With the rising fintech trends, banks have raised their technological offerings too. Earlier, we had internet banking which we used to do daily banking chores. Further, mobile banking apps were introduced. Although both are quite similar, mobile banking has much more to offer than internet banking. Here in this blog, we are going to discuss the benefits of mobile banking to encourage customers to use it more in order to take maximum advantage of it.
Mobile banking apps have a lot to offer that you may not be aware of. Read the blog till the end to know why it is important to have a mobile banking app of the concerned bank on your smartphone.
Advantages Of Mobile Banking
After reading these benefits, we are sure you will install the mobile banking app of your bank(s).
1) Security
As everything is on the internet, payments and banking transactions take place through the internet. Thus, it is significant to have a secured platform for banking transactions. And, no one can understand the security needs other than the banking sector itself. So, if you want to transact or do banking transfers online. Mobile banking apps can provide top-most security other than any other money transfer app.
Also, if any discrepancy occurs, you can hold banks responsible for them and they will have to resolve your query as the mistake has happened via their app.
2) Add-On Benefits
There are many banking services that you always desire to avail but do not prefer visiting the bank for the same. Also, these are the main services through which banks’ profits increase. Thus, banks offer these services to their customers in mobile banking apps. For instance, credit card limit extension, loan application, applying cheque book, and getting offers & deals exclusively for mobile banking users, In this way digital transformation is reshaping the bank form inside out.
3) Offer Maximum Banking Operations
Mobile banking is simply like banking through fingers. It can cater to almost all of your banking requirements with a few clicks on the app. Services of mobile banking include funds transfer, setting up standard instructions, paying utility bills, opening and tracking fixed deposits, making investments in various investment plans (SIP, mutual funds, etc.) offered by the bank. Moreover, some banking apps give a comprehensive overview of all your expenses and gains of the day/week/month.
4) Convenience
As we mentioned above, mobile banking apps offer almost all banking services on the phone. That clearly states that such apps are too convenient to use. Also, you do not need to stand in the long bank queues to get your work done. Mobile banking offers 24*7 banking at your convenience. Moreover, some banking apps use ‘instant gratification’ to offer real-time notification and geolocation for personalised information and assistance.
More than that, their user interfaces are designed in a manner that anybody can use them. Also, many international banks offer multilingual banking apps so that you are more comfortable in your native language. You can use a mobile banking app in the respective language.
5) Instinctual Banking
Banking has come a long way and bridged the gap between internet technology and banking needs. If we see in the past, all these features and services were not even in our thoughts. However, we are experiencing such convenience in our daily lives. Similarly, it was hard to believe that AI will change the fintech industry yet it transformed the way the banking industry used to work. The development of the fintech industry is quite dependent on artificial intelligence technology. Now, it is improving its scope of work to offer more developments, convenience and security.
6) Fewer Fraud Chances
Due to the high cyber security offered by mobile banking apps (two-factor authentication), it is almost impossible to encounter suspicious activity. Still, if it occurs, you can easily track your expenses and other banking activities without any bank assistance. That means you do not need to specially visit the bank and ask for assistance. Moreover, if the information is not available on the app, you can directly contact the banking customer representative. They will guide you through the process to prevent loss of information and monetary loss.
7) Control
As a mobile banking user, you have the right to control many banking services. Such as, if you do not want to get telemarketing bank calls, you update the settings on the app and vice versa. Moreover, you can control how much information should be visible on the app so that if you have left your phone unlocked in the public area. Nobody would be able to steal your personal or confidential information.
8) Sustainable Choice
Have you ever thought that banking could be sustainable too? Well, it is now. Less paperwork, the reduced crowd in the banks, no need to fill your fuel tanks to visit the bank and also, it saves time and energy. Most importantly, less use of cash. That means less paper requirement to maintain cash flow.
Thus, if you wish to adopt all possible ways of sustainable living. Why not opt for mobile banking apps!
Conclusion
In the end, the internet has transformed the ways we used to work and manage our finances. All thanks to AI and the fintech industry who have provided such convenient and environment-friendly banking and financing options. If you feel these benefits of mobile banking work for you. You should install your mobile banking app immediately and enjoy all those conveniences that your bank offers at no extra cost at all.