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Top 6 Benefits of Mobile Banking

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Top 6 Benefits of Mobile Banking


Mobile banking offered by traditional or online banks and other financial institutions allows customers to conduct financial transactions using mobile devices. It has received an incredible boost during the worldwide pandemic in the last two years.

But our habits of constantly being around our phones (and doing everything on them- from payment to event booking) means that the allure of mobile banking happened long before this pandemic. Still, we saw robust adoption that usually takes a lot longer to occur during this time.

As a result, alongside the increase of online banks, we are witnessing a drastic rise in traditional banks and financial institutions accelerating their mobile products and rolling out new features.

But what exactly makes mobile banking so popular? Here is our list of the top six benefits that mobile banking offers.

#1 Extensive Convenience

Mobile banking allows individuals and businesses to easily open and manage their financial accounts, send and receive money, pay bills, manage payroll, and most importantly, do all of that 24/7. But, on top of it, online banks provide so much more than these features.

For example, in addition to the services mentioned above, online financial service providers, such as CapWay provide physical and virtual cards, money goal buckets, and tracking transactions and spending categories. And, maybe most importantly, financial access and opportunities for everyone.

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As a result, we can see that mobile banking and especially online banks offer extensive convenience beyond saving time and avoiding administrative hassle.

#2 Immediate Access to Account

Online and mobile banking offer you the possibility to log in and check the details of your bank accounts—your balance and pending transactions—at any time. In addition, you can review your banking statements and recent transaction history in real-time. That is an excellent way to monitor transactions posted to your account, no matter your location.

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Moreover, on practically all banks apps, you can set up account alerts so you can be notified of every account activity. That way, you can quickly address any suspicious transactions that may occur.

#3 Fast Transfer of Funds Between Accounts

Online transfers are convenient to move money from one bank account to another. And this is another great benefit that online and mobile banking provide users; the ability to move funds between different accounts held at the same financial institution. This feature is handy when you need to pay or get paid as soon as possible. A good example is when your account balance is low, and you have automatic payments or a current purchase that may overdraw your account.

#4 Strengthened Security

Mobile banking apps require a username and password to log in. However, many online banks and bank apps go beyond this essential protection. Especially when it comes to transactions, mobile banking uses a multi-factor authentication system that demands users to go through at least two steps of security setup before managing their accounts.

These include using a primary password, progressing a code that only you possess, or other biometric identification patterns unique to you. In addition, a bank can integrate your account with your device so that you get notified the moment somebody else tries logging in. The integration of all these security steps dramatically reduces the risks of unauthorized access.

#5 Improved Customer Experience

Customers expect an unprecedented level of personal service in a branch, ATM, and in-app. Mobile banking is a convenient solution that allows you to easily access different financial services and products, smooth everyday transactions, and specifically designed round-the-clock services. Since you can do all this and more by using just your phone, your experience with your bank will be increasingly positive. As a result, putting customer experience at the heart of digital banking has become the new norm for consumers interacting with banks.

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#6 An Environment-Friendly Way of Banking

Mobile and online banking is an environmentally friendly way of banking because:

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  1. You no longer have to use your car to go to your bank branch because you can do everything online, which means you reduce your carbon emissions.
  2. There is no need for large bank branches that use a lot of energy.
  3. It eliminates the use of paper as every notification is sent electronically.

All of this contributes to a better environment, allowing you to do your part in environmental protection.

Conclusion

Innovations in technology have made their way in the banking sector, pressing banks and financial institutions to adopt necessary changes to meet the ever-increasing expectations of their clients. Mobile banking is one of them. It comes with benefits such as convenience, speed, ease of use, security, and 24/7 access to funds. And as people today place a lot more value on their time, mobile banking has become an indispensable factor when opting for a specific financial institution.



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MARKETING

Closing your team’s technical gap without hiring

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Closing your team's technical gap without hiring

It’s no comfort knowing you’re not the only one having trouble finding tech talent. Demand is high, supply is low. And everyone has teams and projects stuck in limbo.

