- Mobile Banking relates to all banking and finance related functions on a smartphone or a tablet
- High-speed internet coupled with deep technological penetration has accelerated Mobile Banking
- It is convenient, easy to access and a sustainable mode of banking
Innovations in technology and the ways of conducting business have become a vital tool for organizations across industries, not only to better their financial standing but also to stay afloat in the competitive market.
The story has been no different with the banking sector as well, with the adage of ‘Customer is King’ now stamping its relevance there and thus, driving home the need to adopt a few radical but necessary changes to meet the ever-increasing expectations of consumers. One of the many ingenious practices adopted by financial institutions to serve their clients is ‘Mobile Banking’.
What is Mobile Banking?
Simply put, performing various finance and banking related functions on a mobile electronic device, such as the smartphone or a tablet, is called Mobile Banking. Financial institutions and lenders have introduced Mobile Banking applications to make the banking experience seamless.
Here’s how Mobile Banking benefits customers:
When high-speed Internet started making its way to every home in urban India, it has become extremely easy to carry out banking transactions from the comfort of your home. Now, Mobile Banking has taken the entire experience a couple of notches higher. You can not only transact and manage your accounts no matter where you are, but also whenever you need. That is because unlike the brick and mortar branches, Mobile Banking does not have a closing time.
2. Ease of access
One of the primary benefits of Mobile Banking is that it has made it possible for you to stonewall the typical challenges of accessing your account once the bank’s branch closes for the day. You do not have to wait for the bank to reopen the following day to transfer money to another account. You can easily access your account 24X7 and transfer funds whenever needed.
3. More security
You can beef up the reliability of the financial transactions once you log into your Mobile Banking app by using a multi-level authentication system that demands the user to go through a two (or more) pronged security set-up before managing the account.
These include a primary password, progressing to a code that only you possess or other biometric identification patterns that are unique to everybody, hence reducing risks of forgery. A bank will integrate your account with your device so that you (and the bank) get notified the moment somebody else tries logging in.
4. Helps you track your finances
Managing your accounts through a mobile app also puts you in charge of your money and helps you better gauge your financial standing.
You can always monitor your account balance and transfer money from a different account if need be. You can check your balance and statement anytime.
5. An environment-friendly way
Mobile Banking is an environmentally friendly way of banking. It does away with the use of paper as every notification as the transaction is electronically controlled. This contributes to a better environment, helping you do your bit in maintaining the balance.
6. Minimizes errors
To err is human. To not err is a good Mobile Banking app. A comprehensive application will greatly minimize errors that users could make.
There hasn’t been a better time to get savvy with Mobile Banking as indeed, this is the only way forward.