What is Mobile Banking? A Simple Explanation for Kids, Teens and Beginners

What is Mobile Banking? A Simple Explanation for Beginners

Introduction to Mobile Banking for Kids and Teens

This video explains the concept of mobile banking in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about mobile banking, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.

What is Mobile Banking - A Simple Explanation for Kids Teens and Beginners
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Suitable for students from grade levels:

  • Kindergarten
  • Elementary School
  • Middle School
  • High School

The topics covered are:

What is mobile banking?

Mobile Banking for Kids Teens and Beginners
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Mobile banking refers to all financial transactions made with a smart phone, tablet, or other mobile device using a specially designed app.

These could range from checking your account balance to sending money around the world.

How is mobile banking different from online banking?

Mobile banking is a subset of online banking. Online banking refers to all web-based financial transactions done using a computer or a mobile device, whether directly or through an app.

But mobile banking is only possible through specially designed apps on a mobile device.

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What are the advantages of mobile banking?

The biggest benefit of mobile banking is the convenience it offers, allowing you to bank at any time, and anywhere – whether that is when you’re traveling, waiting in line for something, etc.

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Since people usually carry their smartphone with them at all times, they can take care of their banking needs, without having to visit a bank branch during working hours.

Mobile banking allows a number of transactions like depositing a check, paying for merchandise, setting up online bill payments, finding an ATM, setting fraud alerts, etc. 

Are there any disadvantages of mobile banking?

One key aspect to keep in mind for mobile banking is cybersecurity. While banks and other financial institutions take extra measures to keep your information secure, there is still a risk of a cyber attack.

Mobile Banking for Beginners - Advantages and Disadvantages - Pros and Cons
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As a customer, you need to make sure that you use a strong password, and a private and secure network connection.

Another drawback is the limited functionality. While the mobile banking offerings are evolving continuously, not all functionality is available on the mobile banking app.

What does the future of mobile banking look like?

Over recent years, mobile banking has increased dramatically in popularity. Thanks to advancements in technology, banks and other financial institutions plan to expand their offerings both in terms of the banking services as well as the security features.

Cardless ATMs, the ability to apply for loans as well as open new accounts, and credit and debit card control mechanisms are some of the features we can expect to become more mainstream.

Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids & Teens

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Podcast: What is Mobile Banking

What is Mobile Banking
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