Hayat Finans Mobile

Türkiye's First Digital Bank

Advantages and Disadvantages of Mobile Banking Applications

Today, we can easily carry out various bank transactions via mobile applications without going to the bank. Moreover, these practices have several advantages from saving time to carrying out bank transactions. Besides its advantages, there are certain usage limitations involved in mobile banking. Let’s take a look at what mobile banking is and then we can examine together the benefits of these applications and the points where we still need physical banks.

What is Mobile Banking?

Mobile banking system allows bank customers to carry out their financial transactions via mobile applications downloaded to smartphones or other mobile devices. So, let’s look at what these transactions are.

  • You can instantly check your balance.
  • At any time you want, make both EFT and transfers to your own accounts and different accounts. In addition to this, you can set up future-dated money transfer instructions.
  • You can pay your bills via mobile applications and also create automatic payment instructions if you wish.
  • You can manage your savings by opening a foreign currency or gold account, and realize buying and selling transactions.
  • You can apply for a loan. Additionally, you can pay off your existing loan debts.
  • You can view the current amount of your credit card debt and access to account statement.
  • Moreover, you can pay off your credit card debt, make extra installments and defer card transactions.
  • You can register for PPS (Private Pension System) and insurance.
  • You can become a stock market investor and grow your savings by opening a stock trading account.
  • If you are not our customer yet, you can quickly open an account by contacting customer service through mobile banking applications.
  • In case you forget to take your bank card with you, you can withdraw or deposit money into your account by using the QR code provided in the mobile application.

In addition to all of this, you can quickly carry out various transactions through mobile banking applications that you can download to your smartphone or mobile device.

Advantages of Mobile Banking Applications

Mobile banking applications have numerous advantages. Some of these advantages can be listed as follows:

  • Mobile banking applications allow you to save time. You can complete almost every transaction that can be carried out in physical banks using mobile banking. Thus you do not have to actually go to the bank and wait in the queue.
  • To carry out transactions in physical banks, you need to visit them within work hours. As for mobile banking applications, they are available 24/7 and enable you to instantly carry out any transaction you want.
  • Thanks to mobile banking applications, you can carry out various transactions free of charge.
  • Mobile banking applications store all bank account activities, thus allowing you to review previous transactions at any time you need.
  • You can get informed instantly about your account activities by enabling account notifications.
  • You can create virtual cards linked to your current account or credit card to use for online shopping. With these cards, you can securely complete your online purchases.
  • The simple interfaces of mobile banking applications allow you to complete transactions easily.
  • You can securely perform transactions through mobile banking applications that are protected with high-security measures.

Disadvantages of Mobile Banking Applications

In addition to the advantages offered by mobile banking applications, there are also some disadvantages. We can exemplify some of these disadvantages as follows:

  • Although mobile banking applications are protected with high-security measures, some problems might arise from time to time. But we want to clarify that if you benefit from measures such as multiple-step verifications, let us emphasize that the probability of having a negative experience due to any security vulnerability is very low.
  • Short-term access problems may be encountered during service updates.
  • You can quickly perform various transactions with mobile banking, however, in banks with branches you need to visit the banks for transactions such as document submission. Therefore, we can say that applications have limitations in some situations. Nevertheless, as Hayat Finans, we should highlight that we will demonstrate our difference in this regard, and assure that every transaction can be performed through our Mobile Branch.
  • To use mobile banking, you will need a smart device and an internet connection. If any problem occurs with your device or connection, you may not be able to access the application.

If you also want to take advantage of all the beneficial aspects of mobile banking, you can download the Hayat Finans mobile application to your device, protected by high-security systems. After reviewing the different account types we offer, you can choose the one that suits you best and create your account. This way, you can manage your savings and secure them effectively.

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