Mobile banking was initially introduced in the late early 20th century with the advent of the internet in developed nations like the United states. As the popularity of the internet spread across the globe on handheld devices, the number of mobile banking users also increased.
Initially the basic services like checking account balance, finding nearest Atms, etc were provided to the banking customers. Later with the banking application development, it started catering a number of banking services on mobile banking.
In this article we will give you the details elaborately such as What is mobile banking? and What are the advantages of mobile banking applications for the banking industry?
What is Mobile Banking ?
Mobile banking is the services available on a mobile banking application by the respective banks. With the use of mobile banking the respective bank’s can get a plethora of services.
Depending on the bank’s we can avail basic Services such as checking bank account balance to the complicated one such as transfer of funds to other banks etc can be done through a mobile Banking application.
With the revolution in the information and communication companies like diceus has been introduced as an important player for providing banking solutions, kidney click on this link to know more https://diceus.com/industry/banking/. sector Asia has showcased as one of the most populated continents to avail mobile banking services. It has seen that in countries like India, Pakistan , China, etc the share of people using mobile banking has increased heavily.
In the situation of covid 19 pandemic and the heavy surge of coronavirus is witnessed all over the world. Most of the public and private institutions remained closed, but we saw how mobile banking services have proved to be a boon for the common mass. In these days of pandemic people were immensely helped by the financial solution due to ease of mobile banking on their mobile.
All the smartphone users can download a Mobile banking app of their respective banks to get access to the services of banks. An android user can download the app through Playstore while an apple user can download the app from apple App Store.
What are the advantages of Mobile Banking applications for the Banking industry ?
Here are the top advantages of mobile banking applications that the banking industry takes the benefit of. They are given below through the following points –
1. Cost saving
The introduction of mobile banking applications for getting most of the banking service online on their smart devices has drastically reduced the input cost of banks. The cost incurred for running banking operations has seen a huge decline as the banking services made available for the customers. It reduced the staff cost, infrastructure cost, bank branch infrastructure cost,etc in a great manner. It is one of the most revolutionary changes in the banking sector that the banking sector has emerged as the one of the strongest parts of the service sector of an economy.
2. 24*7 service
Traditionally when there was offline banking and services available for the customers then the percentage of satisfied customers were low. It is because with limited human resources the banking staffs couldn’t give the appropriate services to the banking customers. And also the services are only available for a certain period of time i.e banking hours only except the holidays. Eventually with the introduction of mobile banking, a bank can serve its customers 24*7 and 365 days. It is due to which banks overcome the most important part of monetary contribution to the service sector.
3. Boosted productivity
With the advent of the internet, It is an undeniable fact that mobile banking is a game changer service for any bank customer. It is the reason for the high profit margin and boosted productivity. The efficiency and disposal of the work can be done in a fraction of second. A customer can easily do a fund transfer from any part of the world to any place, a man can check his yearly statement on his smartphone, change of nominee, etc . Some of these features are most commonly used by the customers and became a major reason for the productivity of the banking sector.
4. More customers more profit
In traditional banking, a bank bank has to manage all of its business totally on human resources. Whereas with the revolution in the banking sector we have a number of tools to increase the banking customers. Modern technology such as Artificial intelligence and personal assistant in the banking apps attracts more customers towards it. Personal assistant works just by voice command to avail the services online on a banking application.Most of the financial transactions are completed instantly, which is also the reason of its popularity. And ultimately now more people are connected with banks and the profit percentage has gone up.