Mobile Apps are Transforming The Banking Sector: How?

Mobile Apps are Transforming The Banking Sector: How?

Description: The use of mobile apps is very common nowadays. Every sector is affected by these apps. Let’s figure out, how it is transforming the banking sector and what is the future of these apps?

The mobile phones were just a gadget with functionalities, including address book, SMS application, etc. However, with the revolution of apps, they have become the devices to perform every possible work. Within just a few years, the complete scenario has changed beyond our imagination.

Certainly, mobile apps have impacted numerous industries such as Retail, Healthcare, Banks, etc. Today, I am going to talk about the role of mobile apps in revolutionizing the banking sector.

How many of you have visited banks last time? Hard to remember right? Thanks to mobile apps that make our tasks simple, quick, and less complicated.

Banks are becoming prudent in exploring the cutting-edge technologies for the advantage of their employees.  Customers are also getting lots of benefits with these apps.

Key Advantages of Mobile Apps

  1. Customer Convenience: All that Matters

Most of the banks work between 9am to 5pm. The time is not convenient for people, who are working. Earlier, people had to take off from their office or a half day to visit the bank to get their work done. However, it is not the scenario now. The Banking mobile apps allow them to perform several actions. From money transfer to block a card, everything is possible with these apps.

Key Benefits

  • Transfer your money anywhere without time restrictions.
  • Possible to register complaints, if you have any. 
  1. Waiting in Queues: A Thing of Past 

Are you one of those who has to start the day by a visit to a bank? Not anymore! Mobile apps have changed this scenario completely. In short, they have simplified it by eliminating the need for standing in long queues outside banks. You just need to install your bank app on your phone and clicking on a few icons can complete your work. It is as simple as it seems to be.

Key Benefits

  • No need to spend hours. Get your work done within seconds.
  • Easy to handle and understand.
  1. Money Transfer: Possible to do Instantly

Generally, it takes at least 3 days to clear a cheque, when issued from a different bank. This ultimately results in wastage of time, as well as resources. Now, by using a banking app, it is possible to transfer the money in real-time. A businessman can transfer the money instantly to the suppliers or any other person in the blink of an eye.

Key Benefits

  • No need to wait for the payments.
  • Everything is simple and quick.

How is Technology Driving these Profound Changes?

The servicing front has received a fillip with the technology offerings. These include big data, cloud deployment, AI, mobile apps, and IoT. No doubt, they are widely driving the business strategies of both, public and private banks. Those banks that were thinking of introducing thousands of ATMs and branches, two years back, are now giving significance to their banking websites. In fact, they are brainstorming to launch new apps with advanced technologies, which would quickly alter the further scenario. The jump of technology has already generated virtual banks. It seems that in the future a new physical bank will be a rarity.

  • A well-implemented banking resolution needs to be concerned for universal UX/UI experience for all the customers.
  • A safe and secure is platform required, in order to offer customers peace of mind with the help of apps on their mobile.
  • Disruptive technologies, such as BHIM app, UPI, and e-wallets are already expanding the reach, as well as coverage of banking. More apps like these are needed.

In a Nutshell

The technology today is allowing the mobile workforce, as well as mobile activity. Thus, the ease and facilities gained by the consumers and employees are huge. The banking sector has also imbibed multiple benefits to the core. The use of technology would undoubtedly increase in the future.

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