Mobile banking solutions, All You Need to Know!
Banking traditionally has been oriented around the branch. A customer would need to visit the branch of the bank to access his account and avail of the bank’s services.
Now, with the advent of the internet and rapid growth in technology, digital banking is offered by most banks. Digital banking has taken one more step forward with the use of mobile banking. Customers now have the benefit of mobile banking solutions offered by banks.
The bank has now come to the customer’s home thanks to mobile banking.
What are mobile banking solutions?
Today mobility is at the heart of every technology offering. This has happened thanks to the popularity of mobile phones. Smartphones working on Android or iOS platforms have become common and almost everyone has one.
Not only are phones popular, but internet access through mobile phones has also increased. It is estimated that more than 55% of mobile users access the internet through their mobile phones. This has opened up tremendous opportunities for businesses who can now reach out to customers through mobility based solutions.
Banks can now offer banking solutions to clients that they can access from their smartphones. Mobile banking app development ensures that apps can be created by banks to make it more convenient for customers to carry out banking on their mobile phones. This has made banking accessible 24/7 for a customer. This is one of the biggest benefits of mobile banking.
What features do mobile banking solutions offer customers?
Mobile banking software basically brings the bank to the customer’s home or office, where he can transact on his account using the mobile phone. Most mobile banking apps offer a number of convenient features for customers. This includes:
Anytime banking
The bank is now available literally in the customer’s pocket. The customer can access his account and transact on it anytime. This can be done from the convenience of the customer’s home or office. The customer does not have to visit the branch.
Core banking
Mobile banking solutions offer core banking services to customers. This includes:
Managing the account – viewing balance and transactions. Facility to change the online password would be available.
Customer can apply for a loan using the software. Since all details of the customer are already available with the bank, a simple application can be used to accept a loan application
Managing deposits and withdrawal can be done using the software.
Bank draft can be ordered using the mobile banking platform. The draft can be delivered to the home or office of the customer.
Customer can also place a request for cheque books or printed bank statements, as may be required.
Applying for new products offered by the bank can also be done using the software.
Payment of bills can be done using the software
Alerts and notifications
Information on credit of money into the account
Notifications on debit of money from the account through cheques or other modes
Notification related to interest amount being credited to the account
Alerts in case of low balance in the account
Alerts on due dates for bill payment
Investment banking
Many mobile banking providers would also offer investment banking services through the mobile banking app. This allows customers to invest their money in various avenues. This includes investment in mutual funds, time deposits, etc.
This service would also offer risk assessment, where a questionnaire would be presented to customers. Based on their response, the risk appetite of the customer would be estimated. This would be used to suggest various investment options.
Secure platform
In the process of mobile banking app development care would be taken to provide a secure platform that the user can use safely. Security risks are a major concern for customers who use mobile banking.
The fear of data loss, hacking, and fraud make many customers avoid using mobile banking. The mobile app needs to be completely secure to prevent hacking and to assure customers of the privacy of their data.
Apart from this, features like use of separate login and transaction passwords can help enhance the security level. Use of one time password for transactions and two factor authentication would help in increasing the security of the mobile banking software.
This re-assures customers on safety and security. Banks are even offering biometric and voice recognition authentication of customers through mobile banking software.
Benefits of mobile banking solutions
A mobile banking platform offers multiple benefits for both customers and banks. This is the reason why such solutions are popular and are being offered by even small banks to their customers. Following are some of the benefits:
Mobile banking ensures customers have full control of their bank account. They can at any time know their account balance and can transact on the account on their own, without having to visit the bank.
Mobile banking offers place and time convenience for customers. They can transact on their account from anywhere using their mobile phones. They need not have to visit the bank for anything. The entire banking can be done from the comfort of their home or office. This is a major convenience for customers. They can also access their account at any time and the bank is effectively available 24/7 for them.
When customers avail mobile banking services, visit to bank branches is reduced. This allows banks to reduce their manpower and also helps them utilize staff for other work since most transactions happen online. This represents major savings for the bank.
Mobile banking solution providers would need to implement software solutions at the bank. This leads to automation of most processes in the bank. Automation helps to reduce workload and can save resources for the bank. This is a major benefit for the bank.
Mobile banking ensures that the services provided would be accurate. When work is done by humans there are chances of errors occurring. This can be completely eliminated by the use of software. This makes banking a hassle-free experience for customers.
Customers can get services much faster thanks to online banking. Transactions, like transferring money to other accounts and paying bills, can be done instantly using the app. This helps them save time and is highly convenient.
Since the customer accesses banking services using the app, location based services can be offered. Customers can be informed about location of bank ATMs and branches based on where their location. Also, any offers provided by the bank can be informed. For instance, the bank may be offering a discount for customers at a particular restaurant. Using the location services, a customer can be informed about this when he is near that restaurant.
Since the customer accesses banking services using the app, location based services can be offered. Customers can be informed about location of bank ATMs and branches based on where their location. Also, any offers provided by the bank can be informed. For instance, the bank may be offering a discount for customers at a particular restaurant. Using the location services, a customer can be informed about this when he is near that restaurant.
Mobile banking is essentially paperless banking. There is no more a need for printing bank statements and many other records. This helps the bank go green and be environment friendly.
Most banks offer reward points to customers based on the transaction they do. Managing this can be easy using a mobile app. The customer can use the app to know how many points are available and can redeem them through the app. This makes it very convenient for the customer.
Banks can provide better services to customers who are signed up with them for mobile banking. Mobile banking providers can view the customer profile easily and can also see what transactions the customer carried out regularly. This will help them offer the kind of services that customers need. This kind of analytic reports can be available for a bank, when they make use of banking software. This would help the bank to improve its sales by offering new products and services.
Support can be easy through mobile apps. Customers can easily contact the bank using the app to get any problem resolved. For the bank, it is very important as they can solve any issues before it becomes a major complaint and leads to customer dissatisfaction.
Thanks to the use of mobile banking solutions, banking services have improved and customers are able to experience a better quality of service. This benefits both the bank and the customers. Banks can look forward to reduced costs and increased revenue from customers thanks to the use of mobile banking. There is no doubt that mobile banking is the future of banking and we can expect to see more innovation on this front.
