Mobile banking is in no time going to transform from a niche service for the technological upper-class society to a mass-market service required by all consumer divisions.
While banks extend their plans to give consumers passage to their accounts through smartphones and other mobile gadgets, they should also keep in mind that this rising platform is an inherent stimulus for creating operational efficiencies and as a vehicle for additional revenue origins.
No industry today has been spared from the pandemic in its daily business responsibilities. Even after the banking industry continued to be open to people as an essential industry during the lockdown, it has encountered a permanent transformation that eventually sped up the consumer adoption of mobile banking.
The adoption of mobile banking has peaked since the start of 2019, particularly in young adults.
In simple terms, offering numerous finance and banking-associated operations on a mobile device, for example, a smartphone or a tablet, is known as Mobile Banking.
Financial organizations and borrowers have launched mobile banking applications to make the banking experience consistent and stable.
Mobile banking makes it easier for consumers to leverage services outside of essential financial transactions like transferring and getting money. Now you have the opportunity to perform numerous financial investments from term deposits to mutual funds, equity, and also, buy insurance policies. You can also apply for loan requests, pay credit card debts, and repay supermarket and service dues.
Several banks also have links to e-commerce giants and service suppliers to get you rebates and cashback on purchases. It doesn’t matter if you are looking to buy new clothes, enjoy watching a film, or reserving flight tickets, you can quickly route nearly every financial transaction through mobile banking.
Mobile banking services run across multiple platforms, including the fundamental service being an SMS service for mobile banking. Consumers can send a request through a predetermined text code to a number defined by a bank, and the bank responds as a consequence.
This feature works with almost all mobile devices, regardless of the mobile device or network transmitter. This is particularly beneficial for individuals who do not have access to smartphones or data usage.
Subsequently, you also have the option called Interactive Voice Response or IVR service. Banks provide a helpline (or customer care)number for customers — generally a toll-free number — which has a set of choices that can be availed in a text-to-speech format. By selecting the numbers on the mobile keypad according to the service you wanted, you can avail those services on your mobile. Nonetheless, an IVR is just for inquiry help.
You also have another service called Wireless Application Protocol (WAP). This is similar to an internet banking system. The benefit of mobile banking through a WAP architecture is: you can avail all kinds of services without downloading any exclusive software.
Lastly, you also have an independent mobile application, which is a profoundly customer-focused and reliable medium that enables you to perform a range of complicated transactions.
Okay, that is all about mobile banking and its use and work. Let’s jump into some of the most important privileges of using mobile banking in 2024:
As per Deloitte research, the cost of mobile transactions is going to be 50 times cheaper than branch transactions, and the cost of ATM transactions is going to be 10 times more economical in the future.
These days, without your mobile device, you cannot do anything. This is particularly true when it comes to financial activities. Banks are spending a lot of investment in financial technology to bring personalized interaction with the customer, provide improved security and protection, and launch a number of value-added services that enhance customer satisfaction.
As fintech companies and banks look at the possible use of Artificial Intelligence in the banking and financial sector, mobile banking offers a lot of other services in the future, swiftly and openly.
Our group of Fintech experts will help you in finding Fintech solutions that require; therefore, you can satisfy the demands of 2024 and further.
For more details, communicate with one of our Fintech specialists today.
Hey! I'm Balbir Singh, seasoned digital marketer at Infiniticube Services with 5 years of industry expertise in driving online growth and engagement. I specialize in creating strategic and ROI-driven campaigns across SEO, SEM, social media, PPC, and content marketing. Passionate about staying ahead of trends and algorithms, I'm dedicated to maximizing brand visibility and conversions.
Our newsletter is finely tuned to your interests, offering insights into AI-powered solutions, blockchain advancements, and more.
Subscribe now to stay informed and at the forefront of industry developments.