By: Joe Gillen
There are a number of groups that benefit from the convenience of mobile banking, none more so than college students. For many young adults away at universities, the four-or-so years they spend at school is the first opportunity they may have had to manage their finances independently and without parental guidance and supervision. Although this period can be liberating, it's also a critical period in which students can make mistakes, set their own priorities and learn how to discipline their spending.�
It's likely that more college students will come to adopt mobile banking features at faster rates, as these applications may fit in well with their particular lifestyles. For example, many colleges have limited options for accessing bank branches and ATM services on campus. Students who participate in community bank or credit union programs can utilize mobile banking to maintain ties to their accounts if they are matriculating at an out-of-state school with no available branches.
For this reason, it's become more important that local institutions shore up their remote check deposit feature, if they have not done so already. Although balance inquiries and fund transfers are convenient, these services can also be provided through online banking. Students who work part-time, however, can avoid being forced to open accounts with other nearby banks if they can deposit their paychecks remotely via their smartphones.
Mobile applications can help college students avoid fees
Minimum balance requirements, overdraft charges and ATM fees can be costly for anyone, but this is especially true for students who may lack steady income. Mobile applications can be appealing to this demographic because constant access to accounts can help students make smart money management decisions in real time to help them avoid fees. It can also be good for parents who may need to conduct an inter-bank transfer to their child's account for books or emergencies. A recent article in the Sioux Falls Business Journal highlighted the particular benefit of balance inquiry and fund transfers when adults are making big-ticket purchases. Knowing their particular financial condition may discourage young adults from making poor decisions that may overdraw their accounts.�
�People want that snapshot of where they stand," Armin Ajami, product manager for mobile banking at Wells Fargo, told the news source. "They want to avoid negative outcomes. They want to make sure they're in a good place financially.�We hear from customers all the time that they could be standing in the store about to make a purchase and they want to know before they swipe their debit card how much their balance is."