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Without a doubt, mobile phones have transformed and simplified the way we do things and the banking sector is not an exception. Mobile banking is a simple and convenient way to take charge of your bank account(s) and execute transactions on your mobile phone anytime, anywhere. Regardless of your hectic and busy schedules, with a mobile app, you can stay on top of your finances by placing requests 24/7 on the go and executing transactions in real-time.
Benefits Of Mobile Banking Apps
Variety Of Functions With a mobile banking app, you will have access to a host of functionalities because you can transfer funds, set up standard instructions, open fixed deposits, pay utility bills, even invest in mutual funds. There are also special banking apps, which offer a comprehensive summary of your financial holdings, expense cycles and financial planning charts at the click of a button. Convenience Mobile banking apps are incredibly high on convenience and availability because they enable banking from anywhere, at any time. You can save time visiting a bank branch and waiting in queues to make transactions. This immediate fulfilment makes mobile banking quite attractive. Security Mobiles banking apps assure vital safety and security for all transactions, and people using mobile banking apps generally have access to different protection levels to log in and transact on the app. For example, the use of a PIN, two-way authentication, biometrics, and so on before transactions are carried out. Moreover, banks use encryption to safeguard and protect user data as customers who use mobile banking have better access and control of their financial transactions and daily balances.Sign up to the Connect Nigeria daily newsletter
These days, mobile devices and some bank apps will let you log in by scanning your face or fingerprint as another way to protect your digital bank account without trading convenience. Monitoring And Alerts With mobile banking apps, it is easier to monitor the flow of money to and from your account when you have all the information in a single app. You can use features like alerts from the bank for various purposes to keep a tab on your financial transactions. You could use it to set controls on your debit cards, for example, or keep an eye on your expenses. Intuitive Banking Banks today are making investments in financial technology as FinTech provides enhanced value that improves the user experience. Artificial Intelligence in the banking system is now a reality because new developments make mobile banking interfaces personalized, easier, and more convenient to use, not to mention more secure. Check Balances Before Large Purchases Consumers can use their mobile phones to quickly see how much money is available before making a large retail purchase. Most times, customers want to purchase something at a retail location with their debit card, but do not know if they have enough money in their current accounts. However, with mobile banking, customers can discreetly check their balance and know whether the sale will be approved or not. Smartphones allow consumers to pay exceptional invoices to the bank or third parties, even if they don’t have access to their cheque books or computers. That’s because they can use their phones to sign into their current and savings accounts and initiate a transaction or transfer funds. Mobile banking is designed to help you in all kinds of ways, some of which are fundamentally redefining what a bank is and what it offers. With advancements in modern technology, user-friendly interfaces, and complicated data-sharing, mobile banking applications have come a long way, not just as lifesavers but also as a necessity for most individuals. A mobile banking application may have started as a mini-version of net banking. However, going by the evolution of banking apps, it is now an indispensable financial companion. Featured Image Source: Expatica
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