With the increasing customer demands, the banking and finance sectors are facing various difficulties and challenges to fulfill them. The market competition is intensifying and it is important to build the trust and confidence among the customers. As smartphone has penetrated the market, banks also need to constantly review the best mobile banking strategies, develop mobile applications to address the customer needs. Today, mobile banking has moved beyond simple online banking and it has become the hub of customer relationship and is a potential source to enhance business revenues.
Worldwide financial and banking sectors are investing in creating mobile applications to provide their customers with various banking as well as payment facilities through the app. This reduces the security risks and increases the customer satisfaction. Let us discuss some of the main advantages of mobile apps:
Easy Account Insight and Wealth Management: Most applications allow the customers to view the balances and access their previous transaction history. Common services that the users can use are SMS based inquiries, informational services, market information, online investments etc. Many functions are introduced in such applications by paying attention to the customer’s experience and such applications also help the customers to make an informed decision before making any investments or transactions. This helps to leverage business or investment opportunities.
Quick Access to the Services: Mobile applications developed for the banking sector have become the prime means of conducting business. The users can access the services anytime and from anywhere. Customer assistance is also available instantly through the mobile device. Thus the bank can improve the service quality and deliver them more effectively and efficiently. This makes the particular bank remain competitive in the marketplace.
Marketing and Selling through the App: Since mobile is used by the maximum number of people, it is easy to fully utilize the potential of mobile banking in order to market various additional services. There are space and time limitations while promoting any services on a Smartphone to a computer screen, but still the potential remains intact.
Mobile Payment Technology: There are many areas where the ATM branches are far away or people live outside the arena of a banking infrastructure. And situations may arise when cash is central to the transaction. It is here that phone to phone payments are the best options which can be easily carried out through the mobile app. Today, most of the people rely more on smart phones to access their accounts and pay the bills, transfer funds or even apply for loans.