It’s evident that Mobile banking is the use of smartphones for accessing banking services online. According to a report the number of users that use mobile banking is around a 57million. While the penetration of mobile banking for payment of services using the mobile app is 86% of the total transactions. From a report of CACI, mobile banking will be the largest channel for accessing financial services online.
The reports also suggest that smartphone users will rise from 41% in 2021 to 71% by 2024. Therefore this suggests the huge change and preference in the customer mindset for adopting banking services through smartphones.
While when we talk about Asian countries the penetration of mobile banking is increasing rapidly than the western countries. This shows that the technology is changing the developing nations for adopting the latest tech for boosting their productivity.
This change is due to the youth that is preferring to acquire the latest tech that can solve their financial services easily.
With the massive demand for mobile banking and applications the demand for software solutions. There are a number of companies that offer software-based solutions. In that list, DICEUS is one of the reputed companies that offers a number of solutions based on software for a variety of clients. They have a number of clients that are top-tier companies globally.
Revolutionary changes that mobile banking has brought in the banking sector
- Operational cost
We can’t underestimate the fact that with the inclusion of mobile banking applications the banks and financial institutions have reduced their cost massively. The repetitive tasks, as well as basic services, are provided digitally that largely decreased the cost input of banking operations that used to take human resources to execute. In the older form of banking where the majority of services are catered through physical branches. now, customers are inclined more towards the digital platform that made the banking institutions carry less than before.
- 24*7 services
It is the most important goal of banks to provide the most services to their customers and take profit out of it. With a traditional banking system i.e offline banking mode it was not possible for the catering quality services especially when you have a large number of customers. But with the advent of technology and more smartphone users, the services can be made available for the customers in digital format. It doesn’t matter how far is your bank branch but with the tap of your finger, you can avail of major banking services online using mobile banking applications.
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- Efficiency and Less error
It’s a fact the use of digital ecosystems such as online banking through websites or mobile banking applications banks has seen a major boost in the overall efficiency of the institutions.
Comparing the modern banking system the older one has a major problem of human error due to which banks have to suffer losses. But with the inclusion of the digital ecosystem the human errors have come down to their minimum. It is the result of which banks are having a more efficient workforce with the bare minimum error.
- Customers experience
Banks cater services to their customers and the element like customer’s experience runs parallel for the growth of any banks. In the conventional banking system, there was a huge gap between the bank account holder and the banks but with modern tools, this gap has been abridged.
Modern tools such as digital assistants, chatbots, dedicated customer care social media handless, email reporting, etc via banking apps and websites have revolutionized the customer’s experience and benefitted the customer’s majority. Now with these helping tools, customers are more satisfied and avail their grievances solutions in the minimal time possible. Therefore now the customer experience hassle-free and banks can have happy banking consumers ever than before.