In the near future banks will be invisible, banking will be more intertwined in the lives of consumers than ever before. Accessing banking services anytime anywhere without the need to queue in the bank. Banking will be in the palm of your hand, travelling smarter with a cashless multi-currency exchange, mobile payment and more through the all-in-one wallet.
Smart banking opens up a new world of possibilities. A faster payment system enables inter and intra bank transfers with real-life P2P payments.
Mobile application is transforming the banking sector, leveraging of process optimization and customer satisfaction is no longer an option, it is a necessity.
There are many benefits of mobile application which have drastically transformed the banking sector and made banking immensely easy.
There are two aspects of how we can look into the application benefits –
- Bank point of view
- Customer point of view
Let’s discuss upon few benefits from a customer point of view –
- No waiting in queues:
If you are one of those people whose first work of the day is to visit the bank for a money transfer or for the transfers statement, then you would wholeheartedly appreciate the banking application and how this has changed your life and made it really easy. Now, by just clicking on few icons your banking work is done within seconds.
- Convenience to the consumer:
As we all know, most of the banks have their working hours between 10 AMto5 PM, if a person has some work in the bank then he needs to look for his available timings because working hours for most of the industries is also 9 AM to 6 PM. But, with the advent of mobile applications, this scenario has completely vanished as the consumer can perform most of the bank tasks via mobile application anytime from anywhere.
- Fund Transfer:
Most of the banking consumers head towards the banks to transfer the amount where they have to fill the slip and wait in the queue to deposit the amount. In India as per the government rule, if you have a low cost to transfer you can do it easily with the help of a mobile application. It is considered to be one of the convenient ways to transfer the amount whenever required.
- Banks in a remote area:
People who live in the rural area get the most benefits from the mobile application; the consumer can avoid travelling long distances to reach the bank. As the rural areas have limited to 1 or 2 branches, they can also avoid the huge crowd and long queues to get their work done.
- Chatbots:
Communication is an important component for any sector, and with Chatbots the users can easily resolve their banking queries in real-time. While the pre-programmed questioned answers help in getting the customers comfortable, the use of predictive analytics and artificial intelligence (AI), the system will become capable to assist the consumers in making important financial decisions.
- Statements and Deposits:
The mobile application offers to have a broad look into their transactions. Downloading the bank statement is one of the coolest features that any consumer likes.
The application also comes with a feature where any consumer can open their recurring account or deposit account without reaching the bank.
These were the few benefits for consumers. Now, Let’s discuss upon few benefits from a bank point of view.
- Cutting operational cost:
Developing mobile banking applications and promoting them as the main channel for most of their banking activities can reduce the bank’s operational cost. Mobile applications allow banks to go paperless in a way, which saves time, money, and natural resources.
- Generate more revenue:
In many ways, mobile applications impact customer engagement and return of investment. We naturally see in many customers who are getting good services through their banking mobile application, they will always stick to their bank and promote. They are more loyal to the brand if the banking mobile application is good enough and covering most of their banking needs in just a few clicks.
- Better customer experience:
By developing a well-designed banking mobile application, banks can enhance their overall customer experience. As an application itself the biggest weapon for the banking sector due to its wide range of comfort what it offers to the customer.
- Mobile analytics:
Banks with mobile applications will enable a greater tool to analyze their customer behaviour by analyzing different kinds of data and customer feedback. They can learn more about the customer’s habits, needs, and expectations from the bank. Working on the analytics will not only helps the bank to improve their service but eventually helps them to grow into the market.
Bottom Line
Digital transformation is shaking up the banking sector. With the rise of virtual banking and digital banks, traditional banks that have yet to adopt will be left behind. A confluence of digital technologies to revolutionize customer experience, enhance service offering with open bank APIs, seamlessly integrating banking services to every aspect of life.
As a trusted digital transformation partner, AeoLogic Technologies PVT. LTD. Bridges evolving customer needs and dynamic market demands with our innovative technologies and expertise. We can make your digital world come alive.
