The new financial reforms passed by Congress are expected to change many things about banking. One could be a push to get more people banking on their phones. Experts predict 45 million people will do that in the next five years.
Carol Cain is a busy lady. She depends on her phone to keep her finances in order.
"I can pay my bills. I can transfer funds. I can check my balance, you know, so, it allows me a lot of flexibility," said Cain.
Her cell phone has become her own personal bank branch. Banking on-the-go is finally taking hold. Twelve million people used mobile banking services last year and its growing fast.
"Wells Fargo, Chase, Citibank, others. You're going to see more and more offerings over the next few years," said James Van Dyke, President of Javeling Strategy and Research.
And it's not just the big boys going mobile, either.
"Smaller banks are using it because it's relatively inexpensive. There's not a lot of expense to set it up and it allows them to compete with the big banks," said Don Rhodes of the American Bankers Association.
It's typically free to consumers. You can text transactions and use apps to make your phone as useful as your home computer.
"Where you text a command to your bank and they text you something back like your balance," said Van Dyke.
Then, you can access your phone's web browser and perform online banking functions like you would on your home computer. There are also apps for many smartphones.
"These are usually based on the online experience but they're actually designed to take advantage of the small screen so that you don't have to look around a big screen to access your information," said Rhodes.
But what about security?
"Actually it's pretty secure because anytime you send personal information, your pin number, account number, it's all encrypted between your phone and the bank server. You don't store that information on your phone," said Rhodes.
Cain confirms that she has to input her info every time she logs on and feels safe. Her only complaint is the size of the screen.
"I would recommend mobile banking to others especially if they're busy, move around a lot, travel. It allows them a lot more flexibility to get some stuff done," said Cain.
Experts don't predict the end to brick and mortar banks at all. They say there are still many complicated transactions that will always have to be done the old fashioned way.
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