Importance of Mobile Banking App in Banking Operations
- 16.07.2021 02:30 pm
According to a popular news website there has been more than 35% surge in all over the world when we talk about mobile banking users and their services by the bank’s customers.
It clearly reflects the popularity of mobile banking all around the globe, especially as we have seen a shocking surge in periods of pandemic for financial transactions. Developers have put a lot of effort into mobile banking app development to cater all the services a bank can offer to their customers.
When we talk about mobile banking applications, it acts as the bridge between the customer and the bank to access the banking services on the mobile phone safely. It gives access to most of the services in the reach of your hand in the form of a banking app.
Importance of mobile banking :
1. 24*7 accessibility
Different from traditional banking services, mobile making applications and services have revolutionized the way people access their financial services. To save the customers from standing in the long crowded queue of a physical bank branch near your home and attain the ultimate ease of most of the services at home, a mobile application for banking is brought. The software application of financial institution give the banking access 24*7 for their customers is the main feature of the mobile banking application. This has changed the game giving the power to access almost all of the services via an application whenever and wherever we want.
2. Secure and fast transactions
When we compare with the previous banking system of doing transactions it was a whole lot of different tedious stages that a customer has to face for initiating any transfer funds or to receive it in its bank account. And there is always the risk that an impersonator can imitate you signature to withdraw funds in certain cases. In order to safeguard customers money from fraudsters mobile banking ensures security with their multi level of authentication.
For example in India SBI(State Bank of India) let users use the app with a unique pin to log in their customers for normal activities like checking balance , transactions, etc but to initiate any kind of fund transfer users have to put security password with OTP(one time password ) for completing a transaction successfully. This ensures that only authentic customers complete a monetary transaction barring all the scammers with multiple security arrangements.
3. Instant account opening
This is one of the unique features of a banking application on smartphones that lets new users open a bank account online from the native application without visiting the physical branch by themselves. Especially during the pandemic of covid-19 where major places are shut or under lockdown this feature gives the ultimate service by opening a banking from the native banking application. Eligible Customers fill all the details and upload all the necessary documents required . In the next step banks initiate e-KYC for the authentication of the applicant after successful completion of e-KYC, the customer is good to go and a fresh banking account is created. Therefore customers don't have to hassle themselves with account opening long procedures and sweat themselves by visiting the branch.
4. Spending analysis
With the introduction of automation and machine learning banking applications have evolved themselves in terms of technological advancements and serving more useful features for their customers. One of the features is to get a report of expenditure and saving of an individual. It displays the expenditure analysis reports and categories according to the size of the funds . It also reminds you by notification that you are spending more than the set limie. With the use of the intelligent and smart analysis of the banking application we can set up a budget and monitor our expenditure in one place. People who want to be aware of their financial activities love this feature that helps them to meet their monetary goals in the most efficient way.
5. Pay all bills in one place
Banking apps provide the ultimate solutions for all kinds of bill payment with one click. Traditionally When we have used different applications for shopping, paying utilities, credit card bill payment, fund transfers, tv recharge mobile recharge, broadband bills, etc . But with the development of banking applications all things are done inside the software in one place. This saves a lot of time and effort for paying the necessary utilities and shopping bills without any effort. Later all the transactions can be analysed to get the details about our spending.
Since all the ecosystems are getting digital to match up that level of experience and to retain customers mobile banking applications play a substantial role .