Mobile Banking: Managing financials at your figure tips

By: sdl17global | November 13, 2018
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Like many businesses today, banks too have gotten the taste of the increased revenue income with mobile technologies and are constantly reviving their IT settings in order to catch up with the current banking trend. Financial services provided by the banks via the smartphones have achieved new milestones called mobile banking.

Mobile banking, also known as mbanking is garnering a lot of attention to the bank industry because it is simultaneously catering to the needs of tech-savvy customers. Customers are provided with the best mobile ecommerce solutions as this technology facilitates secure financial transactions even via unsecured networks.

How banking got mobile?

Prior to embracing mobility, banks had invested hugely into computerizing their infrastructure, in tune with times. The arrival of internet prompted banks to seek mobile app development services and offer over-the-counter services like account balance inquiry, cheque requests, money deposit status, improvements to account and so on. Banks were keeping their customers informed via the Short Messaging Service utility in mobiles. Notifications of money in their account or transaction alerts were communicated via SMS. These do exist even today. All that the customer had to do was register his/her mobile phone number with the bank. After completing a few verification steps, the customer was brought into the bank’s information service system.

But the customer wanted to do more than just receive alerts. Questions, provoking capability like “I want to transfer money to a friend’s account, but I’m stuck in this highway,” “I want to check my tax credits,” “I want to pay my utility bills” and countless such questions made their way into the strategy rooms of banks. Given the stiff competition in today’s financial services industry, banks were looking for ways to extend their web-based services to other, perhaps nimble domains. The introduction of wireless application protocol for mobile web aptly enabled banks to steamroll services into mobiles, thus heralding the era of mobile banking services.

With the progress in mobile e-commerce app customers plan and strategize their banking transactions while on the move with a sense of security. Within an experimental research poll, it was found that banking industries benefit massively from three kinds of people.

The three major type of mobile banking technology consumers are:

Younger generation: The teenagers or college going students are the future of tomorrow. These folks will determine the future economy with respect to technological upgrades. They are the future entrepreneurs and business professionals who are always up-to-date with technology and will definitely demand their banking transactions to be processed as conveniently as possible. So, the banking industries must track their future customers’ habits and behaviors to build a successful long-term mobile banking solution.

Budding professionals: They are a lot unstable with their financial situation currently but then this is just a passe. This group of tech-savvy individuals are innovative in their venture and eventually move to more stable economic conditions. Hence, banks ought to seek their attention in order to generate more loyal customers in the future.

Business owners: Undoubtedly, the business clientele of all niches is a muse to the banking industry. They are aware of their surroundings, economically sound and are time conscious. This set of the people look up to the banks for prompt guidelines and financial transaction services with respect to their investments and funds. A mobile device acting as a medium of fund transfer between individual accounts is something this crowd will be interested in, and by serving to this need, the bankers earn the faith and loyalty from the business class people.

What is the future of mobile banking?

Banking is set to undergo further changes in the coming years. Tablets and phablets, also mobile devices, offer another opportunity to develop customized banking apps because of their larger screen size and navigation patterns. The features and safety provided are expected to increase, requiring rework of architecture to keep the app light, robust and fast.

Mobile banking is here to stay. Its modification in the coming decades would be a trend worth following.

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