Know How Banking Apps Have Simplified Things

Financial institutions are aware of financial-sector innovations and how they have changed banking practices today. Banks need to adapt to modern technologies to meet rising consumer demands. In addition to high-tech banking services, the average customer wants the bank to provide comfort. Mobile banking applications that have taken over the banking world are one of the essential outliers in the FinTech market. Here are the most favourable advantages of mobile net banking:

Availability

Mobile banking does not limit your business transactions to set times and locations. You can process your transactions 24/7 – anytime, anywhere! So now you can transfer money, make bill pay any time of the day. This is beneficial when you forget to issue a cheque or forget to pay your utility bills.

Empowers the customers

Customers can transfer funds, invest or exchange currency without interruption or with the need for an intermediary, eliminate waiting time and quick turnaround on request. Most apps also double up and help you to pay your phone or gas bills.

Paperless

Delivers paperless account statements directly into customer's email addresses, while saving the cost of printing, paper and delivery. Less wastage of paper makes this mobile banking environment friendly. You can now have your bank statement at your fingertips.

Quick customer services

With smart features of smartphones like the camera, it allows the customers to click pictures and initiate requests. For example, you can submit the KYC documents online instantly by clicking an image of it and uploading on the app.

Facilitates location-based services

Tracks the customer's location, allows push notifications for recent offers nearby and protects banking transactions against scams and hacks initiated from unidentified locations etc.

 Customer rewards program

Customers earn loyalty rewards in the form of points or discount coupons for transacting via a mobile banking app. You can use these discounts and offers in unique ways.

Safeguard of customer details

It shares instant updates on banking transactions carried out, offers multiple safety features like OTP to registered mobile number for verification via the banking apps. If you withdraw money, you can update on your phone through SMS about the transaction details.

Efficient and compatible

Mobile banking minimises human miscalculations, automates processes, and is a competitive solution for banking. It also adheres without fail to the rules and procedures proposed by the regulatory bodies.

With the help of mobile banking, the user can move funds, and pay utility bill, function as mobile recharge app, be updated about the recent transaction. It is a cost-effective service at a reasonable cost to the customers.

About This Author

Rumi Pawaskar Joined: July 30th, 2020