In today’s fast-paced world it has become impossible for customers of banks to follow the conventional method of visiting the branch of the bank every time they need to carry out a simple transaction like withdrawing money or depositing a cheque. Realizing this, banks have swiftly rolled out a series of technological interventions that have brought easier access to the services of the bank without the necessity of actually visiting the bank physically.
While the first off-site ATM is considered to be a giant step, banking has become vastly easier with access to the Internet that is able to connect your computer with the banking system. The rapid adoption of mobile devices has brought along another revolution in banking with banks launching their proprietary apps to permit access to online banking via portable devices. There are also a huge number of apps developed by third parties that can facilitate banking transactions through smartphones. There are a number of significant advantages for the customer as well as the bank that accrue with the use of apps. Take a quick look at some of them.
Use of banking apps on smartphones has liberated the customer from visiting the bank to transact his business. No longer does the customer have to wait patiently for the bank to open so that he can deposit a cheque, pay off a bill or transfer money from one account to another. Using a smartphone app he is able to monitor all his accounts, his fixed deposits, as well as his credit cards anytime he chooses and carry out financial transactions at will. The customer gains valuable convenience and saves time that he would have otherwise expended visiting the bank. The bank too is able to provide transactional convenience to its customers 24×7 without having to physically attend to customers in its branches thus saving valuable real estate investment, operation overheads, and staff costs.
Ease of Use
Banking apps are built to be intuitive and very easy to use for the average smartphone user. There are no steep learning curves and the user does not have to be technologically conversant to any significant degree. Virtually all banking transaction can be carried out by selecting the correct option and confirming your action. Customers are no longer restricted due to non-availability of internet access to laptops and desktops as the app works via mobile internet access. All apps that are launched by commercial banks are offered free of charge to their customers as a facility and there are also no transactional costs involved. With the introduction of concepts like e-wallets, customers can vary well step out of their homes without any cash or credit cards as the app on their phones can be used instead to make payments.Click here to know more about national debt relief.
Security and Peace of Mind
A high level of security is built into each and every mobile banking app so that customers need not fear about their confidential information from being leaked or stolen while they perform the banking transactions. The built in security features also involve simple but extremely effective steps such as a customer alert by SMS that a transaction has been carried out so the possibility of fraud is significantly reduced. As all apps need passwords to transact, customers need not fear that the physical loss of their phones will leave them susceptible to fraud. Automation of app transactions also means that the bank is able to track the transactional behavior of its customers better and offer them the services that they appreciate.Banks are also able to communicate to their customers more easily and cross-sell investment opportunities to customers that can add significantly to their profitability.
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