bankingciooutlook

3 Advantages of Mobile Banking

By: Banking CIO Outlook | Friday, June 12, 2020

Mobile banking is offering fantastic features that is hard for customers to ignore.

FREMONT, CA: Studies by TransUnion revealed that over 61 percent of consumer banking transactions in 2019 was done on mobile. The bar was slightly up from 52 percent in 2018. Most banks, these days, provide online banking for customers to pay their bills, transfer money, and access a record of their checking account transactions, all from one web browser. Customers prefer convenience over long queues. Mobile banking has made it reasonably easier for customers to transfer and withdraw money with a single click of a button. Here are a few features through which banks can expedite their offerings.

Personalization                                         

A new trend that has swayed customers in modern times is personalization. Every customer wants to feel special, and this method is just the way to do it. Banks can provide special offers to each customer according to their credit scores. This will not only make customers feel special but also lead to enhanced customer experience.

Alerts

Registering for alerts and staying on top of all the financial activities is now available right at the fingertips of the customers. Other than regular transaction banking, users can set alerts for bill payments and expense tracking via their banking app. They can also customize alerts so that they can only receive an implication for what is relevant to the users and whether or not it is the sweetness of a salary credit or the deadline for a check payment.

Account history

Now there is no need to have the statement updated physically at a branch anymore. Users can access their account history through their mobile banking app with a single click. With the digital passbook, users can access their account history anytime and anywhere, even without data connectivity. The tagging feature allows the users to add personalized remarks for any transaction, search, filter, and categorize all transactions.

Bank-integrated mobile apps provide the most convenience and security for their banking and non-banking needs. The apps are extremely easy on the phone and take very little storage space.

Also see: Top Banking Technology Companies

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