How To Utilise Mobile Banking To Its Full Potential

Due to customers’ increasing adoption of mobile technology, mobile banking apps like Bhim have reached new heights. Recent years have seen an all-time high in mobile transactions. As neobanks and super apps gain traction due to the explosion in digital payments, reports claim that the global growth of financial apps is on the verge of massive expansion. Mobile apps have transformed the customer experience. As customer demands change in the coming years, it will be crucial to consider versatile features that will attract high-value customers and keep them returning for more. 

Strong security is always beneficial when it comes to mobile banking apps. Strong security measures beyond merely logging in with a password or username are required for a banking app to succeed. A quick and easy sing-in procedure is also necessary for safety. As a result, many organisations integrate biometrics and multi-factor authentication into their apps. The most popular methods for financial apps are biometrics and multi-factor verification. However, they can be compromised. 

Thanks to the Cardless ATM feature, bank customers can withdraw cash from an ATM without using a debit card. The bank’s mobile app is only required for authorization and verification. As people try to avoid physical contact with public surfaces in the wake of the COVID-19 pandemic, their interest in contactless payments has grown. Reduce the number of points of contact when using an ATM by switching to cardless withdrawal. If this feature were made accessible through mobile banking apps, customers would no longer need to carry debit cards. Additionally, cardless ATM withdrawals now outperform conventional card-based ATM withdrawals in terms of security. 

Saving money for investments and paying bills can be difficult for people with stringent regular financial obligations. With mobile banking apps, this procedure may be a little easier. To help customers pay on time and reduce the mental load of remembering these obligations, online banks can, for instance, enable automated payments for recurring bills (like electricity or insurance). Additionally, it will simplify one-time payments with scan-and-pay features, especially QR codes. This is helpful for things like paying cash for fines, property taxes, and other obligations. 

In the modern world, you must be offered round-the-clock customer service. People may be in different time zones, so any problems should be resolved through mobile banking as soon as possible. In addition to 24/7 contact centres and chat options, mobile banking also offers you a user experience. Therefore, you can connect your concerns to a chatbot in your mobile banking application. They can quickly respond to straightforward questions, saving you time while delivering excellent customer service with a high level of personalization.  

Mobile banking apps also help you with investments. Financial decisions about investments and financial planning are made using data analytics in mobile banking apps. They perform more accurate and complex calculations and analytics than people. Additionally, a UPI payment app provides excellent investment management services that give users access to their real-time view or the ability to manage their portfolios. With just a few taps on their smartphones, customers can now invest in their preferred securities, making the process simpler.