are highly convenient and they can be an efficient means of finance control for certain people. In the coming years, smartphones will be able to do even more, but people will just have to settle for the basics for the time being.
Checking and Savings Accounts
Most banks offer text banking, which allow a person to text their financial institution for certain account information. Bank of America and JP Morgan Chase allow users to obtain accounts balances, recent activity, and other information through text messages. Of course, this service has its limitations, but it’s enough for the average consumer that would – at the very least – like to know how much money they have or see their recent transactions.
Some banks, such as Bank of America and a handful of others, have an application for smartphones that allow users to do a little bit more. A person can check their balances and activity (like text banking) , but they can also initiate transfers between their checking and savings accounts, as long as they are linked together through the same bank institution. Unlike text banking, banking apps allow users to see more detailed information, which can be helpful to some people.
Paying Credit Card Bills
If you have a credit account with Discover, then you can access your account through any smartphone. Through a simple mobile site, you can check your credit balance and pay your bill with an attached checking account with ease. Obviously, being able to schedule payments and see the balance can be a great aid to people who are serious about their finances. Should a person forget to pay their bill until the last minute, then they can still do so even if they are nowhere near a computer with Internet access.
Companies that offer online investing may also offer the same services through an app for smartphones. Sharebuilder and a few others have such an application that allows users to view their holdings, invest in stocks, sell their shares, or request money from their accounts. Within moments, a person can bring up the daily movement of stocks they’re interested in and quickly purchase as many shares as they’d like through the application. Mobile stock investing is nearly identical in features to online or telephone investing.
Convenience and efficiency are the highlights of mobile finance applications. Within seconds, a person can check account balances, pay credit bills, and invest in stocks. In the next year or two, look for smartphone users to be able to do everything related to their finances through their phones.