What would be comforting is a solution. Well, here you go.

I’ve helped many marketing teams close the gap in their technical capabilities without writing a single job description. The reality is you have many more options than you can envision right now. All you need to do is expand your frame.

Expand Your Frame

When making a decision, framing helps you focus on the proper outcomes. The hard part may be setting the frame to the right size. Make it too small and you miss big chunks of the panorama. Too large and you lose the details. 

It’s also a fantastic way to think more strategically. While others are getting up in tactics, e.g., hiring, you can think of the outcome you’re hoping to achieve and determine the fastest way to get there. 


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The frame here is not that you need to hire someone, it’s that you need a certain set of tasks completed. Instead of hiring you should consider two other options: automation, i.e. no-code, and adjusting your team’s priorities. Looked at that way, you may already have all the skills you need.

No-Code & the New Engineers

The rise of no-code software tools is one of the most significant developments in the marketing world. No-code tools are meant to be used by non-technical folks. They have drag-and-drop interfaces and tend to be highly user-friendly. Examples include Zapier, Tray.io, and countless others.

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A huge problem for marketing teams is their technology is too complex. Doing anything significant means getting an engineer. Even sending emails requires technical help. With multiple no-code options in every category, there’s no need for this.

Instead of hiring someone to support marketing automation, find a software solution anyone can use. In practical terms, it means avoiding options like Salesforce, which requires in-house expertise, hundreds of pages of documentation and the proper alignment of the moon to make it work. Other solutions are drastically easier to use, though they may have less functionality. 

I tell my clients to prioritize the ability to connect their tools rather than just their raw capabilities. You may have the best email marketing solution, but it’s not as valuable if you can’t easily export data to a CRM. Be biased towards no-code, and you can avoid hiring.

I recently helped clients connect their Hubspot, Google Sheets, and a website using only no-code tools like Zapier. We were able to get everything done in a matter of weeks with no involvement from their engineers. In addition, the marketing team could send better-targeted emails and measure their performance better. All they needed were the right tools.

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Adjust Your Priorities

Think over how your team spent their time over the past week. Were they working on the highest impact tasks? Unfortunately, there’s a good chance the answer is no. It’s easy to fall prey to “busy work” or get stuck doing jobs that should be automated.

Bill Gates once said there’s no point hiring someone to do an inefficient process. You’re just scaling bad habits. Instead, clean up your processes before adding more bodies. You may discover plenty of time to research software tools and tackle new tasks.

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The fastest way to adjust your priorities is to run a time audit of your team. Ask each member to record how they spent their time over an average week. You can then work with them to figure out how to remove tasks from their plates. Low-hanging fruit includes manual input, work that no one sees or failure work—where tasks are redone multiple times. 

After running an audit for one team we found they spent way more time cleaning up data rather than using it. We figured out what was causing the errors and duplication, solving them through formulas and other measures. They were able to shift around 20 hours to other tasks. Many teams have similar hidden opportunities.

Digital-First Means Being Lean

Being digitally savvy isn’t about hiring as many people as possible. Digital channels offer the ability to be lean as you scale. Think of influencers who run channels with millions of views out of their parent’s basement. They have a lean but effective production. Years ago, the Instagram team had less than 100 people before being acquired by Facebook.

As you shift into digital, you have the opportunity to restructure your marketing teams and take advantage of trends like no-code. The first step is to expand your frame. After that, you might see more opportunities.


Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.

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About The Author

Ruben Ugarte is the global expert in Decisions, Strategy, and Data and author of the Data Mirage and Bulletproof Decisions. He helps executives at the most innovative medium and large enterprises find their hidden treasures and use them to dramatically boost performance, increase profitability, and make their teams world-class. He has done this across five continents and in three languages. His ideas have helped hundreds of thousands of people make better decisions.

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