5 Valuable Advantages of Investing in Mobile Banking

The potential of the mobile banking industry is increasing rapidly. With smartphones becoming a staple, mobile banking is what most people prefer. Businesses and individuals enjoy the convenience of mobile banking and are open to more advancement in the field. This has made mobile banking apps one of the most critical drivers of banks. If you have not launched your mobile banking app you are a lot behind in the banking sector. If you are pondering the reasons, here are 5 advantages of investing in mobile banking apps today. The benefits of mobile banking solutions to customers are crystal clear but here are some distinct benefits of mobile banking to banks.  

Reduces bank’s expenses

Mobile banking on the whole boosts efficiency of the bank in the bigger picture. It does so by reducing the use of paper and going paperless, curbing the cost of printing, reducing the labor population, and more. Mobile banking also opens the opportunity to reduce costs by offering a service that’s ten times much cheaper compared to ATM transactions. Mobile banking makes the processing of transactions easier than in a conventional setting thus significantly improving the efficiency of the bank. Recent research has shown that the cost of mobile transactions may lower by 50 times than bank transactions in the future. Requires less staff to serve customers and smaller branch premises thereby reducing salary and rent expenses.

Monumental return of investment

 A recent study shows that mobile banking significantly enhances customer engagement and thus drives ROI in various ways. The ultimate point is that mobile banking services improve customer quality service. The gamut of features is not just reserved for checking balance or fund transfer but people can buy DD, Pay Order, Open and Close FDs, tickets, products, pay bills, and more. By offering various services in daily life makes mobile banking an inseparable part of life. This in turn builds loyalty and trust. The maximized use has paved the way for the company to increase income and reduce expenses by 15%.

Better customer experience

24/7 services and customization helps in increasing the quality of banking services and construct the trust of users. One of the primary benefits of mobile apps for banking is that the customers are not restricted to the bank’s working hours and ATM availability. Customers use mobile banking systems for the crucial reason that they have complete control of fund movement in their accounts, keep an eye on its safety, and employ the information services at any point in time. When personal transactions become manageable, it is easy to improve the overall customer experience.

Easy Communication

Mobile banking leads to an easy way to communicate with customers by providing information at regular intervals. Banks can push notifications, advertisements, change of policies, rules for customers.

Security

Mobile banking security is the most crucial indicator of efficiency for the customer. Banks go the extra mile and use additional hardware to maintain maximum protection. The extra hardware includes fingerprint scanning, retina, as (two-factor authentication), and traditional passwords. This end to end encryption helps the banks to protect customer information from both ends.

Analytics to solve tasks

Through mobile banking apps, the banks can better understand the customers and provide what they require. By conducting surveys and analyzing customer action patterns, the banks can make better products and ultimately increase revenue. Banks can continuously add new features, products to make customers’ lives easier.

Mobile Banking Solution

As mobile banking has helped banks process 80 – 90% regular transactions without visiting regular branches. It may help reduce staff or use them for other important work for higher productivity. Mobile banking solution from Finacus is one such app that helps in experiencing all the above-mentioned advantages. The FinMOBICONNECT is an all-in-one mobile banking solution with an interoperable facility. It helps in achieving the following benefits

  • Customer Engagement
  • Easy, Convenient, Secure
  • Anywhere, Anytime

Bottom line

If you haven’t adopted the mobile platform for your bank, it is high time you make a wise decision. Finacus offers the best mobile banking solution with multi-pronged benefits. Get your demo today from our professional executives.

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.

The Convenience of Banking Apps and Why Should You Use It

The banking industry is becoming more technology savvy with the progressive increase of smartphone users. More and more people are using banking apps these days. The reasons are quite obvious. Banking apps provide consumers with the convenience of using banking facilities without actually visiting banks. They ensure secure ease of access. Here are some advantages offered by the Banking Apps to the banking industry:

Reduced Expenses

Mobile transactions through Banking Apps increase overall efficiency by saving on operational costs. They help banks go paperless and save huge cost on printing and delivery. Mobile transactions are cheaper than ATM transactions and eliminate the need of hiring additional workers.

Increased Return on Investment (ROI)

Mobile banking through Banking Apps can significantly influence ROI through improved customer engagement. Statistics reveal a steady increase in the adoption of mobile banking over the past few years. It has been observed that mobile banking customers show better engagement to the financial institutions in comparison to branch-only customers. Mobile banking customers hold more products and use more banking services. Furthermore, mobile banking customers stay connected for longer with the financial institutions, thereby decreasing the attrition rate by almost 15% over the past years.

Another research suggests that instant access to financial information through Banking Apps can influence additional transactions. For this reason, mobile banking services generate better average revenue in comparison to non-mobile banking services.

Improved Customer Experience

Mobile banking solutions have significantly contributed to ensuring a positive customer experience which is paramount for successful banking services. Mobile banking apps ensure 24/7 availability. Hence, customers are not limited by fixed working hours or particular branch locations. Mobile banking apps provide round-the-clock services, thereby allowing the customers to access their accounts any time and from anywhere.

Mobile banking puts all banking services at the fingertips of their customers. An instant gratification makes customers more loyal to their banks. Furthermore, banking apps provide a personalized customer experience further increasing their credibility. Customers usually have complete control over their finances through banking apps. They can instantly transfer funds, check their deposits, monitor their balances, and get notifications.

Improved Security

Banking apps are further secured by additional hardware security making them highly reliable. Mobile banking apps use an added layer of security like biometric data and gesture patterns along with traditional two-factor authentication through passwords. Furthermore, financial institutions employ encryption to provide complete privacy of financial information, thereby ensuring worry-free mobile banking.

Use of Artificial Intelligence

Many mobile banking apps use Artificial Intelligence or AI to automate responses to generic customer queries. This further ensures speed, efficiency, and security. AI can be used to improve customer services through personalized notifications. Financial institutions can notify their customers about new services and send personalized offers according to their location, preferences, and buying history. AI services can help in detecting patterns or fraudulent behavior in real time. AI-powered mobile transactions ensure security at multiple layers.