banking-and-mobile-apps

Mobile Apps and future of banking

This is a guest post by Nand Kishore. If you would like to guest post on nimztech, Please check the guidelines.

banking-and-mobile-apps

Banking has witnessed immense change in the last few decades. From banking physically through  branches to online banking to now banking via smartphone apps; managing your money or doing financial transactions has gone for a complete transformation. The proliferation of mobile devices and apps and the groundswell of demand from consumers to offer banking services on their devices led to the introduction of mobile banking. Today every bank is considering launching its exclusive mobile app wherein its customers can get access to products and services. Moreover, banks and financial institutions see major benefits arising out of providing services via mobile apps. Mobile apps are no more an alternate medium to reach customers, provide services but have become central to the entire strategy.

What’s driving the growth?

Several factors are at play behind the surge in the demand for mobile banking. First is ubiquity of smartphones and Tablets. These devices have become powerful allowing people not only to remain connected round-the-clock but also to help them perform complex tasks. Consumers are increasingly finding it easy, convenient and secure to transact through their mobile. Bandwidth latency and speed has improved manifolds allowing people to do banking from anywhere and anytime. And banks have started realizing the economic impact of integrating mobile apps into their ecosystem. Higher ROI, increased productivity, and better customer services etc., are driving banks to adopt mobile apps.

How banks are using mobile apps?

  • Payments – Banks are providing payment services via mobile apps that can allow customers to pay bills using the app.
  • Deposits Checks – Customers can now scan the checks or pay orders using functionality available in their mobile device and app and deposit it to banks for quicker realization.
  • ATM, Branch locators – Mobile apps are fast becoming a popular tools to locate ATMs and branches of banks. The apps can guide customers to nearby ATMs/branches in any location with maps.
  • Other Services – Some banks have also started providing other services like facility to open fixed deposits, buy insurance, and investments etc., through their mobile app.

What’s in the future?

Banking via a mobile phone started with simple services like SMS alerts, customer services etc. The introduction of apps in the banking sphere has taken it to the next level. However, it is just the beginning. As mobile technology further makes progress, there are many possibilities which are in the offing. In future, we can see interaction between mobile devices and ATMs through Machine-to-Machine (M2M) interactions. The customer can connect with the ATM and perform desired transactions through his mobile. Similarly, services like mobile wallet (m-wallet) will also go popular allowing people to make payments anywhere using the mobile. The impact of mobile apps on banking will not only be felt on the consumer side but also within the banks. We will see more usage of apps in performing line-of-business activities. The banking staff will be armed with mobile devices loaded with tons of data which will enable them to perform their tasks efficiently and speedily.

The mobile apps are expected to do a lot in the future. It will be interesting to watch how banks tap the opportunities available to make themselves agile, innovative and responsive.

Author Bio: Besides being a tech publisher, Nand Kishore is also interested in photography and lover of all things electronic. He works for [x] cube LABS a complete mobility solutions company.

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