Not at all. There are certain security features that mobile phones can implement that your home phone cannot. A ‘smart’ bank would require you to use an app or device that generates a pseudo-random key every 30 seconds, which you then provide to the bank to authorise the transfer.
Okay, so let’s step into the time machine. When I was a child my family would go interstate to visit family on holiday. Before leaving, my parents would have to make arrangements with the bank branch to recognise their account with a specific branch in the destination. We would get to the destination, and when they went to the bank to get money out the bank staff would ring the ‘home’ bank to make sure everything was okay and approved.
Did they have to pay a fee? Don’t know, don’t care - I would prefer to pay a small fraction of the transaction cost than have to go through that, but I can even avoid that while making payments all over the world!
Online banking carries certain risks that banking in person does not. Those risks involve the 5 billion other people who also use the Internet - and the tiny fraction of them that might want to get their hands on your money. These risks are not mitigated by phone banking - because it’s easy to hack the phone network now as well, and calls are incredibly inexpensive or my wife would not have reported receiving THIRTEEN pre-recorded calls today telling her our phone was going to be disconnected because NBN.
Mobile phones are not disenfranchising people, they are allowing new ways of transacting that you couldn’t have used twenty years ago. You can still go into the branch.
If it’s a text they’re doing it wrong. SMS can be easily intercepted.