Apply These Secret Techniques To Improve Mobile Banking For Your Users

Ever since smartphones were introduced, they have become an almost default option as far as being a service delivery channel or mode of communication is concerned. Banking is an important activity – one that also takes quite a lot of time to be completed. This is why the shift to mobile banking services has been welcomed to such an extent. This in turn has also increased the importance that mobile banking app providers have in this day and age. Brands such as Finacus are playing a major role in this regard by helping banks make the most of such customer behavior. 

They are developing innovative solutions that are providing a lot of delight to the customers. At the same time, these systems are made in keeping with the rules and regulations in this regard. This is why they are also regarded as one of the top mobile banking solution providers out there. Finacus offers you the complete banking solutions that you could need. When you use FinnMOBICONNECT, the mobile payment transaction switch there is so much that you stand to gain from the same. This way, you can gain an interoperable infrastructure that would enable you to offer your customers the facility of real-time money transfers. 

Thanks to the mobile banking app solutions providers such as these, the process of receiving and sending money becomes instantaneous, usable, accessible, and transferable. Such technology also helps the banks offer a wide range of associated services. They may be enumerated as below:

  • account-related services such as balance enquiry, generating OTP (one-time password), mini statement, and changing OTP
  • location-based services such as ATM (automated teller machine) locator and branch locator
  • card-related services such as requests for credit and debit cards and replacing & blocking requests 

All these services make sure that your customers have a great experience of banking with you.

What Are The Benefits Of Such Mobile Banking Systems?

As we have said already, when you use the services of these mobile banking app providers there are so many ways in which you stand to gain. It helps you improve your customer engagement, provide easy and safe services to your customers, and they can bank anywhere and at any time that they want to. The thing with mobile devices is that they are highly personal. This is why mobile banking allows a customer to personalize the banking services that they are offering to their customers. 

This also helps the customers stay in constant touch with the bank. These days, smartphones are hogging all the limelight there is so much that banks can do by providing their users an enriched interface. The same also goes for the likes of contactless technologies and location-based services. When your customers can just tap or click a few buttons to perform some transactions the process becomes a lot better for them in every sense of the term. This includes tasks such as bill payments, closing or opening service, and generating statements.

Last, But Not Least

This can save a whole lot of effort and time for a customer. Convenience and ease are indeed the luring factors over here but security happens to be the most decisive factor over here. With the help of the services provided by the mobile banking app solutions providers, you can also let your customers bank anywhere they like and at any time that they want. These days, banking on the move has become the new mantra of sorts. The way that customers want to do their banking work has changed a lot. No longer do they want to visit the branch to perform basic transactions, let alone stand in a queue.      

Mobile Banking Trends in 2021

The mobile phone is becoming the most important channel not only in personal life but in the field of consumer banking. The days when people handled financial transactions at the local branch are the relics of the bygone age. The automated banking trends started with the multiplication of the ATMs and online banking while the trend has taken off with the development of mobile banking. Millions of people look towards their smartphones to satisfy their banking needs. Here are some mobile trends that financial institutions should keep an eye on in 2021.The unprecedented growth in mobile banking has affected a leading banks as they found it difficult to match the load on their mobile banking app.

What is mobile banking?

Mobile banking is the method of carrying out financial & non financial transactions on a mobile device which can be your phone or a tablet via an application offered by either a bank or financial institution. The mobile transactions include fund transfer through IMPS, RTGS, NEFT, opening & closing of FD/RD, account statements, download interest TDS certificate. Ask for new credit & debit cards, forex cards, and almost all transactions.

More Biometrics

Multi-factor authentication is growing to be the standard for security, especially in financial institutions. The power of smartphones to recognize biometric data such as fingerprint scans and facial recognition will rise to be more sophisticated for better protection against fraud. The biometric also makes mobile banking apps more intuitive and facile. Again, this trend may be led by a generational shift as 62% of Gen Z feels convenient using biometrics for identification. And, when taking into account that biometric data is highly reliable in verifying ID, coupled with mobile based OTP gives additional security/authenticity to become a mobile aspect in 2021 as well. 

Chatbot assistance and voice transaction

The QR code scanning feature has made in-store and online transactions facile and simple as the users needn’t do anything more than scanning the code on their banking app. In addition to this, the use of voice assistance is skyrocketing as it is seen as a simple way of connecting various devices and smartphones. Soon fund transfer may also happen with the help of voice assistants. A chatbot is another latest technology that has become an important part of the mobile banking apps. The Chatbot provided round the clock customer service without waiting for an executive. 

