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.

Maintain Mobile Banking System Safety Amid The COVID-19 Crisis

Coronavirus or COVID-19 is the new and different kind of shock for the entire world. Never before have modern economies shut down at the drops of the hat and now this crisis period is offering a new experience for the people. All the industries are experiencing circumstances and the banking sector has not escaped. The pressure on the banking system is growing defaults on the debts are imminent these days. The pressure of the banking system is now experiencing a new magnitude as it was in 2008. However, people need to overcome this situation and come out of the situation soon. So, how to maintain mobile banking system safety in this crisis? 

Know about the banking risk 

When you need to escape from some bad times, it is more important to understand the situation. There are some kinds of risks in all small, large industries. Some are seen and some are unforeseen. The government and the regulatory offer you some safety nets and the customers have to understand clearly about them. Make use of these in all forms of mobile banking services and ensure you are handling the banking aspects with safety measures. 

Do not try to change the rules 

These types of crises will likely cause more confusion in the financial sector. So, you need to be prepared to give the banks time to meet the rules if there is any shortfall and hold off on implementing several new initiatives. Some backs might force on maintaining some ongoing operations or it might also increase the difficulties in conducting the operations remotely. So, you need to understand and manage the overall activity of the financial organizations. 

You need to strengthen the communication to know the necessary information 

There are lots of mobile banking solution providers and you can have communication with them. In particular, it is better to have some conversation between supervisors and banks in some unprecedented situations of working remotely with your colleagues, supervisors, and customers. Further, remote the requirements in some key areas like creditor positions, liquidity is enhanced in this crisis, but you need to give operational disruptions, deferring other reporting requirements and fewer materials to assessments of the healthy financial condition. 

Have some loan modifications 

Supervisors could clearly communicate when the banks have to be proactive in rescheduling the loans of the customers. They should also remind the banks about the flexible credit risk management, but temporary, a shock to face the crisis. Accounting bodies have to clarify the auditors how and what modifications have to be taken to view the positive side of the economy and how to recover from it. 

Make use of some buffers

Regulators have to communicate clearly that the capital and liquidity buffers should support and continue with the banking activities. Banks also build some buffers well above the given standard to manage the strain on the current liquidity form several missed repayments. 

The bottom line 

All of the mobile banking app providers and the financial authorities assume that the economic activity could restart later, but it is important to focus on the adverse scenarios. Under more severely strained circumstances, people need to rethink the changes and wise ideas to be implemented for healthy financial moves.