Technology has made things easier for us, and when it comes to banking, this is no exception. Indeed the banking apps have improvised the way we used to do banking before. Gone are the days when we had to stand in long queues for making a simple check deposit. Nowadays, we can do complex banking transactions in the comfort of our house. Also, banking apps are safe amidst the pandemic as we can avoid contact with people through banking apps.
In this write up we will discuss some of the advantages of using the banking apps:
Security: Some of the famous banking apps have advanced security options. Using biometrics and facial recognition is commonly used by many banking apps. Also, some of the apps ask you to share location details so that payment fraud can be prevented.
Easy money transfers: through the banking apps, you can transfer money in a jiffy. Now you need not go to the bank of you have to pay some money back to your borrower, you can finish such transaction in few clicks.
Tailor-made options: Some banking apps are providing additional advantages to the users. For instance, some banking apps are providing lower mortgage rates t0o the LGBTQ community. Also, these apps leave no stones unturned to enhance the users’ experience, and hence they offer discounts and offers every now and then.
Track expenses: Some popular banking apps give you alerts for every transaction, and hence you can track your expenses easily.
Better customer experience: Toy can access the customer support team of the banking app anytime at your convenience. Also, the customer support team of the banking apps are available at wee hours, and hence you can get your queries addressed immediately.
Available 24/7: You need not wait for banking hours to do transactions. Thanks to the banking apps, now you can do transactions even during business hours. sO emergencies can be addressed in a better way.
In-app notifications: Most of the banking apps have in-app notifications which encourage the customer to do repeat transactions
The banking apps have also boosted the sales of the bank. Let’s see some of how these apps help the bank:
Gathering customer analytics: Smart banks use these apps to gather customer analytics so that they can use this information to provide a better customer experience in the future. By understanding the likes and dislikes of the customers, the banking representatives use the data to provide a customized experience to the users. For instance, special offers can be given to a particular user on his birthdays or anniversaries.
Reduced cost: By using these apps, the banking sector can reduce costs. Many of these apps come with AI and robotics feature which reduces human effort and reduces manpower costs. The robotic chat boxes are a favorite to many clients as they provide instant responses to queries and instant solutions to problems.
ROI: The banking apps help the banks with better ROI. A recent survey pointed out that the people who use mobile banking services stay more with a particular bank. It was also portrayed that mobile customers complete the transactions quickly. Thus by having customers for a long, the banking sector can experience a better ROI.
Thus above are the reasons you may consider having a banking app on your phone. In addition, apps like Chime, Discover, Synchrony etc., are pretty popular to users due to their multiple features. If you are still not using mobile banking, then it is high time you use mobile banking to explore the plethora of features they provide.