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Thanks to significant advancements in technology, today you can use your mobile phone to send email, surf the Internet, download music, take pictures, shop and more. In fact, you can use a cell phone to accomplish almost anything you can on a PC – even conducting your banking! Next time you’re standing in line, or waiting on a friend, rather than killing time surfing the Internet, why not be productive and try mobile banking to review your finances? According to a study by financial consultant Celant, 35 percent of online banking households in America will be utilizing mobile banking as early as next year. Before you decide if mobile banking is for you, however, take a few moments to review this information and some handy tips about mobile banking.What is mobile banking?If you have never used mobile banking, you may be unfamiliar with what it is, how it works, and how it differs from Internet banking. Mobile banking is an extension of the online banking services offered free by most major banks. Still in its infancy, mobile banking can be a convenient, efficient and secure way to manage your finances. According to a study by accounting firm KPMG, 9 percent of U.S. consumers have tried mobile banking. However, about two-thirds of U.S consumers are regular users of Internet banking. Both are technology-based solutions, usually offered free as a value-added service, by most major banks. Internet banking requires you to use a computer that is connected to the Internet. Mobile banking allows you the freedom to bank from anywhere, anytime – without having to lug around a laptop and hunt for a WiFi connection. As an example, Fifth Third Bank offers a traditional Web site (www.53.com), as well as a mobile site (53.mobi). Both can be accessed using a Web browser, and both allow you to manage your finances. The mobile banking site, however, was specifically developed for cellular phone users. TIP: There are three different platforms used in mobile banking: Web browsers, downloadable applications and text messaging. Depending on your bank’s offerings, you may have a choice of platform. Why mobile banking?Banking by cell phone may seem a bit intimidating at first. Like anything new, there’s always a learning curve. However, mobile banking offers a variety of benefits, including convenience and freedom. As you are waiting in the checkout line at the grocery store, you can review your account balance and recent transactions. You can request a text message every time your checking account balance dips below a pre-determined amount, and then transfer funds from your savings account. Most mobile banking systems will help you locate the closest ATM or branch, too.TIP: Be sure to check with your cell phone service provider. There may be additional charges to use Internet-based services and text messaging features on your cell phone. Depending on your plan, you may find it more economical to use one over the other. Check with your carrier for more details.Is mobile banking secure?Some fear that using mobile banking services exposes them to greater security risks. However, the idea that mobile banking is less safe than other transactions is unfounded. In addition to other security measures, the browsers used in most of today’s cell phones have built-in security, just like your computer’s Web browser does. All transactions that pass through these systems are fully encrypted.TIP: Never store your mobile banking account username and password in your phone.Still not sure if you’re ready to try mobile banking? Watch this mobile banking demo for more information. Soon, you’ll be joining the 35 percent of Americans leading the mobile banking revolution – and have even better control over your personal finances.Fifth Third Bank, Member FDIC.

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