The advent of internet technology has changed the way we live our lives. Whether it’s transportation, entertainment, production, or customer service, no industry is left untouched by the effects of the internet. Banking is one such sector that has undergone a complete revolution as technology has advanced.
As keypad mobile phones gained popularity in the 1980s and early 1990s, SMS banking was the first change introduced into the banking industry. Account holders were notified of their transactions via SMS once they made or received any payment. It made it convenient for bank account owners to maintain an electronic record of all their transactions. This technology witnessed a significant upgrade as smartphones began to replace keypad phones. Even though banks still provide SMS alerts, mobile banking apps have made it possible for account owners to carry out multiple tasks from the comfort of their homes, including bank balance check.
- They get the task done sooner: Not only is mobile banking an accessible mode of online payment, but it’s also a payment method that is being widely accepted everywhere. As the name implies, the most significant benefit they’ve provided is allowing users to make bespoke payments online. Imagine the world in the 1930s when such services didn’t exist. People needed help purchasing items online. Purchases were only possible with a trip to the market or an order through a phone call. Additionally, it was only available sometimes – shops usually closed in the evening. However, as internet banking services have gained pace, users can order anything they want at any time of the day or night. Moreover, ordering and paying for food online is possible when you’re too tired to cook. It’s even possible to fill out forms and confirm their fees without visiting the authority’s office. Furthermore, employees can receive their salary through NEFT.
- They’ve improved financial security: Even though digital wallets haven’t wholly replaced physical wallets, traditional wallets have been seeing a drop in preference for everyday use. Everything has been compacted into a smartphone, from a watch to a wallet. And that’s a good thing. Imagine carrying all your money in a physical wallet and losing it to theft or carelessness in a public place. It would be nearly impossible to trace where your wallet is and, most importantly, who has been using the money in it without your awareness. Compare this situation if there was a digital wallet. Most mobile banking apps add multiple layers of security to prohibit unauthorized transactions, even if someone loses their phone. Online banking apps also let account owners check their bank online account balances in real time. It translates to faster fraud detection and inspection.
- They’ve made pockets happier: As mobile banking has enabled users to make online payments quickly, customers have become eligible to redeem multiple benefits on their purchases. Many companies partner with different banks to encourage customers to buy their products by giving attractive offers. It benefits both the company and the customers as the customer gets rewards like cash back, discounts or vouchers each time they make a payment online. Simultaneously the company successfully sells its product or service to the customer. Over multiple purchases, a customer ends up saving a lot of money.