How Mobile Apps are Transforming Banking Sector

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Mobile banking is rapidly growing in popularity as most consumers now prefer using their banking apps over visiting a bank physically. Some banking giants have already noticed that branch-based banking is no longer driving the growth. Mobile Apps have been transforming the banking sector.

From going paperless to making transactions ultrafast, the inclusion of mobile apps has brought in a tumultuous change in the banking sector. To add to it all, the consumers have been loving it. According to the 2018 Mobile Banking Study, “46 percent of U.S. consumers have increased their use of mobile banking in the past year. Nine out of 10 mobile banking users (91 percent) said they preferred using apps over going into a branch.

Banking-as-a-Service (BaaS)-
Banking-as-a-Service extends services beyond the normal working hours and outside brick-and-mortar banking halls. Institutions in the banking sector are becoming supplier and more flexible by integrating technology into all banking operations, by primarily sharing expert knowledge. Bankrate found that two-thirds of smartphone users have at least one financial app on their device. Full-service banking apps are the most common.

How Mobile App Increases a Banks Overall Efficiency-

•   Helping banks go paperless and be environmentally friendly
•   Saving money on printing and delivery
•   Eliminating the need to hire additional workers
•   Offering transactions that are ten times cheaper than ATM transactions
•   Saving on operational costs of running bank branches

Mobile banking is more secure than Internet banking. All transaction details are sent in real time to the mobile. Advanced encryption technology provides full proof security. Mobile banking is safe and strongly protected against fraudulent use. Minimize human errors, automate processes and become competitive using a good mobile banking solution.


Location: United States

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