As mobile banking has advantages, there are disadvantages of mobile banking in the banking system, both to the bank and its customers. That’s what i’ve already discussed below.
Though mobile banking plays a vital role in the society like easy money transfer or checking account balances, it also has its disadvantages. Seriously the truth is that it is not easy to run and maintain mobile banking, which is bit costly to run. Below are the disadvantages of mobile banking;
Disadvantages of Mobile Banking
So the disadvantages of mbanking goes below;
1. Not Cost Effective
Mobile banking isn’t cost effective as banks charges their customers to run and maintain it. For example transferring money through mobile banking attracts a token of money like N50, to check account balance or request for statement of account also attract a token of money per check. If you times it by number of bank customers, then you will know that banks use their customers to run and maintain their mobile banking.
2. Security Issues
One major disadvantages of mobile banking, some banks uses only the mobile app while some banks uses both. Security is a major problem if someone close to you happens to know your mobile banking password or pin, he or she might rob you by making bills payment or buying of internet data or airtime.
3. Will not work in remote area
Another disadvantages is the fact that without mobile network, it won’t work, and if you found yourself in a remote area that don’t have a good network signal, be rest assured that nothing will work.
4. Encourages excessive spending
Mobile banking is good but if you’re a shopaholic, you might see yourself spending more than you budgeted for. For example i’ve seen people spending more money on internet data and airtime and utilities bills than usual.
For now i will leave it here on the disadvantages of mobile banking, but promises to update this post with more details thanks.