Machine Learning and Chatbots

As the population using mobile banking apps increases day by day, financial institutions and banks can gain more data about the usage of the services and use the collected information to enhance the overall customer experience. The ML algorithms can be used to boost bots that aid direct people to the services that will give a solution to their current needs. Paired with voice technology, ML is bound to make the future of mobile banking more responsive, user friendly, and consumer-focused.

Automation and Personalization

People have started paying bills online via apps, online investments in shares, mutual fund, ELSS, NPs & other investments, loan application & approvals. and some have started the use of automated features for automatic bill payments. One expects the automation trend to go beyond bill payments and be used for other services, such as helping customers to save money.

Mobile banking solution

Finacus is one of the leading mobile banking app solutions providers in India. We help the banks to retain & add new customers by providing innovative solutions focused on consumer needs. Our mobile payment transaction software FinMOBICONNECT, along with the mobile banking solution offers an interoperable facility for banks. The key benefits of our Mobile Banking Solution are

• Customer engagement

• Easy, Convenient, Secure

• Anywhere, Anytime access

Bottom line

The mobile banking solution is going to rule the banking sector in the near future, it is time for banks and financial institutions to shift to robust banking solutions from Finacus. Kindly contact us for a free demo.

How Mobile Apps Are Transforming The Banking Sector?

The number of visits to the bank in a month has reduced drastically and all the credit goes to digital banking. With the tremendous advancement of technology, banking has also transformed and it has become a hassle-free process. The more modern take on traditional banking is mobile banking apps. They are built in accordance with the latest trends and make banking a hassle-free process. The mobile banks have evolved banking from going paperless to making ultrafast transactions. Let us walk through some of the tumultuous breakthroughs triggered by mobile banking services.

mobile banking services

Cashless payment

According to the report of the world payments, the non-cash transaction of the globe grew by 10.1 percent to reach 482.6 billion and it is expected to grow to a CAGR of 12.7% throughout 2020. With the rise of cashless payment, mobile banking apps are skilled adaptors of the game. Non-banking applications are also providing a cashless payments facility. The growth in Peer-to-Peer payments is also seeing tremendous growth in which the customers can send or receive money directly via the application.

 Secured accounts

The advancement in technology has brought its threat such as users’ accounts hacking and fraud. These problems can be put to an end with dedicated mobile apps. The mobile banking solutions are enabled with advanced security features such as fingerprint scanning and face recognition. In addition to the regular sign-up options, voice security is introduced in the mix. Frauds and fishy activities can be detected easily with the aid of artificial intelligence. AI helps in deducing the patterns regarding any suspicious activity in real-time and it also forecasts how the behavior will affect the future. Biometric authentication has replaced multi-factor authentication as it is thought to be time-consuming.

Chatbot assistance and voice transaction

The QR code scanning has made in-store and online transactions easy as the users have to just scan the code on their banking app. In addition to this, the use of voice assistance is increasing tremendously as it is considered to be a simple way of connecting various devices and smartphones. Soon fund transfer will also take place with voice assistance. It is predicted by mobile banking app providers that voice payments are going to have a great place in the payment sector. A chatbot is another technology that has become a part of mobile apps. The banks are exploiting this AI-based assistant to help the customers. The Chatbots will answer the questions of the customers without any waiting.

Financial planning 

One of the biggest challenges that are prevailing among many is budget management. Though there are various apps to do that for you, your mobile banking app is the safest option to do that. The app will help you in making the right financial decision and provide witty tips for money management, increase savings, improve investments, and much more.

Mobile banking solution

Finacus, one of the leading mobile banking app solutions providers helps the bank to leverage their consumer behavior and build innovative solutions with their complete mobile banking solution. Our mobile payment transaction switch FinMOBICONNECT, along with the mobile banking solution offers an interoperable infrastructure for banks. The benefits of our Mobile Banking System are

  • Customer engagement
  • Easy, Convenient, Secure
  • Anywhere, Anytime access

Bottom line

This is the perfect time to embrace a robust mobile banking system to manage all your transactions efficiently and meticulously. We as one of the best mobile banking system providers in India will offer you the required information needed when requested for a demo.