Financial institutions are well aware of innovations in financial sector and how it has revolutionised banking practises today. In an effort to reach up to customer’s rising expectations, banks must adapt to the latest innovations. One of the biggest outliers in FinTech sector is mobile banking solutions which are taking over the banking world.
The modern customers want their banks to offer convenience and high-tech banking options. Have a look at these interesting statistics on the demand for mobile banking across the world…
While large-sized financial institutions already embrace mobile banking, small-sized banks find it tough to compete with others who offer these new-age solutions. However, opting for a mobile banking solution that suits your business ensures customer satisfaction.
Mobile Banking – Advantages
Here’s a list of 10 most promising advantages of mobile banking for both banks and their customers:
Be available when and where your customers want you to be:
Mobile banking does not restrict your business to set times/locations. Be available 24/7 – anytime, anywhere!
Empower your customers:
Your users will be able to transfer funds, invest or exchange currency without interruptions/suggestions from anyone, waiting time and quick turnaround on requests.
Go green, go paperless:
Deliver paperless statements directly into customers’ email addresses, while saving the cost of printing, paper and delivery. The less wastage of paper makes this solution environment friendly.
Have a single view of customers:
Link your mobile banking application with the existing core banking solution to know your customers better. Study the customer’s profile and account information to understand their financial habits for offering personalised products/services.
Provide super-fast services to customers:
With smart features of smartphones like the camera, enable your customers to simply click pictures and initiate requests. For example: Open a new account by clicking and submitting KYC documents online instantaneously.
Facilitate location-based services:
Track a user’s location, push notifications for recent offers nearby and ensure greater security against frauds for transactions initiated from unfamiliar locations etc.
Reward your customers:
Give loyalty rewards to customers in the form of points or discount coupons for transacting via the mobile banking application.
Safeguard customer details:
Share real-time updates on transactions executed, configure multi-level security features like OTP to registered mobile for authentication via the banking application.
Streamline the contact process:
Allow your customers to get in touch with bank staff using the banking app. Give them options to chat/call at any point of time for help and feedback when they feel stuck or need personal assistance for particular financial services.
Stay efficient and compliant:
Minimize human errors, automate processes and become competitive using a good mobile banking solution. Also, follow rules and guidelines recommended by the regulatory bodies consistently.
If you are not having an app for your bank or credit society yet, this is the right time to have one and avail all the above-listed benefits. For those already using mobile banking but looking for “extra” advantages, upgrade now and delight your customers!