Common Cent$ : Mobile Banking use growing in Colorado

Susan Schneider, Nederland.  Mobile banking is now in full swing with the majority of Colorado banks and credit unions offering a robust platform for performing online banking tasks via smartphones or other devices. From transferring funds to monitoring available balances, mobile banking has become a convenient, on-the-go solution. It’s also a great tool to help monitor account activity and spot any fraudulent transactions quickly.



The number of mobile phone owners with a bank account using mobile banking apps has doubled in the past five years, with 43 percent of consumers saying that they are using mobile banking —up from 22 percent.



Mobile banking lets consumers manage their accounts in several ways. Among mobile banking users in the past year:



94 percent have checked their account balance or recent transactions

58 percent have transferred money between their accounts

56 percent received an alert from their bank

48 percent deposited a check using a mobile phone camera

47 percent have made a bill payment on a banking app



Both consumers and business owners in Colorado can manage their money efficiently and securely with mobile banking, while new technology continues to deliver enhanced functionality.



The American Bankers Association recommends following these tips to protect your mobile device:



Use the passcode lock on your smartphone and other devices

Log out completely when you finish a mobile banking session

Protect your phone from viruses

Use caution when downloading apps

Download updates for your phone and mobile apps

Avoid storing sensitive information like passwords or a Social Security number on your mobile device

Be aware of shoulder surfers

Wipe your mobile device before you donate, sell or trade it

Avoid opening links and attachments in emails and texts, especially from senders you don’t know

Be wary of public Wi-Fi

Alert your financial institution immediately if you change your phone number, lose your mobile device or suspect fraud



Susan Schneider is the Nederland Banking Center Manager for Citywide Banks (formerly Centennial Bank and Trust). Reach her at 303.679.2244 or NMLS 935624. Member FDIC and Equal Housing Lender.