Imagine waiting in a queue in bank
for transferring money in the account, to go to the ATM to just check
the available balance in the account or to get the transaction history.
All these activities are becoming outdated as the boom of mobile banking
came in the banking sector. We can see the explosive growth of mobile
usage in most of the Asian economies like India, China and Korea. The
ratio says that there are more people who are having mobile phones than
the people having their bank accounts.
Although
the Internet banking is also helpful for customers to check out their
account details, to perform transactions, to get their bank statements,
and to pay their bills sitting comfortably in their homes or office, PC
with Internet connection is required while accessing to bank accounts,
so it is the main difficulty of Internet banking in developing countries
like India, China and Korea.
Mobile
banking requires just your smart phone with a mobile banking app, which
is easy to access in a secured manner. “The biggest benefit is that you
have more control of your money,” says James Van Dyke, president of
Javelin Strategy and Research in Pleasanton, Calif.
Nowadays,
banks prefer mobile platforms for innovative payment models and
commerce capabilities. For instance, the American multinational bank
‘Bank of America’ launched a new mobile app that lets customers view
their current balance, spot the location of the nearest ATM and banking
centres, as well as payments and transfer calendars to check and manage
your outgoing payments and transfers each month.
The
Bank of America is not the only bank which is introducing the latest
features in its mobile app, in India also many banks are becoming more
tech friendly to fulfil the financial requirements of their customers in
sophisticated as well as easy way. Many banks are launching their apps
which helpful to make online transactions, pay bills, recharge mobile
phones through mobiles and with many more features, as they realised the
convenience of mobile banking app in giving services to their customers
as well as in decreasing the requirement of manpower in the banking
industry.
Advantages of Mobile Banking:-
•Anytime,
anywhere banking: Mobile banking gives us the advantage of anytime and
anywhere banking. One can do banking transactions even after banking
hours also from anywhere, while waiting for the bus, while travelling,
or in your home.
•Mobile
banking is free of cost: The banks are offering mobile banking services
at free of cost, also the number of times accessing the account is not
bounded. Also it does not require the internet connection as it is using
its mobile connectivity of telecom operators, in many banking apps.
•Feature-rich
Banking Apps: With mobile banking, users can do many financial
functions from their mobile like checking current account balance,
getting mini statement, transferring funds, paying bills, depositing
checks, locating ATMs, and managing investments.
•Secure
banking: In order to give security to the customer transactions, some
banks give assurance that the account details in the app won’t get
stored in your mobile or SIM card that you provide when installing the
app, it restricts your account data from the unauthorized access even
though if you lost your mobile as no one can access your account using
your lost mobile phone.
Mobile banking has a great future because of its
cost effectiveness and the ability to reach the customers in remote
areas.
Have a Plan to Develop Banking App?
If
you are looking for any positive improvements in your banking app or
want to develop a new app to sustain in competition of other banks, you
can choose FuGenX Technologies.
FuGenX is an award winning Best mobile app development company.
We are expert in all mobile platforms as well as we are giving services
to USA, UK, India, middle east and other countries as we are the Best Android Apps Development Company, also we are experts in iPhone App Development.
