How Much do you Trust your Banking App?

It seems as if going paperless is being pushed at us from all sides with a number of new banks actually counting on their customers being happy to manage all of their finances using their smartphones.

The big question will therefore be, ‘is your money safe with an app only bank?’

Before answering that question it has to be acknowledged that the big app only banks like Tandem, Monzo, Atom and Starling have already attracted  millions of pounds of savers deposits, with Atom Bank currently being the most recognized app only bank.

Atom launched back in 2015 and I chaired by the co-founder of Metro Bank Anthony Thomson. This year Atom Bank various services including: debit cards, current accounts, overdrafts and instant access savings as well as fixed rate savings accounts.

Security wise Atom offers biometric security which means that customers can log in using face, voice or fingerprint recognition (in line with all the latest smartphone features)

Whether it is the futuristic features of the table topping saving rates that Atom offers Hannah Maundrell who is a employee of money.co.UK, a comparison service reckons that there is little to worry about when considering security.

Ms Maundrell advises that as long as the rates are back by FSCS protection then customers will get their money back if by any chance things do go wrong as the money held in Atom’s savings accounts is covered by the FSCS.

Banks such as Atom have British banking licenses and have to be regulated in the same way as our high street banks.

App only banks also have a more traditional call center as well as being able to start a web chat if needed, but if you do lose your smartphone or have it stolen you must phone your bank and let them know.

There is no data stored on the app that you use and all the information required by the bank is held on the bank’s secure servers.

Being able to source goods or services without having to give over any credit card or debit card details appeals to many people and justifiably so when you consider the amount of online fraud and indentity fraud we are subject to each day.

For some who enjoy playing at a site like www.swagbingo.com having the option to be able to fund an account without giving over any banking details is preferable and sites like Swag Bingo  offer BOKU as well as all of the most popular banking methods.

The beauty of BOKU is that games are paid for via the monthly contract bill or deducted from the pay as you go account. This means that there is no need to actually have a bank account, and as BOKU currently has a daily £30 limit compared to the daily £500 limit many credit cards have, it helps to keep track of your spending as well as insuring you do not have a massive phone bill in the event of your mobile being lost or stolen.

We are increasingly moving towards all things mobile with convenience being paramount it is well worth checking out paperless payment options to see if they suit you.

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About Karthikeyan

Tech Blogger, Gadget Lover, Web Addict & Loves Social Media..

Karthikeyan

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