How Mobility is Transforming Financial Services?

Financial organizations have come a long way over the decades from providing traditional banking services to becoming mobile banking solution providers. In the primitive days when there were no gadgets like mobile phones, the financial industry operated in a completely different manner. Financial institutions faced many hardships in building a strong bond with their consumers. Ultimately, they also found it difficult to get feedback from them. The customers of these financial institutions could only obtain the information regarding their transactions upon meeting the executives. This resulted in a communication gap and ultimately affects the financial savings of the customers of these financial institutions. 

Mobility Solutions 

The financial sector reaped rich benefits from the introduction of mobility solutions as it helped eliminate the traditional working methods. The style of working changed for the industry and financial institutions operated seamlessly with the help of these solutions. The mobility solutions have not only increased the speed of the entire process but also helped banks stay connected to their customers. Banks are now able to fulfill the expectations of their customers and experience a boost in productivity through automation instead of manual tasks. This helped financial organizations to offer mobile services to their customers and operate in the comfort of their homes. Increased mobile and internet penetration in the country has also provided a boost for mobility solutions in the banking industry.

Transforming Ideas 

Financial organizations have turned to mobile banking app providers as mobility transforms ideas. Banks are loving the idea of crowdsourcing or crowdfunding platforms that help raise funds for startups as well as real estate investments. Blockchain technology is further bringing about an evolution in transforming the payment industry across the globe through real-time transactions. People are relying more on banks for affordable financial services globally as borderless connectivity has made everything easy. One can easily access advanced tech-powered solutions nowadays. All these elements of ideas are the latest technological developments that are paving the way for future financial services. 

Connected Mobile Technology 

Another factor that shapes the concept of mobility for the financial industry is mobile technology. Mobility of technology has a crucial role in determining the way people will make use of mobile banking services or products or consume relevant information. One can choose the time, place, and manner of connecting with the people through his or her mobile device. Consequently, one will remain updated regarding the momentary developments and will be able to perform multiple tasks in the touch of a few clicks according to his or her comfort. Furthermore, mobile technology has allowed banks to reach out to their customers at any point in time and through the gateways that their customers prefer. 

Digital Payments 

Mobile banking has emerged as one of the promising developments in the financial industry within the last few years. One can now make digital payments on-the-go as banks continue to offer digital banking services or products to their customers. This has transformed the behavior of customers largely along with their habits. People are gradually adopting new ways of payment that are giving rise to the need for new marketing strategies. These services are safe, secure and help banks gain the confidence & trust of their customers. The cross-border payments through these services are not only efficient but also proving low-cost. Moreover, the customers of each of the banks utilizing these digital banking products, apps, or services can obtain any relevant information regarding their digital transactions through this method. 

To Conclude 

The world is moving ahead and so is financial technology, at a greater pace. Banks need to consider the benefits of products like FinMOBICONNECT that not only help boost productivity but also enhance customer satisfaction. One may request a demo of the product to get an insight before making the final call. 

5 Ways to Improve Security of Mobile Banking Apps

The development of applications has come in handy for people. Now, they do not have to carry hard cash while going out. Unlike a decade ago where social crimes like snatching and looting a person of his/her money were prevalent, people have now taken a sigh of relief. In addition to this, there are several other advantages of using mobile banking services. The technology has offered quick and easy access to all the different kinds of banking services- right from over-the-counter payment with the help of QR code or UPI code to checking and transferring money from one account to another.

If you are a regular user of mobile banking, then you would perhaps know that this platform is more than just payment and money transfer. The various present mobile banking app providers have ensured that the users get a 360⁰ financial solution with these apps. Therefore, they have included almost everything- bill payment to booking- just at the reach of a fingertip.

Matter of Concern

Despite being loaded with so many features and facilities, mobile banking services are used by less than 66% of the people in the country. Experts and various mobile banking solution providers have raised their brows on the poor adoption rate. On thorough research, it was found that people do not feel this application to be safe. They feel that through these applications, they might be robbed or cheated of their hard-earned money. But the matter of fact is, with every pro there would be a con.

According to one of the professionals who are into the research and development of mobile banking applications, every application is safe until the user shows a lackadaisical behaviour. Every coin has two facets. In the same way, technology too has. The following are some of the ways by which mobile banking apps can be used safely and securely.

Few Ways to Improve Security of Mobile Banking Apps

  1. Switch to Multi-factor Authentication

This is considered as one of the best and must activate features to ensure security to the mobile banking applications. The mobile banking app providers have included this feature to enable users to cross verify the authenticity of the login. This is a two-step authentication feature where you would have to enter not only OTP but also verify biometrically that ‘it is you’. Failing to do either of these would not allow entry into the dashboard.

  1. NFC-embedded SIM Cards

If you are sceptical about carrying cards with you, then you can opt for an NFC-embedded SIM card. This card allows the user to download all information, securely, to his/her Near Field Communication (NFC) SIM card. This feature lessens the chances of financial details and card information getting compromised.

  1. End-to-End Encryption

You might have come across this term on various social chatting platforms. This is equally valid in mobile banking platforms as well. In this particular technology hack, the information sent from the sender is codified and is decoded only at the receiver’s end. Hence, the chances of information getting leaked are less.

  1. Enabling Real-Time Notifications

If you have noticed, then you would perhaps know that the bank sends a notification alert SMS to your registered mobile number even if ₹1 is debited from your account. Ensure that this feature is activated on your phone and from the bank’s side. This will help you get instant notification of any transaction- suspicious or genuine.

  1. Change Password Frequently

According to the mobile banking solution providers, people ignore the importance of changing passwords after a certain period. In addition to this, in order to make sure that they do not forget the password, they refrain themselves from setting up tough passwords. However, it is recommended to change password every 3 month and should have a combination of special characters, alphabets, and numbers- minimum 10 characters long. Stronger the password, lesser are the chances of getting things traced.

Conclusion

As a user of these mobile banking services and applications, it is our duty to be aware and alert to these circumstances. We must not forget that if we use things cautiously, no information will be leaked. Ask for the professionals or concerned authority to know more about safeguarding your vital information. Please call Finacus for a quick demo. 

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.