In Mobile banking, whenever you enter into the corresponding mobile application, you can access all your account information and even make transactions from the browser of your phone. This service is normally available on your smartphones and it provides you with easy and fast access to your accounts. By the use of secured log-in information, you can do what not, just with the touch of your finger. It lets you check the account balance, track the nearest ATM, transfer funds and even pay the utility bills directly from your device. The built-in functions of the mobile application provide you a smooth banking experience.
The basic features
Some of the basic features of mobile banking are:
- Deposit checks with the help of certain supported devices
- Pay utility bills
- Transfer funds
- Explore the activity of your bank account in details
- View the last balance information
- Track the nearest ATM with GPS
There are also some other advantages to this application.
With its text banking facility, you can instantly request and receive your account information through a text message. Some of the financial institutions can even send you the balance information, recent activities of your account, due dates of your credit card and ATM locations, everything via just a text message. So, at the end of the day, using such tools helps you manage your money better no matter where you are. While the mobile apps are usually provided by financial institutions at no additional cost, the text messaging and internet charges usually apply.
Reducing operational costs
Such banking apps not only end up fulfilling the needs of the customers’ but also minimizes the operational costs of the banks by reducing the need for physical branches. A few years back, about more than 1,600 bank branch closed down in the US. A study predicted that by 2025, up to 30% of present employees might lose their jobs because of the introduction of such advanced technologies. But some customers still prefer the physical branches because of the human touch they get in taking several financial decisions. Due to these advanced technologies, the roles of many employees might shift to several new customer-oriented departments that would provide personalized and individual support focusing on personal investment advice, small business loans and help with the technical mobile issues customers might face.
It is the future
The advancement of technology has led to the introduction of several concepts like smart automated savings, biometric security, and deep expense analyses. Now, with the rise of various virtual digital assistants, such as Siri, Amazon Echo and Google Now, these apps have been opened up to the third-party developers, thus mobile banking will completely turn to be consumer-centric. Looking at the smart capabilities of the digital assistants, as a user, you will not even be required to tap on your devices; just voice commands will allow you to manage everything right from bank accounts, making payments and analyzing how much you have spent. With one-third of the total population of the world now using a smartphone, by 2020, customers will push all the banks to operate only in one direction i.e. to go mobile.