Five reasons to favour mobile banking over online banking

Mobile phones are increasingly present in our lives. Though sometimes intrusive, they can also be useful, practical and effective. This is particularly true for mobile banking. Free, easy to use and available anytime and anywhere, mobile banking offers a lot of benefits, especially compared to online banking, which requires a desktop or laptop computer. The following five points explain why switching to mobile banking is a good choice for saving time... and money. 

1. You always have your bank in pocket

You no longer need to visit a branch or use your computer; your bank is at your fingertips! You can carry out all your main banking transactions whenever and wherever you like. Check the balance of your accounts and cards, make payments, block your card immediately in the event of loss or theft, set up or adjust standing orders, manage direct debits, monitor the performance of your stock market portfolio, download your documents and certificates, and also contact the bank via secure messaging!    

2. You benefit from enhanced security

Access to your app is secured through the various LuxTrust means of authentication. You enjoy even more security if you switch to the LuxTrust mobile app. A physical device such as Token or Scan is no longer required as the app is fully integrated into your mobile bank. The means of authentication are also reinforced by the combination of your LuxTrust security data (login, password, single-use code, secret image) with the fingerprint or facial recognition reader of your smartphone. In addition, unlike with Token or Scan, you have better visibility on the transactions you approve. For example, if you are asked to approve a transaction when making an online purchase, you can easily check what you are about to approve (i.e. an expected amount or counterparty) with LuxTrust Mobile.  
As a reminder, the bank will never ask you to provide your codes by telephone. But if for some reason you fall prey to a scammer, LuxTrust Mobile provides you with a safety net enabling you to realise that the transaction to be approved is not legitimate.

The loss or theft of your smartphone presents no danger. Your mobile bank contains no sensitive data and the means of authentication are so numerous that it is impossible to impersonate your identity! 

3. You manage your expenses in real time

Your mobile app informs you in real time of the movements in your accounts or on your cards. In concrete terms, it sends alerts via push notifications on your smartphone according to the parameters you have set in advance.

You can be notified immediately when a payment exceeding the set threshold is credited or debited, when your account balance falls below the set limit, or when a payment is blocked. Similarly, regarding your credit card, the app notifies you of each payment or a payment exceeding a set amount, in the event of a refund or the release of a blocked amount, or if a defined threshold of your available balance is exceeded. This real-time information protects you from unexpected expenses and helps you to better manage your budget and, ultimately, make substantial savings.     

4. You stay in touch with your bank

The app brings you access to your secure messaging service, so you can easily contact your bank. You can also receive a push notification as soon as the bank sends you a new message or document. 

5. Your mobile phone is better protected against viruses and malware

Mobile apps are generally better protected against malware and viruses compared to traditional desktop environments for several reasons. First, the Apple App Store and Google Play Store, implement rigorous vetting processes before allowing apps to be listed, ensuring a certain level of security. Additionally, mobile operating systems employ sandboxing techniques, isolating each app's environment to prevent unauthorized access and limit potential damage from malicious code. Regular updates and patches from mobile OS providers also further enhance security by addressing vulnerabilities promptly. Therefore it is important to only download apps from trsuted sources and to avoid “jailbreaking” your telephone.

To find out more about our mobile banking solutions, visit our website or contact our Contact Center


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