The banking sector is becoming tech-savvier nowadays. In fact, smartphones users are also increasing by the day. This has enabled the financial institutions to play around with their strategies and revolutionise the banking practices. With most of the large-sized banks embracing the mobile banking concept, the small-sized banks are facing a tough time to cope with the new-age solutions.
So, here are some of the reason’s banks, as well as, customers should invest in this popular online banking branch:
- Lowers banks expenses: When users switch to mobile transactions, banks are at an advantageous position as they go paperless, no printing and delivery costs, eliminates hiring additional personnel, transactions are cheaper, and cut down on operational, as well as, infrastructure charges.
- Customer engagement: Mobile banking boosts customer engagement and returns on investment (ROI) in many ways. Smartphone banking provides more services than the local branch offers. Mobile banking also efficiently delivers any financial information to its users. The task of calling customer care is eliminated. This is the reason banks generate more revenue through mobile banking than non-mobile banking facilities.
- Improved customer experience: A healthy customer experience is paramount for bankers. Mobile banking keeps their users happy with the following services like 24*7 facility, all services are available at the users’ fingertips, a unique query system is in place to clear doubts instantly and keeps all customer finances under check.
- Advanced security: When it comes to online banking, a broad base of customers is concerned about the safety of their hard-earned money. However, banks have additional security hardware’s that make smartphone banking secure than its other online counterparts. Banks use different security measures such as gesture patterns, biometric data like fingerprint and retina scans, passwords for apps and two-factor authentication. Today, all financial companies use encryptions to protect all the financial information. So, mobile banking has become worry-free.
- Push and in-app notifications: Another way mobile banking is attracting customers is through the push and in-app alerts. These alerts notify the customers of new offers, deals, discounts. They also inform the customers of increased credit limits and provide interest rate information.
- Efficiency and compliance: Banks must avoid making human errors, automate their processes and become competitive by using efficient banking solutions. They also have to ensure their services fall within the framework set by regulatory bodies consistently.
If customers do not have a mobile banking app yet, this is the right time to install one and avail of the advantages. If the banks do not have their app, go ahead and grab the attention of your existing users.