If you haven’t been living under a rock for the last decade, then you might have used your smartphone for banking purposes at least once. Our hectic schedules don’t make it very convenient to go physically to banks for basic banking work. Back in the day when banking through computers was introduced, it was considered a huge milestone in banking history. But as time passed, even laptops were considered chunky and cumbersome and then came the era of smartphones which revolutionized the banking sector. Mobile banking system is just an extension of the online banking system giving you the power of banking whenever you want just a touch away from you.
Almost every major bank now has their own banking app available on various operating platforms like android, iOS, windows etc. Just by seeing the number of downloads on the App Store and Google Play Store, one can judge the immense popularity of these apps. With so many people possessing a smartphone, you ought to know the benefits of mobile banking, so that even you can start reaping the benefits of the same. Mobile banking has numerous benefits for both the financial institution as well as the customers.
1. Be available at all times: With everything being operated on the cloud, one isn’t restricted to the working hours of a bank, or having to commute distances to reach the bank. To be able to access mobile banking, one more have the application installed which runs via the internet. And as long as the internet connection is available you will be able to communicate with your customers without time or geographical restrictions.
2. Encourage self-service: Another advantage of mobile banking is that customers can easily make transfers, request account statements, carry out transactions at the tip of their fingers. While the customers enjoy the novelty of carrying out all the processes in a simple manner from the comfort of their homes, it reduces the long lines which were previously there at the banks. Additionally, in such situations when banks have certain customers visiting their office, the staff can provide them proper attention and service.
3. Always stay updated: Transparency is very crucial in all aspects of life, but specially in financial aspects. When a customer is trusting a financial institution with their funds, they don’t like to be kept in the dark. With mobile banking, not only do the customers carry out all the processes themselves, but they can keep all the records with them, and send requests for account statements as and when they need.
4. Go Green: The process of compiling all the statements, printing them and sending them out the customers is an extensive process. With mobile banking app, the statements would be directly stored in the user’s phone, additionally they’ll also receive it in their mail. This also saves the hassle of the customer, of having to file all the papers. When in need, they can simply take out a print of the statement they require via their email.
5. Have a complete overview of the customers: Have all the information about your customers on a single platform, this allows you to understand them better and offer customized solutions for their needs.
6. Advantage of location based services: All smart phones can detect the user’s location, and this data can be used by the banks to offer better services, by guiding them to nearest branch, if required. Additionally, this can also help banks add to on the security factor, in terms that they receive the request from the account holder in specific region, but the device shows the location in a completely different region, automatically a series of questions to confirm the user will appear, because you need to maintain the utmost security of the customer’s funds.
7. Provide fast service: While mobile banking apps promote self-service for almost all the tasks, there are certain times when your customer isn’t able to carry out a function, or isn’t able to navigate through the app. With the option of chat/call through the app, the customer would be easily connected to the staff at the bank to help them out. Additionally, this can be used to provide other services, such as getting KYC done with ease, by simply uploading the pictures of their documents on the mobile app.
8. Rewards and Loyalty points for your customers: Through mobile banking, you have an overview of your clients, this can be used to offer them rewards for various transactions that they carry out. This also helps in attracting new clients.
9. Streamline processes: Another advantage of mobile banking app, is that you can streamline all the procedures, and make it easier for all customers to connect with you on a single tap of a button for any guidance that they may need.
10. Provide real time updates: With mobile banking apps, you can offer your customers real-time updates about all the transactions carried out, add on a security feature of sending one-time passwords for authentication and transaction process.
Finacus, mobile banking app providers, offer FinMOBICONNECT a banking solution to various financial institutions which supports transactions on low-end phones as well as the latest smart phones, making it usable for everyone. To know more about this mobile banking solution, get in touch with the experts on our team today!