Big Banking Services Accessible From Your Phone

Online banking has become the wave of the future as big banking services are now accessible from the palm of your hand. Often, because online banks don’t have to spend as much on in-office maintenance, the fees are much lower, and interest rates can be much higher. They're also conveniently available whenever you need them, and the banking is just as secure as traditional banks.

If you can get past the lack of in-person tellers (although many online banks have highly accessible customer service), then the online banking system could be for you. We're going to explore one of our favorite big banking services, and how online banking is growing.

MoneyLion

One of the more reliable services for online banking is MoneyLion, a free application for most mobile devices. With MoneyLion, your money will be stowed in a created checking account where it is insured to stay your money. This is because due to a lack of maintenance fees, there are no monthly service fees and no overdraft fees.

MoneyLion is also available through 55,000 fee-free ATM’s across the globe, meaning no ATM fees. This is the sign of a good online banking service, as most will be part of an ATM network with thousands of easily acceptable ATMs across the globe. You can also locate these ATMs through your phone. Investing through MoneyLion is simple through a free investment tool with no trading fees, where you can add as much as you desire.

Why Use Online Banking Services

Each bank has different pros and cons, but every online bank should typically have fewer fees than those at traditional institutions. They are more likely to offer rewards on basic accounts, such as cash back. For example, with MoneyLion, you can even take out a loan from "future you" and pay back the money as you please. There is more flexibility in this sense with online services.

Security From Your Smartphone

Many people are hesitant to go ahead with online banking because of a fear that their smartphones or tablets could be easily hacked. However, using approved applications from the Apple AAPL App Store is trustworthy. Other sources outside of App stores could be from criminals trying to access your electronic wallet. However, if you keep your device up to date and know your App’s security features the chances of your money being taken are quite low. Features such as two-factor authentication, and your thumbprint use technology to your advantage. Fingerprint and facial recognition will help the application keep you and your banking service safe from online hackers.

Because online banks are often affiliated with larger institutions, they're able to offer certain benefits with better deposit accounts for their customers. This is why, according to nerdwallet.com, the number of mobile banking applications are expected to rise to around 53 percent in the next four years. This rise is predicted to continue to grow in the future.

MoneyLion is a content partner of Benzinga.