The common goal of all technological innovations is to simplify people’s lives, and mobile banking isn’t an exception. There are top 5 advantages of mobile banking for banks and their customers.
The first advantage of mobile banking, the user can transfer funds easily with a smartphone just with the help of the internet. You can transfer funds 24/7, seven days a week from anywhere to everywhere.
With mobile banking, you can pay bills, check account balance, study your recent transaction, block your ATM card, etc. only through mobile banking apps.
2. Security at the top
Money matters are always sensitive and the banks hope their clientele will never experience personal data breaches or frauds.
Today, banking create methods to make its customers account more secure by multi-factor authentication. For example, mobile banking apps will let you log in by scanning your face or fingerprint as yet another way to protect your digital bank account.
Multi-factor authentication can help mobile banking more security for the customer account
In fact that, mobile devices are more secure by their nature, there are fewer chances for unauthorized accesses, malware or suspicious activities in products for mobiles than in web apps.
3. Zero costs
Mobile banking development requires considerable investments, but it’s an endeavor with a high rate of return.
While traditional banks maintain physical branches, there are banks that exist only in the digital realm. They are known as neo, digital-only or challenger banks.
Banks of a new breed are free of constant expenditures such as staff salaries, office rent, maintenance of equipment, and tons of paper. They replace humans with robo-assistants, branches with digital infrastructure and paper documents with electronic files. The result of this fundamentally new approach is an optimized cost structure and higher profits.
Timo is the first neo-bank in Vietnam
From that, the advantage of mobile banking is cost-effective, and banks offer this service at less cost to customers. According to research by Deloitte, the cost of mobile transactions in the future may become 50 times lower than branch transactions and 10 times lower than transactions via ATMs.
4. Increasing customer loyalty
Push and in-app notifications offer multiple advantages of mobile banking to banking and their customers. They make customers aware of relevant offers and discounts and let them know about increased credit limits or interest rate information. What’s more, they can reward customers for being active users with personal bonuses and gifts.
Push notification can increase loyalty customer
On the one hand, they have all the chances that clients will not overlook your message. On the other hand, you don’t risk being obtrusive as, for example, in direct sales.
This thing can create a competitive advantage over other banks and financial institutions. According to the BNP Paribas report, it shows that the bank saw a 60 percent increase in its App Store rating after they implemented targeted push and in-app notifications.
5. Personalized services
Last but not least, user data on mobile banking has created as a source of big data for business. Every user’s step – be it online shopping, eating out, traveling – is recorded and applied for creating behavioral patterns and developing new mobile strategies.
Helps banking better understand the target audience and customer’s needs. So, they can provide more personalized products and services which match customers’ demand.
Innotech Vietnam always strives to meet the needs of customers with the highest quality products and services. So we have received the trust from big companies such as ACB, Tyme Bank, Unifimoney, Manulife, Commonwealth Bank, … to use products created by Innotech Vietnam.
If you are looking for a Fintech Outsourcing company to provide solutions for your company. Contact experts at Innotech Vietnam for any questions about Fintech software Outsourcing!