Mobile Banking - A Force To Be Reckoned With

Mobile Banking - A Force To Be Reckoned With

The advent of smartphones has absolutely changed the way we go about our day-day activities. Be it reading books, find routes or hailing cab/taxi we find ourselves using the smartphones almost every time. Why? Well, the answer is pretty straightforward, the smartphone’s way is quick, convenient, much easier. Almost all the industries of human-practice have undergone transformation due to the boom of the smartphone. Banking is no different really. 

Mobile banking has opened so many avenues to the regular customer that they very rarely come across an occasion to visit the bank personally. Anything that used to be done via listing the bank’s branch could now be performed from the comfort of one’s living room. Al they need is mobile banking. That includes depositing cheques into a bank account, applying for a loan or paying various utility bills etc. You must be thinking withdrawing cash is still done by visiting an ATM but with the global economy increasingly becoming more digital, that will soon cease to be an obstacle. 

With Smartphone and by extension mobile apps we find ourselves using the money in a much different and powerful way than any time in the past. There are scores of eCommerce apps out there, and we simply open these apps, look up products of our choice, make a selection, and place an order. We don’t reach out for the money at any time during this whole process. Our debit/credit card details are all fed into the smartphone. That’s how we access our money without seeing the face of our bank. Sounds quite amazing, doesn’t it? 

Various studies that revealed that customers feel a sense of accomplishment in the way they take charge of their finances using mobile banking. The increasing demand for banking apps keeps offering a much beneficial impetus to app developers around the world in coming up with new and advanced features to manage finances. 

App alerts and notifications are among the chief benefits of mobile banking apps. A reminder the moment you make a transaction or more importantly when your banking accounts hit a low limit is really helpful to keep an eye on one’s finances 24/7. This wasn’t possible in the past when one had to stand in a long queue, wait for their turn at the counter and have their query processed. 

Conclusion

In the end, we can all agree that mobile banking also makes an economic sense for financial institutions. Just consider the average cost of serving a client in a branch, which stands at $4 per visit. That comes down steeply in case of ATM at 48 cents, and even more remarkably just 4 cents via most mobile channels. 

Just hark back to the time of Global Recession in 2007 when there was growing pressure on the banks to reduce their overall expenditure. Well, anyone’s still looking for answers, they all lie in mobile banking. Through mobile banking, they can hit that perfect balance where both their shareholders and customers demands are met and satisfied with ease. I certainly feel this is a brilliant opportunity for anyone in the banking industry to develop and roll out their app if they haven’t already done that yet. Without fail, look out for a reputable mobile app development company to build your mobile banking app.